BY CHIKA OKEKE, Abuja
L:R- Minister of Housing and Urban Development, Engr. Muttaqha Rabe Darma; Permanent Secretary, Federal Ministry of Housing and Urban Development, Dr. Shuaib Belgore, and Managing Director/Chief Executive of FMBN, Shehu Usman Osidi during the Stakeholders Validation Workshop on the National Housing Data Programme in Abuja.
The Federal Mortgage Bank of Nigeria, FMBN, has restrategised on the safest ways to ease difficulties associated with housing finance by establishing the National Mortgage Registry, expected to deepen transparency and strengthen regulation in the built environment.
Director/Chief Executive of FMBN, Shehu Usman Osidi who stated this during the Stakeholders Validation Workshop on the National Housing Data Programme in Abuja, informed that the Registry has reached a major milestone and is ready for deployment.
The National Mortgage Registry, which has been approved by the National Council on Housing and domiciled within FMBN, is being developed as a central digital repository for mortgage transaction records across the country.
Osidi noted that the Registry is an important document that will reposition the housing sector for sustainable growth, adding that it would boost transparency and confidence in Nigeria's mortgage market.
He said: “The application has been developed and is ready for deployment, while stakeholder engagements, data collection, cleansing and validation activities continue."
Highlighting the benefits of collaboration for the successful implementation of the registry, Osidi maintained that just like the national housing data programme, the Mortgage Registry would depend on the active cooperation of Ministries, Departments and Agencies, MDAs, State Land Registries, financial institutions, mortgage operators, developers, professional bodies and other stakeholders.
He reaffirmed the Bank's commitment to supporting the national housing data programme, saying that reliable data remains critical to expanding access to affordable housing finance and deepening Nigeria's mortgage market.
"We cannot effectively plan for the housing needs of our growing population without credible, reliable and accessible housing data," he said, adding that FMBN would continue to contribute its institutional experience, housing finance data and technical expertise toward the successful implementation of the programme.
Minister of Housing and Urban Development, Engr. Muttaqha Rabe Darma harped on the importance of credible housing data to effective planning, policy formulation and investment decisions, saying that Nigeria must move beyond speculation in addressing its housing deficit.
"For twenty years we have quarreled over whether the deficit is 15, 20 or 28 million units. No serious investor finances an argument," the Minister said.
He hinted that although Nigeria's housing and construction sectors have become major contributors to the nation's economy, the industry continues to grapple with weak regulation, housing fraud, building collapse and limited access to affordable mortgage finance.
Permanent Secretary, Federal Ministry of Housing and Urban Development, Dr. Shuaib Belgore, who chairs the 13-member National Housing Data Steering Committee, stated that the workshop was convened to validate two strategic initiatives: the National Housing Data Programme and the Regulation of the Built Environment.
He observed that fragmented housing data and weak regulatory enforcement have continued to undermine effective planning, investor confidence and housing quality, encouraging stakeholders to work collectively towards strengthening the sector through reliable data and effective regulation.
Considering the importance of the workshop to enhancing the delivery of FMBN's mandate, the Bank's Executive Directors, Dr. Muhammad Sani Abdu (Loans and Mortgage Services); Mr. Ibidapo Odojukan (Finance and Corporate Services) and Mrs. Chinenye Chinedu Anosike (Business Development and Portfolio Management), as well as senior management staff of the Bank were optimistic that the registry will boost transparency in housing finance.
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