The Association of Professional Bodies of Nigeria (APBN) has said that the delay in implementing mortgage sector schedule of Vision 20: 2020 could create a bleak future for the sector Mr Jimoh Faworaja, President of the association, told newsmen in Lagos that the non-implementation of the schedule might also affect the realisation of all the objectives of the Vision.

He said that the implementation of the Financial System Strategy (FSS) 2020 schedule for mortgages would not work because government had not made the environment conducive. “About 11 housing bills are before the National Assembly since 2004, not even one has been passed.

The issues of Land Use Act and Governor’’s consent on land transactions are there. “Others are the removal of Land Use Act from the Constitution and the removal of requirements for Governor’’s Consent on transactions in the Land Use Act,” he said. Faworaja said that there was also the issue of removal of foreclosure proceedings on real estate from the general common law.

“There is also the issue of reducing statutory cost structure on all land transactions as well as the recapitalisation and restructuring of operations for primary mortgage institutions, among others,” he said.

The association boss said that if the current situation persisted till 2020, the mortgage sector would not be different from what it is today. He said that all the bills that could change some laws impeding robust housing finance ought to have been put in place by now.

“In short, the list is endless and it does not make for a robust housing finance system,” he said. Faworaja said that the recapitalisation of primary mortgage institutions had lingered for too long, adding that the delay had left room for speculations and create uncertainty for operators.

The implementation schedule for the Vision 2020 is captured in the Financial System Strategy (FSS) 2020: Compendium of Sector Implementation Initiatives.