The President Governing Council of the Institute of Mortgage Brokers and Lenders of Nigeria (MBLN), Mr. Hayatudden Awwal, has vowed that the institute would sanitise the real estate sector and weed off the fake estate developers.
Awwal, who is also the Managing Director of the Federal Housing Authority Mortgage Bank, said the institute had partnered with the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices Commission (ICPC) to combat fraudulent developers and mortgage brokers exploiting Nigerians.
He spoke in Abuja at a stakeholders consultative forum on “Mortgage and Real Estate Professionalism and Accessibility to Affordable Housing for Nigerians”, organised by the institute.
Awwal, however, disclosed that the collaboration is crucial in reducing the housing deficit and promoting a sustainable mortgage market.
He said, “The Institute of Mortgage Brokers and Lenders (IMBL) is making significant strides in regulating Nigeria’s mortgage and real estate industry. Established in December 2022, IMBL aims to promote transparency, ethical standards, and professionalism, ensuring Nigerians have access to affordable housing
“IMBL has partnered with the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices Commission (ICPC) to combat fraudulent developers and mortgage brokers exploiting Nigerians. This collaboration is crucial in reducing the housing deficit and promoting a sustainable mortgage market”.
Awwal called for adequate investment in the local manufacturing building industry to reduce the nation’s housing deficit, estimated at 28 million.
He wondered why Nigeria was still relying on the importation of products such as paints and wooden doors, saying the nation had sufficient resources to meet its housing needs.
The President Governing Council of the MBLN stated that the growth of the local manufacturing building industry would effectively tackle the cost of construction especially since the nation required 254bn
to curb the housing deficit annually.
He said the forum aimed to bring stakeholders together to discuss ways of tackling the challenges of urbanization and promoting industrialization.