Professionals in the mortgage and real estate sector have been urged to obtain the necessary certification and license of practice from the regulatory body or face sanctions for breaking the law.
The registrar/chief executive officer, Institute of Mortgage Brokers and Lenders of Nigeria, (IMBLN), Dr. Jasper Adeleye made the remarks in a statement he issued on Tuesday in Abuja.
Dr Adeleye said the 2020 Act establishing the institute empowers it as the only body responsible to regulate the sector with the intention to eliminate unlicensed practitioners.
Incorporated under the CAP 59 of 2004, and signed by the immediate past President, Muhammadu Buhari, the Act as established brings under the institute mortgage professionals, mortgage brokers, real estate brokers, mortgage agents and real estate agents under the direct regulatory oversight of the Institute of Mortgage Brokers and Lenders of Nigeria.
Dr. Adeleye further called on all stakeholders to ensure compliance with the regulator of the sector or risk legal proceedings and other sanctions as stipulated in the Act (2022) as gazetted.
The registrar described the Institute’s mandate which includes aiding access to mortgage facilities, regulate the practices of all corporate or incorporate bodies, societies, firms, companies or persons as sacrosanct, and it will pursue with all vigour, as empowered by the Law establishing.
The Institute was established following the passage of its Bill by the House of Representatives in March of 2021, and a concurrency by the Red chamber in September of 2022. The Act was signed in December, 2022.
The Institute of Mortgage Brokers and Lenders of Nigeria is the body responsible for the regulation and certification of all mortgage professionals, real estate practitioners and agents in Nigeria with the intention to eliminate fraudsters from the industry by providing training, certification and licensing for practitioners of the sector.
