The Central Bank of Nigeria in conjunction with the Nigerian Mortgage Refinancing Corporation, the Mortgage Bankers Association of Nigeria and select micro finance banks took to the streets of Lagos to propagate the right of every citizen to find out how to own a home through mortgage financing.
Mrs Nile Osilaja, a consultant to the CBN on mortgage finance, who spoke to told Daily said, “There seems to be a fear around mortgage finance owing to the experiences of the past. We are here to tell them that the Nigerian housing finance scheme is not a ‘419’ scheme.”
She said the programme is a catalytic product to jump-start the housing market again. “We want to shift the paradigm from a supply led market to a demand led market. This is why industry players have become the major driver. The CBN is involved only as an enabler.”
She, however stressed that the team was preaching responsible home ownership where a subscriber uses the same amount used in paying for rent as the mortgage repayment.
“If you live in a face-me-I-face-you, the rent can pay mortgage for a face-me-I-face-you house as your own. If you are paying rent, you are paying your landlord’s mortgage.” (Daily Trust)
