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Institute to clampdown on unlicensed, fraudulent developers in Nigeria

Institute to clampdown on unlicensed, fraudulent developers in Nigeria

The Institute of Mortgage Brokers and Lenders of Nigeria (IMBLN), on Thursday, vowed to clamp down on fraudulent/unlicensed developers, mortgage professionals and real estate promoters across the country.

The IMBLN management stated this in a statement issued and signed by Grace Steven, the media officer of the institute, ahead of activities lined up for the National Mortgage and Real Estate 2023 Conference.

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The conference slated for November 16 and 17 in Abuja, will focus on the theme ‘Towards a sustainable mortgage and real estate industry in Nigeria’.

The institute is an integral part of the mortgage and real estate sector with a mandate to award licences and confer charters to practitioners in accordance with the provisions of the establishment Act signed by former President Muhammadu Buhari in 2022.

Speaking on the housing deficit in the country, the institute disclosed that “Nigeria’s housing shortage still persists despite the real estate industry contributing 5.64 percent to the country’s GDP in 2022.

“The Federal Government would need to spend N21 trillion to address the country’s 28 million housing deficit. This is to meet the needs of a rapidly growing population, which is estimated to be 219 million.

“The country’s poor mortgage system and economic crunch have made it difficult for many Nigerians to have a roof over their heads. This is compounded by a lack of finance, a dearth of long-term loans, and the high interest rate that lenders demand.

“Many depend on personal savings to build a house and it is now proving very difficult because of the economic crisis. There are more than enough market opportunities for mortgage products through affordable mortgage schemes, but lack of awareness and struggling infrastructure are major challenges inhibiting the growth of this very important sector.”

The management said the Act establishing the institute empowers it to regulate real estate, mortgage professionals and developers in the industry, stating that all these issues would be discussed by experts during the conference.

“We are confident that by doing so, we can create a housing landscape that not only meets the needs of our citizens but also contributes to a sustainable and prosperous future for all.”

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The primary objective of IMBLN is to promote professionalism, ethics, and best practices within the mortgage brokering and lending sector.

The institute serves as a professional body for mortgage brokers and lenders, providing education, training, and resources to its members. It aims to enhance their knowledge, skills, and expertise in order to better serve their clients and the wider community.