Chief Olusegun Bamgbade, is the chairman of HOB Housing Estate Limited. In this interview with DAYO AYEYEMI, the real estate developer speaks on what should be done to solve some of the challenges confronting real estate sector.
What should government do to enhance home ownership among Nigerians in 2022?
It is clear and simple, Nigerian government should review the activities of the Federal Mortgage Bank of Nigeria from the inception till date and take steps to correct all the anomalies detected.
For instance, it takes the Federal Mortgage Bank of Nigeria countless years to process and package the National Housing Fund (NHF) for the allottees.
This is detrimental to the advancement of the home ownership scheme in the country.
How can the government solve some of the issues confronting the real estate sector, especially, by getting cheap funds for housing development and mortgage finance?
I have said it repeatedly, the Federal Mortgage Bank of Nigeria should be recapitalised and restructured to function like a serious mortgage bank and stop collecting subventions from the government (if any).
Is it possible to enhance affordable housing delivery without passing into laws some of the pending housing bills in the National Assembly?
It is possible to enhance affordable housing delivery without passing into laws some of the pending housing bills in National Assembly. It is possible.
We have too many laws on virtually everything. Meanwhile, we don’t implement any correctly except when or where certain interests are concerned.
Let’s get serious with what we have on ground and hit the ground running. Nigeria needs more houses. Let’s start building more houses please.
Building materials’ prices are no longer friendly to developers and home builders. How can we address this?
Building materials’ prices will continue to skyrocket if we don’t jettison the thoughtless idea of dollarising our domestic products and services. Imagine what the DISCOS are charging on electricity as if they were the ones that constructed electricity power plants in the country.
Imagine how much a bag of rice goes for in the market today (N30,000.00), as if we never bought rice for N18 per bag before in this country.
Until we stop deceiving ourselves with the value of the Naira, prices of local commodities will continue to skyrocket including building materials.
High population and rapid urbanisation without corresponding infrastructure are other problems. What are your suggestions?
Governments at every level should wake up from slumber. They are presently doing nothing on infrastructure when compared with the volume of debts and embezzlements here and there. The contracts are overvalued. The contractors as well as the officials involved in contract scams will surely face God one day.
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