Business
Stakeholders Want Rivers To Own Mortgage Institution
Following the recent Central Bank of Nigeria (CBN) directive that all Primary Mortgage Institutions (PMIS) should operate at state and national levels, recapitalise on or before December, 2012, stakeholders in Rivers State have urged the state government to take advantage of the directive to own a viable primary mortgage institution.
The stakeholders were of the view that mortgage financing is a very crucial area in hosing development, especially in Rivers State where demand for housing is very high, coupled with the fact that many Rivers people do not own their personal homes.
Speaking to The Tide on the development, a consultant in the real estate sector, who is also a member of Nigerian Institution of Estate surveyors and valuaers (NIESV), Mr. Jeroam Obua stated that Rivers people have suffered some setbacks in housing over the years due to lack of an institution either jointly or wholly owned by the state that can finance property development.
According to him “workers in Rivers State particularly those in the public sector who form the bulk of active workforce and the population can not own their own homes because there is no such mortgage facility that could enable them undertake home ownership programme”.
He said that one institution in Rivers State that has the potential of running such mortgagee scheme is the PABOD finance and investment company limited, but regretted that the government has almost neglected the operations of the company.
The estate consultant however explained that if government could look inwards and ultilise the potentials of PABOD finance, that a full primary mortgage institution could be operated as a department of the PABOD finance company.
On his past, a developer in Port Harcourt , who is also an architect Mr. Gift Nwokah opined that the benefits of having such a mortgage institution can not be over emphersised, and that it is a scheme that operates on loan to value ratio.
He said workers who want to own homes can obtain mortgage facility based on their home level which will be deductable from salaries, but expressed worries on how this has eluded Rivers people over the years.
Corlins Walter
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