Consultant Hails N5bn Recapitalisation Of PMIs

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A real estate consultant, Mr Bode Adediji, has commended the ongoing recapitalisation of the Primary Mortgage Institutions (PMIs) from N200, 000 to N5 billion.

Adediji, the Managing Director of Bode Adediji Partnership told The Tide in Lagos that lack of fund had hindered the PMIs intervention in the housing sector.

CBN had directed the PMIs in 2010 to recapitalise to the tune of N5 billion but did not give a deadline for the exercise.

The Tide reports that the recapitalisation exercise has been on in the last four years, which prompted the CBN to stop the issuance of licence to new mortgage banks.

The CBN has now given April 30, 2013 as the date to end the recapitalisation and the mortgage banks have been making efforts to meet up with the new capital base.

Adediji said that the operations of the Federal Mortgage Bank of Nigeria (FMBN) should be looked into to make it relevant for housing development.

“The FMBN is the custodian of National Housing Fund (NHF) and the peoples’ confidence on the fund need to be rekindled.’’

Adediji said that the operations of NHF should be private sector driven to ensure that its role of making funds available to the contributors for housing was achieved.

He said that for the fund to intervene in bridging the housing gap, it must cater for half of the country’s population of 150 million.