SunTrust boss seeks re-orientation, special funding for real estate
By Oscarline Onwuemenyi
THe Managing Director of Suntrust Savings and Loans Ltd, Muhammad Jibrin has advocated for a “mobile housing culture” or a complete shift in the housing policies and culture in the country, in order to effectively meet the housing needs of Nigerians.
Jibrin, who spoke in an interview with Homes & Property in Abuja, also stressed that there is no way Nigeria would reduce the current housing deficit without a robust government intervention as was the case in many developed countries of the world.
He said, “I believe the government has a responsibility when it comes to affordable housing and, rightly or wrongly, the citizens of Nigeria deserve better and more affordable housing than is currently the case today.
“We appreciate the problems of providing affordable housing. Once the government is serious about providing the needed infrastructure, half of the problem is solved; what remains would be to put up the houses,” he said.
Need for re-orientation
Jibrin called for re-orientation in the accommodation and living culture of the people, if the housing needs are to be met.
According to him, “Our custom and culture of building houses ought to be reconsidered. Most of our people in Nigeria like to own big houses, usually bungalows, with space in the front and at the back. But to be able to reduce the cost of construction, effectively utilise space and make housing affordable, you need to build blocks of flats – probably, flats that can go high to maybe 12 or 15 floors.
“Also, we need to be mobile in our housing needs as a people. I mean, what is the sense in an unmarried person occupying a three-bedroom flat or something like that all by himself, with all the space? If a person is not married, he should think about living in one-bedroom apartment.
“When such a person marries, he may move up to a two-bedroom apartment, and when the children start coming such a person may consider getting a three-bedroom apartment.”
He added, however, that when the children are all grown up and leave the house, it won’t be a bad idea for the person or couple to downgrade and move back into a one or two-bedroom situation.
“That is the way it is supposed to be, and this is where our culture plays a big role. There needs to be a total re-orientation of this kind of culture because it is not making things easy for so many people,” he stated.
Funding for housing
According to him, funding or lack of it remains at the centre of the housing deficit in the country, adding that “unless there is long-term funding that will provide money for the development of this houses and close the gap, you can’t get anywhere no matter how much you shout about it.”
He pointed out that the Federal Mortgage Bank of Nigeria (FMBN) on its own, does not have enough funding. “Most of the funding comes from the National Housing Fund that is generated. The Federal Government has promised to provide about N200 billion, and we hope this money will come quickly because it will help the Bank in providing funding for real estate development.
