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| Chief Bode Afolayan, President of REDAN |
By: Olusesan
Ogunyooye.
In its quest to
boast real estate development and save its member from the bureaucracy of
Primary Mortgage Institutions (PMIs), the Real Estate Developers Association of
Nigeria (REDAN) has disclosed that it has secured license from the Central Bank
of Nigeria (CBN) to operate its own mortgage bank, which will begin operations
within the next ninety days. This was disclosed last week by the association’s
President, Chief Olabode Afolayan, in Lagos.
According to Chief
Afolayan, the move became necessary because of the bureaucracy of PMIs in
making funds available to its members. He said “this is designed as an exit
strategy for developers who are many a times held hostage by the PMIs”. “We
feel we have the funds so we approached the CBN in December 2011, and I am
happy to inform you that we secured the license and we will commence operations
in ninety days time”.
In his presentation
on “Mortgage Finance and the Nigeria Property Market: Challenges and
Opportunities”, the REDAN boss lamented that low capital is a major factor
bedevilling mortgage financing in Nigeria. He explained that the only mortgage
institution of the government, Federal Mortgage Bank of Nigeria (FMBN) has a low
capital of N5 billion, while the capital base of other PMIs in the country is
put at N100 billion.
He further flayed
commercial banks for their insignificant interest in real estate. “Commercial
Banks don’t invest in real estate, they are only interested in short term loans,
which are not good deals for real estate developers”, he concluded.
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