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34 states yet to pass Modern Mortgage Foreclosure Bill

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No fewer than 34 out of 36 states of the country are yet to pass the Modern Mortgage Foreclosure Bill, which is meant to make access to land, housing and mortgage less cumbersome for citizens, New Telegraph has learnt.
Group Head and Central Bank of Nigeria (CBN) Deputy Director, Analytics, Projects and Special Examination, Mr. Adedeji Jones Adeshemoye, said this during Quarter Two 2019 Mortgage Market Forum in Abuja.
He said only Lagos and Kaduna states have passed theirs, while some were still at different levels.
Adeshemoye, who is also Head of Nigeria Housing Finance Programme, spoke on “Integrating the Housing Ecosystem Using the Housing Market System (HMS)” organised by the Financial System Strategy FSS 2020 Secretariat.
The forum is an assembly of mortgage and housing experts under the Chairpersonship of the Director OFISD CBN, Mrs Tokunbo Martins.
It was also gathered that eight states – Edo (which has established a mortgage board), Akwa Ibom, Cross River, Kogi, Benue, Plateau, Kebbi and Gombe ought to have concluded the process last November, while five other states that were said to be looking at adopting the law by the first quarter of 2019 have not done so.
The MMFL is an initiative of the Nigerian Mortgage Refinance Company, which calls for the creation of a state mortgage board as a single window clearance mechanism to facilitate accessible and affordable mortgages for residents of the state.
When adopted, the MMFL is expected to create an enabling environment for states to provide affordable housing for their citizens by de-risking the housing and mortgage sector and unlocking its potential for economic growth.
Adeshemoye explained that the forum had developed Modern Mortgage Foreclosure Bill, which was expected to be passed into law in all states of the federation in order to facilitate access to land, which is largely under the control of government, for the promotion of affordable housing and mortgage to the people.
“So this forum gives us the opportunity to device how to collaborate with the Governors’ Forum so that they can help speed up the process of passing this bill into law and solve the problem of land titling in Nigeria, so that we have uniformity across the country,” he said.
Presently, Adeshemoye hinted that four different market based underwriting standards have been developed to enable Nigerians at home and abroad, and those that have been disenfranchised in one way or the other have access to mortgages.
According to him, the forum has been corroborating with people in the supply side of housing such as real estate developers who would be doing demand-based supply as against what used to be the case.
Another achievement of the forum, he said was the current development of an ‘Electronic Assets Registry System’ that would help everyone in information gathering.
Justifying the essence of the mortgage market forum, Adeshemoye said it was essentially for stakeholders to update themselves on the FSS2020 strategy for mortgage sector and housing finance sector in Nigeria, particularly as 2020 draws near.
Besides, he said the forum provided stakeholders opportunities to review issues on financial liquidity, long term funding for affordable homes in Nigeria and other institutional arrangements that would move them closer to their targets under the financial system strategy.
Adeshemoye said: “We looked at the three thematic templates that we are working on to see where we are, and to score ourselves and to also brief other members of the forum about where we are.
‘’We meet every quarter as stakeholders to look at the task that we have been given – tasks that individual stakeholders are carrying out in the strategy implementation. We have responsibilities for different stakeholders. We come here to appraise what we have done, and then refocus on our objectives.”

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  1. Pingback: Today’s New Telegraph Newspaper Headlines Tuesdays 25th June 2019.

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