FMBN Lists Gains Of National Land Registration Initiative On Mortgage Accessibility

The managing director/chief executive of the Federal Mortgage Bank of Nigeria (FMBN), Shehu Usmsn Osidi, has hailed the National Land Registration and Documentation Programme (NLRDP) of the Federal Ministry of Housing and Urban Development, in collaboration with the World Bank, highlighting its potential to transform mortgage accessibility and drive financial inclusion in Nigeria.

Speaking at a workshop convened by the ministry, yesterday, in Abuja, Osidi pointed out that the initiative is a critical step towards boosting confidence in the real estate sector and stimulating housing finance activities.

According to Osidi, the initiative held profound benefits to the effective delivery of housing, given its potential to facilitate seamless title registrations, thereby positively impacting delivery of the Bank’s mandate.

“A well-structured and digitised land administration system will reduce transaction costs, improve transparency, enhance credit security and stimulate housing finance activities,”.

“The Federal Mortgage Bank of Nigeria as Nigeria’s foremost provider of affordable housing finance, recognises the importance of efficient land registration and documentation in enhancing mortgage accessibility and promoting financial inclusion,” he stated.

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He explained that the programme would facilitate seamless title registrations, which he said is a prerequisite for mortgage creation and access to housing and construction finance.

The bank’s chief executive further revealed that in alignment with the NLRDP, FMBN had taken significant steps towards establishing the National Mortgage Registry (NMR), with the recent development of a digital platform known as the NMR App, which was currently being test run. He explained that the NMR is a key deliverable under the President Tinubu Administration’s Renewed Hope Agenda, to facilitate property transactions for the development of the housing and urban development sector.

Reaffirming the commitment of FMBN to strategic collaborations with government agencies, the private sector and government partners towards a comprehensive, efficient and technology-driven land administration system in Nigeria, Osidi recalled the recent collaborative effort between the Bank and the Central Security Clearing Systems (CSCS) in this regard.

He applauded the Housing Ministry for convening the workshop, expressing optimism that the successful implementation of the NLRDP would enthrone a robust framework for land administration, reduce litigation cases and enhance investor confidence in the real estate sector.