A bill seeking to regulate the practice of mortgage banking, mortgage brokerage and the activities of its practitioners in Nigeria and for other matters connected therewith, 2022 (SB. 939) has scaled second reading on the floor of the Senate
The Bill sponsored by the Senator representing Ogun West Senatorial District in the National Assembly, Distinguished Senator Tolu Odebiyi also provides for the establishment of the Chartered Institute of Mortgage Bankers and Brokers of Nigeria (CIMBBN).
Odebiyi while leading the debate said, “The Bill will create an Institute that would provide a platform for churning out seasoned, dedicated, qualified, skilled and professionally trained Individuals who would provide the much needed human capital resources for the Mortgage Banking Sub-Sector and the Financial Services Sector in Nigeria.
“By doing so, it will help in raising the Profile and Value of Mortgage Banking”.
Odebiyi explained that the Institute would regulate its Members, set ethical conduct (similar to other professional bodies e.g. Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Bankers of Nigeria (CIBN) and set standards in line with global best practices”.
“It would assist the Mortgage Banking Sub-sector and the Financial Services Sector to acquire the right capacity, skills and knowledge to explore the vast untapped potentials in housing finance to boost the Nigerian economy and bridge the housing deficit.
“It will also assist our educational institutions in the advancement of knowledge towards enhancing housing finance and mortgage lending in Nigeria.
He said the Bill also will facilitate the enhancement of mortgage affordability and financial inclusion in the Mortgage Banking Sub-Sector.
Contributing to the Bill, Sen. Sadiq Umar, representing Kwara North said, “This Bill should be approved by the Senate as it will strengthen the financial and housing sectors in Nigeria”.
The Senate passed the Bill and referred it to the committee on establishment and public service matters for further legislative inputs and report back within four weeks.