The Institute of Mortgage Brokers and Lenders in Nigeria (IMBLN) has revealed that it is engaging stakeholders in the mortgage industry to eliminate fraudulent, unlicensed and quack mortgage brokers exploiting as well as defrauding innocent Nigeria.
It added the institute would work with relevant security agencies and other stakeholders to flush out fraudulent, unlicensed and quack mortgage brokers in the industry and also implement provision of IMBLN Act.
The Registrar of the Institute, Jasper Adeleye disclosed this at a two-day National Conference on Mortgage and Real Estate, as well as induction of new fellows and members of the institute held in Abuja..
He decried that Nigeria was yet to explore the huge business potential in the Mortgage industry, with the sector contributing less than five percent to Nigeria’s Gross Domestic Product (GDP).
It said this was due to activities of fraudulent, unlicensed and quack mortgage brokers, lenders and developers operating in the country.
He said: “Mortgage Industry should be contributing a reasonable percentage to the Gross Domestic Product (GDP) of Nigeria, if it is well regulated.
“This sector has the potential to add over 10 percent from less than one percent contribution according to available data. Institute of Mortgage Brokers and Lenders will change the narrative.
“We are currently engaging stakeholders in the mortgage industry to eliminate fraudulent, unlicensed and quack mortgage brokers, lenders and developers exploiting as well as defrauding innocent Nigeria.
“We will flush them out by working with relevant security agencies and other stakeholders to implement provision of IMBLN Act,” he added.
Also, the Economic and Financial Crimes Commission (EFCC) promised to partner with the IMBLN to give rid of fraudulent, unlicensed and quack in the mortgage industry.
The Director, Special Control Unit Against Money Laundering (SCUML) of EFCC, Daniel Isei noted that many fraudulent people use real estate to cover their shady deals, safeguard illicit wealth and get huge return on investment.
He said that some fraudulent people in this country invest in real estate to keep illicit wealth without trace by anti-graft agencies, adding that they are able do this because the sector has not been regulated.