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Housing finance: Stakeholder roots for direct disbursement by NHF to developers

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•Says accessing mortgage is tedious, cannot address housing provision

Housing finance
Micheal Akhuetie

By Kingsley Adegboye

The importance of housing as a basic need to man, cannot be overemphasised. But to make housing available and affordable to people requires an effective mortgage system for funding housing in any country.

Against this background, the Managing Director of PWAN PRO Realtors and Investment Limited, Mr. Michael Akhuetie, has advocated direct disbursement of the National Housing Fund NHF, to serious minded real estate development companies in Nigeria like his firm in a partnership arrangement with the federal government as solution to addressing the huge housing gap in the country.

Property World African Network, PWAN PRO is a subsidiary of PWAN Group of Companies based in Lekki, Lagos with a vision to make affordable housing a reality to Nigerian.

In an exclusive interview with Vanguard Homes & Property, Akhuetie said “The mortgage system in Nigeria is so tedious that it is only a few people that can access it, and they are using it for whatever they want to use it. For me, the mortgage system is not working and cannot address housing finance in the country.

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“If the federal government wants mortgage system to work in Nigeria, it should partner us because we are capable of providing houses to close the huge gap in housing deficit in Nigeria if given the financial support. Look, the major problem in Nigeria is housing shortage. So, if the federal government is ready to alleviate accommodation problem in Nigeria, it can channel the funds for housing provision through the right channel which we are.

“For instance, if they ask us to provide housing units for 10,000, 20,000 or one million to people in Nigeria, we are ready to do that. If the federal government channels N2 billion from the National Housing Fund through PWAN PRO for housing provision for Nigerians, we will deliver. We are not going to sit on the fund. From there, we move to the next stage which could be houses for one million Nigerians or two million Nigerians, and all these houses will be at affordable cost.

“Most of the residential housing estates constructed by governments in Nigeria are too expensive. But we will build houses that are affordable by Nigerians. We will not jerk up the prices of our houses unnecessarily. We will build houses that bankers, civil servants and others can live in, and the federal government will make its money back.

“As I said before, mortgage system in Nigeria is not working, and only a few individuals are feasting on it. But if the federal government wants it to work, they should look for the right channel to channel the fund through for it to achieve its desired purpose. If the federal government wants to partner with us, there is an arrangement both parties can go into whereby the government will identify the group of Nigerians to start with.

“For instance, civil servants are known to the government. The government can easily recoup this money because civil servants are contributors to NHF. The government can say we want to provide houses for 100 civil servants from one of the ministries. We will come in to provide houses with the fund.

“The fund will not be given to the civil servants to build individually, and we, the handlers of the houses will not divert the fund. If you give civil servant the money, they will divert it to other uses but if it is given to us, we will build and deliver the houses to them.

“And based on performance, if we deliver 100 housing units at the beginning, the government can say we should build 200 units or more as the case may be. There is a lot of money lying fallow at Federal Mortgage Bank of Nigeria. If you release another fund to us to do 300 units, we will deliver, and if we can deliver 300, we can deliver 500 and so on.

“From this approach, we will continue to deliver houses and gradually, we will begin to close the huge housing gap in the country.

“That is why we say our vision at PWAN PRO is to make home ownership dream a reality. We are already doing that, and if the federal government wants to partner us to make home ownership dream a reality nationally, we are ready to do so”, PWAN PRP boss noted.

Akhuetie who disclosed that the mission of his company is to discover affordable land and make it available to people and to teach people how to make money for them to build their own houses, said

“That is why as a group we decided to introduce network marketing into real estate business. PWAN Group is the first network marketing in the whole world. We are the first to introduce network marketing into real estate transactions in Nigeria.

“Why did we introduce this into real estate? We did it because we want everybody to be a partaker of this laudable initiative. Now, PWAN has been in existence for eight years, and we have been able to provide homes for the homeless. And today, as I talk to you, we have affected lives, just as we have created job opportunities for quite a number of people.

“Some of these people are partners or consultants to PWAN. To be a consultant or partner, you have the opportunity to make money for yourself as a marketer and at the same time, you equally affect the lives of the people around you. PWAN PRO is the first real estate company in Nigeria to introduce smart buildings. “We will build these smart buildings in Lekki area such as Ajah.

These smart buildings will be available for everybody to afford. We are going to make it very affordable because we discover today that a lot of estates are less than 50 per cent occupied, and this is because of high cost placed on them.

“But PWAN PRO has come to make home ownership affordable for all with the introduction of network marketing. If you key into our business, it will teach you how to make money to own your building at zero cost. That is why we say own property at zero cost.

“The network marketing aspect of real estate business is that when you join us as a partner or consultant, when you bring a client to buy a property from us, we give you 10 per cent.

“Also, when you register somebody who brings another person to buy a property from us, we give that your person 10 per cent, and you will be given five per cent from that transaction. That is the power of network marketing, and the power of network marketing equally makes it easy to join a business with little or no capital”, he stated.

Vanguard News Nigeria.

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