BY CHRIS OCHAYI & REGINA OTOKPA
ABUJA – To ensure the provisions of housing accommodation to the citizenry through a robust mortgage financing system, the Federal Government Wednesday inaugurated a policy and technical tripartite committee to review operations of the various stakeholders in the housing sector in the country.
The tripartite committee, which is made up of the Federal Mortgage Bank of Nigeria, FMBN, Real Estate Development Association of Nigeria, REDAN, and the Mortgage Banking Association of Nigeria, MBAN, is charged amongst other things, to recommend innovations that would improve overall operational framework for housing finance in the country.
Managing Director of Federal Mortgage Bank of Nigeria, FMBN, Mr. Gimba Ya’u Kurmo, while inaugurating the committee, said the essence of the committee was to form a think-tank for improving working relationships and ultimately developing the housing sector for its full capacity.
He said, “all over the world, stakeholders’ cooperation is an effective strategic initiative to engender the actualization of a common goal. In this case, under the current management of FMBN, we envisage that the tripartite committee being inaugurated today will represent a milestone in building strong and enduring relations between these three major stakeholders in the country’s housing sector.
“The advancement of housing delivery based on a robust mortgage financing system remains the collective responsibility of all stakeholders here present. While we may share different perspectives and seek to protect the interests of the bodies that we represent, I wish to point out that our diverse specializations also afford us unique opportunities to develop innovative solutions plaguing the housing industry.
He said in addition, the committee will establish common grounds to influence urgently required reforms in the housing sector.
Other terms of reference handed to the committee, include to ensure harmonious working relationship between stakeholders, and to identify bottlenecks in the processing of estate development and NHF mortgage loans and recommend workable solutions to the various challenges encountered by stakeholders.
The committee is also charged to regularly update their various bodies on decisions reached at meetings of the committee as well as to perform other duties as may be assigned to it from time to time.
Mr. Kurmo said further that, “as an executives of MBAN and REDAN would recall, the previous tripartite committee had made tremendous progress in its review of inter-agency operations and made a number of useful contributions.
“I am glad to announce that FMBN of Nigeria remains committed to executing those recommendations, one of which is the application of interest waivers on classified loans and loan workout. Also, recently, the Board of FMBN approved a reversal to the 40%-30%-30% 3-stages tranche disbursement of EDLs in response to the yearnings of the developers who find this arrangement more conducive for project delivery”, he said.