By YINKA KOLAWOLE & MIKE EFFIONG

Stakeholders in the mortgage banking and housing finance sector in Nigeria have concluded plans to float the first mortgage re-finance company in the country, known as Nigerian Mortgage Corporation (NMC).

President of Mortgage Banking Association of Nigeria (MBAN), Mr. Abimbola Olayinka, disclosed this in his welcome address at the 2ndMBAN Housing Finance and Investment conference and Exhibition (MBAN-HOFEX) held in Lagos, last week.

He disclosed that the major stakeholders involved in the project along with MBAN include both local and foreign bodies such as Federal Ministry of Finance, Federal Ministry of Lands, Housing and Urban Development, Central Bank of Nigeria (CBN), World Bank/IFC, International Financial Institutions (IFIs).

He added that PISON Housing Company Limited has been formally appointed as the Project Manager/Advisor for the NMC, in line with the mandate received by MBAN from World bank/IFC and IFIs. He however did not state when the company will take off.

Olayinka noted that because of the key role mortgage banking plays in the provision of affordable housing in Nigeria, MBAN decided to organise HOFEX as an annual event to bring products and services nearer to and in the minds of the public, and to assure Nigerian that their home ownership dreams can actually become reality.

According to him, to promote consumer credit education for the sector, MBAN has been liaising with Trade and Professional associations in Nigeria such as Nigerian Institution of Estate Surveyors and Valuers (NIESV); Nigeria Bar Association (NBA); Nigeria Union Journalists (NUJ); Nigerian Institute of Architects (NIA); Lagos Chamber of Commerce and Industry (LCCI); Real Estate Developers Association of Nigeria (REDAN) on key issues relating to the sector such as the Land use Act 1978.

“The maiden edition of HOFEX held last year was a huge success with tremendous goodwill and support received from our stakeholders, and this has propelled us to ensuring continuity of the programme on annual basis. It is gladdening to note that the statutory regulatory/apex bank in collaboration with MBAN, is set to finally wind-down the consolidation/reforms of our sector in April 2013, we are very optimistic and our stakeholders should rest assured that post consolidation, they would witness a new dawn in the mortgage banking sector in Nigeria,” he stated.

Declaring open the occasion, Lagos State Governor, Mr. Babatunde Fashola, who was represented by Commissioner for Housing Lagos state, Mr. Bosun Jeje, assured  Lagosians and investors who want to do genuine business in the state of government’s protection at all times.

He said that the governor is passionate about making affordable houses available for 18 million Lagosians. He expressed hope that the event will help to sustain the cordial relationship existing between the state and MBAN while wishing participants fruitful interactions.

He expressed hope that the event will help to sustain the cordial relationship existing between the state and MBAN while wishing participants fruitful interactions.

In his keynote address on “The Mortgage Banking /Housing Finance Sector in Nigeria-A Viable Platform for Wealth Creation and Affordable Housing”, CBN Governor, Mal. Lamido Sanusi, represented by Mr.Okpokor Ezewu, A Deputy Director, emphasised that mortgage banks can help create wealth by making adequate funds available to customers at the right time with low interest rate.