Mortgage Bill Passes Third Reading

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A Bill for an Act to establish the Institute of Montage Brokers and Lender of Nigeria has passed through the first reading, second reading, public hearing and third reading on the floor of the House of Representatives.

The Bill which was sponsored by Hon. Dachung Musa Bagos, has now been moved from the House of Representatives to the senate for concurrence and final passage.

The Bill passed third reading on Wednesday, March 10, 2021.

Golu said shelter is a basic necessity of man and that every man was entitled to a decent accommodation.

According to him, so many Nigerians are struggling hard to own properties and decent houses.

“In the current mortgage system in the country and that quacks had taken over the system. As a result, the law maker said there were many avoidable litigation in various courts across the country,” he said.

Golu added that operations of professionals in any sector of the economy has a body that regulates the activities of it members.

He said such regulations was responsible for high level of sanity and professionalism displayed by practitioners in law, media, construction among others.

According to him, the Mortgage sector has the capacity to attract investments and to aid the ongoing efforts of government to diversify the economy.

In his debate, Rep. Lawal Abubakar (Adamawa-APC) said establishing the Institute of Montage Brokers and Lender of Nigeria would be proliferation of government agencies.

He explained that a department, dedicated to oversee the mortgage sector already existed in the Central Bank of Nigeria (CBN).

Abubarkar said the Mortgage Banks Association also exists and it controls the activities of its members.

The law maker said if the bill was allowed to see the light of the day, it would amount to proliferation of organisations in the mortgage sector.

In his ruling, the Speaker Yakubu Dogara referred the bill to the House Committee on Housing for further legislative actions.


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