By GRACE AUDU, Abuja –
Ahead of its National Mortgage and Real Estate Conference 2023 slated for next week, the Institute of Mortgage Brokers and Lenders of Nigeria (IMBLN), has warned that henceforth, it will clampdown on fraudulent and unlicensed developers, mortgage professionals and real estate promoters operating across the country.
The warning is contained in a statement issued by the Institute on Thursday to unveil the programme of activities for the Conference scheduled to hold at the National Merit House, Abuja from November 16-17, 2023.
The Institute of Mortgage Brokers and Lenders of Nigeria is a regulatory body in real estate and mortgage industry. The Act establishing the Institute was assented by former President Muhammadu Buhari in December 2022 after passage of the bill by House of Representatives and Senate.
In addition to its role of regulating the activities of mortgage and real estate professionals in Nigeria and instilling professionalism in the sector, the Institute is an integral part of Mortgage and Real Estate sector with mandate of award license and conferment of charter to practitioners in with its establishment ACT.
Besides its primary objective of promoting professionalism, ethics, and best practices within the mortgage brokering and lending sector, the IMBLN also serves as a professional body for mortgage brokers and lenders, providing education, training, and resources to its members.
It aims to enhance their knowledge, skills, and expertise in order to better serve their clients and the wider community.
Members of the Institute benefit from access to a range of resources, including industry updates, research, and networking opportunities. The organization also works towards establishing and maintaining high standards of professionalism and integrity in the mortgage industry.
Through various initiatives, the Institute strives to foster consumer confidence and trust in the mortgage brokering and lending process by ensuring that its members adhere to a code of conduct and uphold the highest standards.
According to the statement by Jasper Adeleye, the two-day Conference will focus on the theme: ‘Towards a sustainable Mortgage and Real Estate Industry in Nigeria’ at National Merit House, Abuja.
Among the stakeholders expected at the Conference are industry, Government functionaries, Financial regulatory agencies, including the Independent Corrupt Practices Commission (ICPC), Economic and Financial Crimes Commission (EFCC), the Federal Radio Corporation of Nigeria (FRCN) and others. They also include Mortgage bankers, Finance institutions/ professionals, Real Estate Developers, Lawyers, Architects, Surveyors institutions, Real estate developers, consultants, Academic institutions, Individuals with interest in the mortgage or real estate industry Government functionaries and Lawmakers.
One of the issues that will attract the attention of participants at the forthcoming National Mortgage and Real Estate Conference 2023 is the housing deficit in the country.
According to the Institute’s spokesman, “Nigeria’s housing shortage still persists, despite the real estate industry contributing 5.64 per cent to the country’s GDP in 2022. The Federal Government would need to spend N21 trillion to address the country’s 28 million housing deficit. This is to meet the needs of a rapidly growing population, which is estimated to be 219 million.
“The country’s poor mortgage system and economic crunch have made it difficult for many Nigerians to have a roof over their heads. This is compounded by a lack of finance, a dearth of long-term loans and the high-interest rates that lenders demand. Many depend on personal savings to build a house and it is now proving very difficult because of the economic crisis.
“There are more than enough market opportunities for mortgage products through affordable mortgage schemes, but lack of awareness and struggling infrastructure are major challenges inhibiting the growth of this very important sector.”
He noted that the Act establishing Institute of Mortgage Brokers and Lenders of Nigeria empowers the institute to regulate real estate, mortgage professionals and developers in the industry, adding that all these issues would be discussed by experts during Conference.
“We are confident that by doing so, we can create a housing landscape that not only meets the needs of our citizens but also contributes to a sustainable and prosperous future for all,” he said.
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