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Experts urge increased awareness on mortgage financing

By Betram Nwannekanma
04 May 2020   |   3:23 am
To increase home ownership in the country, eggheads in the real estate sector have called for increased and sustained enlightenment on mortgage financing.

To increase home ownership in the country, eggheads in the real estate sector have called for increased and sustained enlightenment on mortgage financing.

The experts, who spoke during a maiden webinar on the Green and Eco-friendly Housing Estate in Idale, Badagry, a joint venture between the State Government and Echostone, said aggressive campaign is needed to sensitize the public on mortgage financing.
Leading the call at the conference, founder of Abuja International Housing show and Housing TV Africa, Mr. Festus Adebayo, said all stake holders in the housing sector should embark on an aggressive campaign to sensitize the public on mortgage financing.

According to him, “ advocacy and increased enlightenment for mortgage banking is the next essential step in the process of increasing home ownership in the nation.”

Supporting , the Managing Director, Federal Mortgage Bank of Nigeria (FMBN), Mr. Ahmed Musa Dangiwa, urged intending home owners to make enquiry on how best to access the fund for building, buying, renting and renovation of homes.
“We are doing our best to capture both formal and informal sector.  Lagos State has just joined the National Housing Fund (NHF), thereby opening another window of opportunity to reduce housing deficit in the state”, he said.

Dangiwa, who offered financial tips on the best possible ways to access mortgage financing stressed that FMBN has developed an app so that people can assess how much they can access without coming physically to the bank.
For the Managing Director and Chief Executive Officer (CEO), Nigeria Mortgage Refinance Company (NMRC), Mr. Kehinde Ogundimu investors should address the need to invest more in the housing sector to promote the socioeconomic development of the nation.

For the Lagos State Commissioner of Housing, Moruf Akinderu-Fatai, the state is working hard on mortgage collaborations that will result in reduced interest rates, and the strategies would be rolled out soon.

He unveiled the State Government’s plan to provide 100,000 liveable and affordable homes across the state in the next three years through increased partnership with the private investors and utilisation of innovative building technology

Akinderu-Fatai, who promised that the State Government, under the leadership of  Mr. Babajide Sanwo-Olu would not rest on its oars in ensuring that the challenge of housing deficit in the state is reduced to the barest minimum. He further pointed out that Peridot Parkland Estate, Idale in Badagry consisting of 252 housing units is completed and ready for delivery.

Expressing his satisfaction with the quality of houses built at Idale by Echostone Nigeria, the Permanent Secretary Ministry of Housing Mr. Wasiu Akewusola said that more housing schemes to be initiated by the State will benefit from the technology introduced by the firm. 

Akewusola said that the partnering firm employed an innovative technology that is fast, safe and energy saving. According to him “We are pacesetters and beyond provision of houses, Lagos State intends to continue to set the benchmark in quality and affordability in housing “.

Also, at the forum, the Lagos State Director of Estates, Mrs. Olayinka Patunola-Ajayi explained that the e-platform was created by the State Government for ease of titling of land so as to reduce the inherent problems associated with land ownership.

Earlier on, Mr. Sammy Adigun, the Director of Echostone, Nigeria whomoderated the virtual conference, disclosed that apart from the benefits accruing to the environment through optimisation of energy consumption, the project also showcases an innovative technology which speeds up housing delivery, utilises lesser energy and generates minimal waste from site activities. 

While disclosing some of the unique features of the green and eco-friendly estate, he revealed that the energy savings level of the building is 29% from reduced window to wall ratio and energy saving bulbs for internal and external spaces. He also said that water savings from the houses is 35% from low flow showerheads, faucets and dual flush. In addition, 43 % less embodied energy is saved in materials usage such as reinforced concrete slabs, aluminium sheets on timber rafters for roof and situ-reinforced walls for both internal and external walls.

According to him, “other eco-friendly attributes include reflective roofing, roofing overhang, positioning of window to optimise natural light and ventilation so as to reduce use of electric fans, air-conditioners and light.