NHF beneficiaries lament as developers thwart the gains of the National Housing Fund (1)

The National Housing Fund Act No.3, with commencement date of 31st January, 1992 was conceived as an intervention to support Nigerians in the drive towards personal house ownership drive. The Act in Section 2 (a) inter alia is very apt on this. This Subsection quoted says: ‘’Facilitate the mobilization of the funds for the provision of houses for Nigerians at Affordable prices’’. This noble intention was intended to solve the huge housing deficit in Nigeria and ensure Nigerians of walks of life are able to afford housing provisions in a most convenient manner. Whether this noble intention as captioned in the aforecited provision is achieved over the years is a big question begging for answer.

The National Housing Fund before the Regime of Goodluck Ebele Jonathan meant so many things to so many Nigerians. To a large number of Nigerians; the National Housing Fund and The Federal Mortgage Bank of Nigeria were only paper tigers whose impacts were never felt by common Nigerians except Politicians and top staffer of the institutions who sumptuously helped themselves with the funds uncounted for as Nigerians never came forward to access same on account of the huge destruct that Mortgage never worked in Nigeria. One of the landmark achievements of the GEJ administration which have gone unsung is the revamping of these all-important institutions and the retooling of the Mortgage sub-sector. Over time, Nigerians started to come forward to take advantage of this facility howbeit the institutional challenges. Today, the National Housing Fund has almost become a household name as it is now a major option in the quest for housing acquisition by Nigerians. This Legacy in the area of access to Mortgage facility with as low as 6 percent interest annually has been sustained by the Buhari administration under the Babatunde Raji Fashola’s Housing Ministry. Not long ago, a quantum half a trillion-naira was approved by the Federal Executive Council for the Federal Mortgage Bank to facilitate disbursements to deserving Nigerians as a continuous effort to entrench the Mortgage culture in Nigeria as it is elsewhere in the world. This laudable effort was largely celebrated by players in the industry and Nigerians in general.

However, like every other endeavor in Nigeria, some players in this industry are beginning to abuse the process. Nigerians are once again beginning to be short changed from this commendable effort by the government. The hue and cry by beneficiaries as a result of the condemnable acts by Developers which is taking the shine out of the set objectives of the NHF. The Mortgage Loan Originators who are essential partners in the process as provided for by Section 8 of the enabling Act are closing their eyes to the high handedness of these Agents who are incredibly robbing Nigerians of the benefits of the National Housing Funds. The MLOs claimed they are helpless as to how the relationship between Beneficiaries and Developers is managed. This is a great disservice to Nigerians. The Loan Management process is done on behalf of the Federal Mortgage Bank by the accredited Mortgage Institutions known as the Mortgage Loan Originators (MLO). It follows therefore that the Mortgage Loan Originators are a necessary party in the Mortgage contract whose influence on other parties cannot be over emphasized. It is therefore very curious for such an organic party to throw its hands up in helplessness when the same interest they represent is aptly threatened. There is more to this silence which is tantamount to complicity against the Nigerian masses than meet the eyes. Whatever is responsible for their culpable silence in the face of this grandstanding by Developers who were supposed to be ad-hoc partners in the process will be unearthed soon enough.

…To be continued