By NAN
Abuja, Nov. 18, 2023 (NAN) The Institute of Mortgage Brokers and Lenders of Nigeria has called for adherence to professionalism to sanitise the sector and move it move to contribute to the Gross Domestic Product (GDP) of the country.
The Registrar of the Institute, Mr Jasper Adeleye Olusayero made the call at the National Mortgage and Real Estate Conference in Abuja.
The Conference with the theme “Towards a Sustainable Mortgage and Real Estate Industry in Nigeria” is organised by the institute and supported by relevant stakeholders.
According to him, the essence of the conference is to showcase what the institute have and see how it can ensure professionalism in the system.
“It is also to bring out the quality of what we have in ourselves and sell our products to those who are practicing and those who are not licensed.
“And also to tell them there is a regulatory body on ground. In Nigeria, we have a lot of people that practice and build estates but if you cast your mind back few years ago, there were floods and building collapses
“If there were professionals who talk about the sale before the end user, such disasters will not have happened. So we want to streamline the estate agents, brokers, developers and all those in the mortgage and real estate, so that we can work together.
“We want professionalism to be ensure to enable complete sanitization of the sector and get rid of quakes. We want professionals to come on this and let’s work to move the industry forward.
“If we want to grow in this country, we must bring in professionals in this field. It is very important,” Olusayero stressed.
He explained that after oil business and telecommunication, the next that should be seen as potentially viable to generate huge revenue for the country and boost the GDP is Mortgage and Real Estate.
Also speaking, a fellow of the Institute, Mr Ayodele Thomas said a lot of people do not understand the concept of Mortgage.
He explained that an individual does not need all the money in the work before he or she buys a house
According to him, some mortgage is supposed to be an enabler that will provide an opportunity for everyone to own a home, adding that it is a right to own a home.
“What Mortgage does is to help bridge the gap in home ownership for every Nigerian which is a fundamental human right.
“The essence of the institute is to bring in regulations and control mechanism to ensure that every practitioner is educated, licensed and understand the implication of criminality in the industry.
“Right now, what we have is an industry that does not have lay down rules and regulations and procedures. And where there is no rules, there cannot be an offence.
“So, the institute will come out with several regulations that will shut out all quakes in the industry and those who are looking at the sector to commit crimes will not be accepted or permitted to practice, ” Thomas said.
In same vein, a participant and lecturer from the Nasarawa State University, Mr Uche Owaleke said Mortgage industry has a lot of potential.
“But unfortunately, is not growing as one would expect, given the size and population of the country. With over 200 million people, the housing deficit is huge.
“One of the ways to change the narrative is to ensure that we have more professionals in the sector, because part of the challenge we face is shortage of professionals.
“Also, there is a lot of unethical practice going on. So, we need professionals who are ethically conscious to operate in the sector.
“There is a need for such to be incorporated in the curriculum and course in our tertiary institutions. With such, there will be awareness and we will have a large number of professionals.
“Also, the government should deliberately put in place measures to ensure that people access mortgages. This will bridge the housing deficit in the country,” Owaleke said. (NAN)