Mortgage/Real Estate Conference: It’s Time To Explore Mortgage Industry Potential for GDP Growth – Adeleye
By Oyewale Oyelola
The Registrar Institute of Mortgage Brokers and Lenders in Nigeria, Mr Jasper Adeleye on Thursday said the country is yet to explore huge business potential in Mortgage industry.
Adeleye disclosed this while addressing newsmen on the sideline of 2023 Mortgage/Real Estate Conference at National Merit House, Abuja.
He noted Mortgage Industry is contributing less than five percent to Nigeria’s GDP due to activities of fraudulent, unlicensed and quack mortgage brokers, lenders and developers operating activities the country.
In his words: “Mortgage Industry should be contributing reasonable percentage to Gross Domestic Product (GDP) of Nigeria, if it is well regulated. This sector has the potential to add over 10 percent from less than one percent contribution according to available data. Institute of Mortgage Brokers and Lenders will change the narrative.
“We are currently engaging stakeholders in mortgage industry to eliminate fraudulent, unlicensed and quack mortgage brokers, lenders and developers exploiting as well as defrauding innocent Nigeria. We will flush them out by working with relevant security agencies and other stakeholders to implement provision of IMBL Act.”
Adeleye added that the Institute is a regulatory body to promote professionalism, ethics, and best practices within the mortgage brokering and lending sector as contained in establishment ACT signed by former President Muhammadu Buhari in 2022.
While Speaking at the Conference, the Economic and Financial Crimes Commission (EFCC) representative promised to partner with the Institute of Mortgage Brokers and Lenders in Nigeria (IMBLN) to give rid of fraudulent, unlicensed and quack in mortgage industry.
The Director, Special Control Unit Against Money Laundering (SCUML), Daniel Isei gave this commitment while speaking at Mortgage/Real Estate Conference held at National Merit House, Abuja on Thursday.
Daniel Isei observed that many fraudulent people use real estate to cover their shady deals, safeguard illicit wealth and get huge return on investment.
According to him, some fraudulent people in this country invest in real estate to keep illicit wealth without trace by anti-graft agencies. They are able do this because the sector has not been regulated. Some Practitioners don’t comply with provisions of law regarding cash deposit and foreign currency transactions.
While responding to request to make certification of IMBLN complusory for SCUML registration, Isei said: “We are ready to partner with Institute of Mortgage Brokers and Lenders in Nigeria. We have received four correspondences from the Institute and the commission will work with them to sanitize Mortgage industry.”
The President of the Institute, Hon Dachung Bagos, Special Adviser to Lagos State Governor, Barr Barakaat Odunuga Bakare, Vice Chancellor Nasarawa State University Keffi, Prof Suleiman Bala Mohammed, United Kingdom based Mortgage Professional, ESV Ayodele Thomas and members from 36 states attended Day one of 2023 Mortgage/Real Estate Conference.