The institute is also working tirelessly to promoting transparency, having recognised that transparency is crucial in building trust. IMBL is desirous to eliminate hidden fees and complicated terms that often confuse consumers as well as eliminating sharp practices, by rooting out fraudulent activities that undermine legitimate businesses and harm unsuspecting clients.
Participants at the stakeholders meeting.
By Abdulrahman Aliagan, Abuja,
In the face of Nigeria’s escalating housing crisis, the establishment of the Institute of Mortgage Brokers and Lenders (IMBLN) signifies a transformative step towards addressing this pressing issue. Founded in December 2022, IMBLN aims to revolutionize the mortgage industry by instilling regulation, professionalism, and a strong commitment to ethical standards.
Thursday, IMBLN hosted a pivotal One-day Stakeholders Consultative Meeting centered on “Mortgage and Real Estate Professionalism and Accessibility to Affordable Housing for Nigerians.” This event that was held at the Hauton Suite, Garki, Abuja underscored the institute’s dedication to creating a transparent and sustainable mortgage market that can effectively meet the housing needs of Nigerians.
The urgency of Nigeria’s housing deficit has been compounded by fraudulent practices perpetrated by some developers and mortgage brokers, leaving many citizens vulnerable to scams that can devastate their finances. In response to this crisis, IMBLN has formed strategic partnerships with the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC). This collaboration is designed to combat fraud and protect consumers, ultimately restoring trust in the mortgage system and fostering a more resilient housing sector.
IMBL’s objectives are clear and focused on creating a sustainable environment for mortgage brokering.
IMBL hinges its efforts on regulation and professionalization by setting an established standards and practices to ensure that all mortgage brokers operate ethically and professionally.
The institute is also working tirelessly to promoting transparency, having recognised that transparency is crucial in building trust. IMBL is desirous to eliminate hidden fees and complicated terms that often confuse consumers as well as eliminating sharp practices, by rooting out fraudulent activities that undermine legitimate businesses and harm unsuspecting clients.
Under the able leadership of the President of the Governing Council, Mr. Awwal Hayatudeen the institute is working to increasing accessibility to affordable housing by enhancing the mortgage process, to make home ownership more attainable for average Nigerians.
Participants at the Stakeholders Consultative Meeting.
The institute has also strike a partnership deal with EFCC and ICPC in making a significant step forward together, not just fighting fraud but to also fostering an environment where ethical practices can thrive. This collaboration is expected to lead to stricter regulations and enforcement mechanisms that will deter malpractice and encourage responsible lending.
IMBL is set to launch several initiatives aimed at addressing the housing deficit. These include plans to implement regulations in line with its Act, ensuring that mortgage brokers adhere to the highest standards of practice.
The insights gained from the consultative meeting through participants will inform IMBL’s ongoing efforts to enhance the industry’s framework, strengthening the sector by promoting best practices and ethical standards,
With Hayatudeen, IMBL aims to bolster the overall health of the mortgage market, making it more resilient and responsive to the needs of Nigerians.
It is therefore safe to say that the efforts of IMBL and its partners have the potential to revolutionize the housing industry in Nigeria, where a sustainable mortgage market will not only protect consumers but also attract legitimate investors and developers.
By fostering an environment of trust and professionalism, IMBL aims to create a vibrant real estate sector that contributes to economic growth.
As the landscape of mortgage lending in Nigeria evolves, the IMBL stands at the forefront, championing a cause that promises to empower Nigerians through home ownership. With a focus on ethical practices, transparency, and accessibility, the future of mortgage lending in Nigeria is not just about financing homes; it’s about building a sustainable foundation for generations to come.
The IMBL is not merely an organization; it represents a movement towards a more equitable and sustainable housing market that can significantly impact Nigeria’s socioeconomic fabric. By working collaboratively with regulatory bodies and stakeholders, IMBL is set to redefine the mortgage industry, ensuring that every Nigerian has the opportunity to achieve their dream of home ownership.