THE CHALLENGES OF MORTGAGE AND AFFORDABLE HOUSING IN NIGERIA

                                                       

By Olumide T. Agunbiade |Nigerian writer

Several years ago, two notable economists, Arvind Subramanian and Xavier Sala-I-martin, in a paper for the IMF said Nigeria was a ‘metaphor per excellence of a failed development experience,’ describing the government as so damaging to progress that Nigeria would be better off if someone sat down and wrote out cheques to every citizen to the portion of their share of oil receipts.

A typical housing estate in Nigeria                

All governments in Nigeria since independence have highlighted housing as a priority. Unfortunately, the nation is yet to develop a vibrant mortgage market and houses continue to be provided through the usual traditional method of buying land and building over some years or saving to buy a home which could take an individual’s entire lifetime.

Recently, the Federal Government has appealed to private sector operatives to increase their investment in the housing sector in order to assist the government in housing the citizens in line with vision 2020 when the nation hopes to join the 20 largest economies of the world.

Experts also believe that efficient, accessible, simple regulations and clear property rights can expand the natural entrepreneurship of small and medium size firms even further. However, the ‘World Bank’s Doing Business’ in Nigeria 2010 report revealed that it is easier to do business in Jigawa - a state declared as the poorest state in Nigeria by World Group and the CBN two years ago - and other northern states than any major cities in Nigeria.

ERCAAN LAGOS STATE: REFORMATION AND PROGRESS REPORT

By Hon. Abayomi Olayoriju

I

t is amazing when you behold the new face of the ERCAAN in Nigeria today, most especially in Lagos State. The achievements have been very massive in all the 57 Local Government Areas.

The association is wearing a new and well organized statute. Let’s start, by getting to know what exactly ERCAAN is all about. ERCAAN is a gathering of trusted, tested and well educated gentlemen and women in the profession of Real Estate business. It is the only Association recognized and licensed by the Lagos State Government with over 42 Zones and over 16 Units to its credit in Lagos State alone.

How did ERCAAN came to existent? ERCAAN became an association because of a dishonest tenant. This dishonest tenant registered with the founder of ERCAAN Pa Chief Michael Adeogun who as an Estate Agent reached an agreement with the tenant. The agreement was that, Chief Michael Adeogun will be paid a 10% commission for this service after getting a place for the tenant. But after securing an accommodation for the tenant, he the (tenant) by passed the agent “Chief Michael Adeogun, and paid directly to the Landlord of the house, thereby evading the agreed commission of the Agent. It was reported to the law enforcement agents (Police).

Chief Michael Adeogun was advised to work with his fellow agents to form an association in order to protect their cause, which lead to the formation of ERCAAN today. Pa chief Michael Adeogun in collaboration with Mr. Akin (Deceased) Mr. Soneye (Deceased) Mr. Basil Uzoma, Pastor Wahidi Sobona, Elder A.S. Adejuwon and Pastor J.O. Oshinuga came together and formed what we now call ERCAAN. This was in order to stop questionable and dishonest characters or rather customers from debarring their source of income.

These gentlemen formed ERCAAN as an association in 1990, and was registered with the Federal Ministry of Internal Affairs. Under the land (Perpetual succession) Act cap 98 with No. 6223, as an Association on 8^th August 1991. ERCAAN was formed, registered and incorporated in the interest of practicing Nigeria Real Estate Agents who engages in genuine and honest Real Estate property consultancy, by rendering, honest and quick services to their clients, irrespective of Nationality, Tribe, Sex and Agents who have excelled in the field of Real Estate Property consultancy.