By Olasunkanmi AkoniÂ
LAGOSâ€”Governor Babatunde Fashola of Lagos State yesterday signed into law the bill for a law establishing the state mortgage board aimed at making houses affordable to the masses.
Fashola, who also inaugurated members of the board at a brief ceremony at Lagos House, Ikeja, disclosed that plans were underway to ensure that efficient lowcost houses were made available for Lagos residents on a proposed mortgage policy, which would be unveiled next week.
The board is chaired by the state Commissioner for Finance, Mr. Rotimi Oyekan, with his colleague in the Ministry of Housing, Mr. Dele Onabokun, and three others as members.
According to Fashola, the passage of the law is a momentous achievement for the state because it will serve as the regulatory framework for the creation of enabling policy that will guide government and private sector in establishing mortgage schemes that will be beneficial to all residents.
Fashola, noted that with the new law, the Conveyance Act of 1881 had been repealed.
The governor added that the 119-year old law had always posed challenges to legal practitioners dealing with mortgage matters.
Fashola, who said details about the bank would be unveiled at a public forum in the next few days, noted that workers and residents of the state would be able to access facilities to build a home of their own.