Ogun completes recapitalisation of Gateway Savings and Loans Ogun State government has successfully recapitalised its state owned mortgage bank, Gateway Savings and Loans, to N2.5 billion. The governor of the state, Ibikunle Amosun, made this known during the launch of the Nigeria Mortgage Refinance Company (NMRC) at the Presidential Villa in Abuja, recently. He has also re-energised the Ogun Property Investment Corporation (OPIC) and the Housing Corporation with fresh funds and new management teams to provide mass housing schemes. Amosun, in a speech delivered by the state Commissioner of Finance, Mrs Kemi Adeosun, on his behalf, acknowledged mortgages as solution to housing problems in the country. He said the government was partnering with private sector providers across the state to ensure quality housing that was ready for occupation supported by mortgages. “The most important initiative that relates to the mortgage market is our recently launched Homeowner’s Charter. We discovered that the vast majority of property in Ogun State has no valid title documentation in the form of Certificate of Occupancy and no Building Plan Approval,” he said. “As you are all aware, property that has no documentation cannot be readily sold and cannot be used as security in any transaction, including mortgage transactions. To encourage owners of such property to regularise their status, our Homeowners’ Charter programme introduced a 78 per cent discount on the usual costs of obtaining Certificate of Occupancy and Building Plan Approval,” he continued. He added that the state had waived all the onerous requirements that had hitherto deterred property owners from regularising the ownership documents for their property. The governor disclosed that they had also cancelled all fines and penalties that were usually imposed for building illegally. “Our aim is that within 2014, every property in Ogun State will be fully documented and we believe that this will enable lenders to safely advance funds to those wishing to buy property in Ogun State,” Amosun stated. The governor hailed the establishment of the NMRC, noting that it was the bridge between the long terms funds and the mortgage lenders, ensuring continuity and sustainability of the mortgage system. The initiative, the governor added, would also underpin a change in how homes were purchased across the nation, stressing that the ability to purchase the single most important asset a person owned with ease at affordable rates, marked a huge step of progress for our people.
Posted on: Mon, 03 Feb 2014 08:28:06 +0000
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