Former president of the Real Estate Developers Association of Nigeria (REDAN), Rev Ugochhukwu Chime has charged Nigerian governors to adopt the mortgage foreclosure bill being proposed by Nigeria Mortgage Refinance company which has also in recent times been supported by the Nigeria Institute of Estate surveyors and Housing Development Advocacy Network( HDAN).
Chime who stated this while featuring on housing development programme on TVC this Saturday, stressed the need for the country to evolve to the global realm of owning homes through mortgage practice.
According to him , this is imperative in order for the government to adequately provide for housing, employement, socio-economic growth as well as create multiplying effects in the local economy where the properties gotten through mortgage are sited.
Chime commended the previous efforts of some of the stakeholders , noting that a lot of work has been done underground to improve the situation in recent years.
He however noted that there is more work to be done, explaining that state governors especially have key roles to play by means of quickly giving consents and registering of titles.
“They are the greatest impediments to the improvement of the sector – the state governors! They refuse to computerize the records. Even the mortgage banks are now being left to operate in the dark. They’re now being forced to operate with outdated foreclosure law. Abroad, the situation is not the same”
He therefore called on well meaning Nigerians to further draw the attention of state governors to the need to support the Nigerian mortgage system, stressing that it is the duty of the government to make their states destination of choice for investors, which would subsequently aid the economic growth of the states.
