Mortgage Refinancing in Nigeria: Federal Government Shouldn’t Duplicate Institutions
An expert in mortgage issues, Professor Timothy Nubi has described mortgage financing in Nigeria as a welcome idea, however, the creation of the Mortgage Financing Company is a duplication of an already existing institution, Federal Mortgage bank.
While speaking on Channels Television’s Business Morning, he explained that Mortgage refinancing aims to make housing affordable for Nigerians but “the Federal Mortgage Bank should have been empowered to do it”.
He said creating more institutions would not solve problems as he called for an examination of existing institutions to find out what they are doing wrong and hand out correction.
According to the Special Adviser to the Minister of Finance on Communications, Mr Paul Nwabuikwu, the new company will be inaugurated by President Goodluck Jonathan between August and September 2013.