Minister mulls nationwide adoption of Model Mortgage Foreclosure Law

MINISTER of Housing and Urban Development, Ahmed Dangiwa, is seeking a nationwide adoption of the Model Mortgage Foreclosure Law (MMFL).

Describing it as a “housing industry stakeholders’ initiative,” the minister said MMFL has become another reform that is being embraced by President Bola Tinubu as part of his Renewed Hope Agenda for the populace.

The minister disclosed this during the Conference of Directors of Lands in the Federal and State Ministries, Departments and Agencies, themed “Improving Land-Based Revenue of the Federating Units in Nigeria through Efficient and Effective Land Administration”, held in Lagos.

Dangiwa commended the efforts of the Lagos State government in digitising its operations while also applauding Kaduna and Kano states for implementing reforms, urging other states to emulate them.

He noted that the model mortgage foreclosure law had being passed in four states of the federation, enjoining other 32 states to do same.

“As of today, the Model Mortgage Foreclosure Law has been passed in four states, including Lagos, Kaduna, Ekiti, and Nasarawa States.

“We aim to drive its passage in all the states of the federation as part of our efforts to ensure that investments in the housing and mortgage sector are protected.

“We must think out of the box, innovate and learn to do things differently. This will help us make progress and change the narrative going forward,” the minister said.

It should be noted that the Conference of Directors of Lands is an annual event that creates an enabling environment for Directors of Lands from the 36 states of the Federation and Federal Capital Territory as well as key stakeholders with varied experiences in the public and private sectors to converge and share ideas on how to generate policies for effective and efficient land administration beneficial to Nigeria and its citizens.

Meanwhile, Lagos State Governor, Mr Babajide Sanwo-Olu, has promised to reduce the housing deficit in the state, disclosing that his administration has delivered over 3,000 homes for the residents in less than five years.

The governor made this known at the Conference of Directors of Lands in the Federal and State Ministries, Departments and Agencies held in Lagos.

Represented by his Special Adviser on Housing, Barakat Odunuga-Bakare, the governor said that the housing projects were delivered through direct budgetary allocation and Joint Venture as part of efforts to reduce the housing deficit in Lagos State and by extension in the country.

He stated that the need for the provision of mass housing scheme by the state government as well as other supporting public infrastructure, was informed by the growing housing deficit in Nigeria which has now risen from 17 million in 1991 to an estimated 28 million in 2023.

According to him, out of the 28 million housing deficit, Lagos stood at a 17 million deficit, with an estimated 500,000 people migrating into Lagos annually.

He said it has become pertinent to address the housing gap in the state with credence to the burning national issues.

The governor added that there are ongoing projects in various locations across the state –  Ibese Phase II, Egan, Sangotedo, Epe, and Badagry, to mention but a few.

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