FG urged to invest recovered loot in housing

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. According to IMBL, 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.

The IMBL DG added that problems  bedeviling the housing sector range from lack of funds, insurgency, economic crisis, unavailability of structured houses and, most importantly, lack of skills and knowledge on mortgage. He noted that these have led to the ineffectiveness of the housing sector and the inefficient processing of the National Housing Fund (NHF) application.

The lack of awareness, skills and or knowledge on mortgage studies have brought about  low capacity of mortgage professionals, he added.

 “Lots of Nigerians serve their country and don’t even have houses owned by them to show for it. People waste money on paying rent for the rest of their lives without knowing that the money paid for rent can be factored into mortgage financing and owning these houses after the payment period. People who give their lives for Nigeria don’t even own houses of their own.

What then can they leave behind for their children, loved ones, family? The housing problem in Nigeria is unfathomable when you look at the massive land and infrastructural organisations at our disposal,” the message read.

By Yinka Kolawole

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