Stop patronising quack estate agents, Mortgage brokers tell Nigerians

The Institute of Mortgage Brokers Lenders of Nigeria (IMBLN) on Saturday called on Nigerians to stop patronising quack estate agents while purchasing lands or renting properties.

The President of IMBLN, Hayatuddeen Awwal, made the call at the end of IMBLN’s Consultative Meeting with the theme` `Mortgage and Real Estate Professionalism and Accessibility to Adorable Housing for Nigerians in Abuja.

He said the institute was working on modalities to sanitise the housing sector to enable Nigeria reap from its the hidden revenue.

According to him, many people are posing as estate agents, thereby abusing the profession

“The transactions being done under those people are in millions, if not billions, because there is no land in Abuja that is below one million Naira.

“Everybody is an agent, and they go home with their money free of any tax. Our aim is now to enforce the parameters, qualifications, and certifications," he said.

According to Awwal, the challenge of quacks as land and housing agents is so bad that among 10 cases that the police have in Abuja, 80 percent of them are land-related.

“IMBLN has initiated collaboration with the Nigerian Financial Intelligence Unit (NFIU), ICPC, and EFCC so that they will join in sanitising the sector,” he said.

Awwal said that Nigeria was faced with a 28 million housing deficit.

“If the opportunities that are in between the value chain of delivering the 28 million housing deficit are explored, you are talking of a huge opportunity to the tune of 420 billion Naira," he said.

Awwal said this could only happen when the housing sector was sanitised.

He said that IMBLN was established by an Act of the National Assembly and mandated to regulate and professionalise the mortgage and housing industry through transparency and respect for ethical standards.

Dr. Bernard Doro, member of the Governing Council of IMBLN, while unveiling the institute’s brand, said it refreshed its brand identity to reflect the institute’s unwavering commitment to excellence, innovation, and sustainable housing solutions.

“It speaks to our dedication to equipping professionals with the tools and knowledge they need to navigate the complexities of the industry and provide sustainable housing solutions for all.

“Be it rentals, be it outright purchase, be it purchase through mortgage, whatever, the IMBLN wants to offer Nigerians the opportunity to be confident in their dealings.

“We are fostering an environment where professionals can thrive, where innovation can flourish, and where the dream of home ownership becomes a reality for more Nigerians," he said.