A call has gone to the Federal government to invest recovered looted funds in the development of low-cost housing and mortgage financing to facilitate the reduction of housing deficit in Nigeria. Director-General, Institute of Mortgage Brokers and Lenders (IMBL), Elisha Jasper, made the call in a congratulatory message to the President Muhammadu Buhari on his one year in office.
“There is a lack of mortgage professionals in Nigeria due to lack of mortgage studies; thereby creating a lack of knowledge and skills on mortgage brokerage, financing and lending. But IMBL cannot do it alone.
Individuals (workers and/or students), governments, Federal Mortgage Bank of Nigeria (FMBN) and Primary Mortgage Institutions (PMIs) must all play their parts or roles in this fight.
The governing council of IMBL urges that the looted funds recovered should be reinvested in low-cost housing and mortgage. While IMBL, with help from the government, continues to raise and produce mortgage professionals, FMBN should build mass houses that can be allocated or acquired by Nigerians on mortgage,” he stated.
Jasper said that members of IMBL believe that every Nigerian should own a house, no matter the situation of the economy. He noted that the problem with housing in Nigeria has become very unbearable and unimaginable, for not just the poor or low-income earners, but also for the so-called rich and elite.