NIGERIA: MBAN partners UBA Metropolitan on mortgage default insurance

0 0
Spread the love
Read Time:2 Minute, 28 Second

President of MBAN, Mr. Abimbola OlayinkaMortgage Banking Association of Nigeria (MBAN), the umbrella body of primary mortgage banks (PMBs) in Nigeria, has initiated moves towards the development of mortgage default insurance, in collaboration with UBA Metropolitan Life Insurance Company Limited.

Outgoing president of MBAN, Mr. Abimbola Olayinka, disclosed this in his farewell speech at the annual meeting of the association held recently in Lagos, which culminated in the election of new executive officers to run the affairs of the association.

According to Olayinka, the move is necessary to enhance accessibility of low-income and informal group to housing finance products.  “The introduction of mortgage default insurance as credit enhancer would catalyse a downward slide in interest rates at longer tenures and enhance accessibility of the lower and informal income group to housing finance products as well as bring about increased inflow of Foreign Direct Investments (FDIs),” he remarked.

Meanwhile, the newly elected President of MBAN, Mr. Femi Johnson, has declared that one of the top priorities on the agenda of the incoming leadership of the association is to pave way for the establishment of mortgage brokers. According to him, the Central Bank of Nigeria (CBN) has already granted the association the authority to license and regulate the mortgage brokers in the country.

“We have done a lot in this regard, but we need to come up with clear cut rules of engagement. We must quickly come up with the framework for the regulation of the mortgage brokers as some of our members plan to transcend into the aspect of the practice,” he said.

The new MBAN boss said priority attention will also be given to the establishment of Liquidity Facility Company. “We must be active drivers of the liquidity company so that we can wield a lot of influence in the operations,” he said.  On the consolidation/reform of the mortgage sector, Johnson stated: “Our first commitment is to leave no one in the cold.

MBAN will reach out to every institution that is having difficulty or some challenges in the process. Whatever we need to do, whether it’s capital base, merger or consolidation, for people who had made up their mind to scale down, we will guide them through the transition.”

Johnson also reiterated the need for MBAN to train mortgage workers and scale up its professional education development programme. “We need to have the best hands and brains in the management of the mortgage industry and to take our rightful place in the financial environment,” he asserted.

The new MBAN executives include: Mr. Ben Akaneme of GT Homes Limited, Vice President; Alhaji Usman Hardo of Yobe Savings and Loans Limited, Deputy President, North; Niyi Akinlusi of Intercontinental Homes, Deputy President, West; Mrs. Subulola Giwa-Amu of FBN Mortgages Limited, Treasurer; Emmanuel Mbaka of Platinum Savings and Loans Limited, Publicity Secretary; and Mr. Olaitan Komolafe of Global Trust Savings and Loans Limited, Legal Adviser.

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %

Facebook Comments

Previous post ATR visits Nigeria, presents brands of aircraft to FG
Next post NIGERIA: I am struggling to build my village house –Jonathan

Average Rating

5 Star
0%
4 Star
0%
3 Star
0%
2 Star
0%
1 Star
0%

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.