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Published On: Wed, Jul 30th, 2014

Estate developer urges CBN to release list of recapitalised mortgage banks

The President, Real Estate Developers Association of Nigeria (REDAN),Mr Bode Afolayan on Tuesday urged the Central Bank of Nigeria (CBN) to release the names of recapitalised Primary Mortgage Institutions (PMIs).

Afolayan made the appeal in an interview with the News Agency of Nigeria (NAN) in Lagos.

According to him, withholding the list since the period for the recapitalisation ended on April 30, is crippling REDAN members businesses.

He wondered how the CBN wanted the developers to do business without knowing the mortgage banks that scaled the recapitalisation process. “The Central Bank as a matter of urgency needs to publish and educate the public concerning the status of mortgage banks in Nigeria.

“This will ensure that the sub-sector is not allowed to be driven unnecessarily into crisis,’’ he said.

According to him, the Association is aware that only few of the mortgage banks crossed over to National level, while others remain at Regional levels by April 30.

He said that the association was also aware that few of the mortgage banks were given concession up to June 30.

NAN reports that the mortgage banks were expected to recapitalise to N5 billion to have national license and N2.5 billion for regional license which would qualify them to operate nationwide or within the states.

NAN also reports that there were speculations that only 10 mortgage banks met the N5 billion capital base to operate at national level, hile 16 met N2.5 billion to operate at state levels. (NAN)


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