EFCC Director Joins Mortgage Brokers Conference, Pledges to Eliminate Unlicensed Practitioners

The Economic and Financial Crimes Commission (EFCC) has promised to partner with the Institute of Mortgage Brokers and Lenders in Nigeria (IMBLN) to give rid of fraudulent, unlicensed and quack in mortgage industry.

The Director, Special Control Unit Against Money Laundering (SCUML), Daniel Isei gave this commitment while speaking at Mortgage/Real Estate Conference held at National Merit House, Abuja on Thursday.

Daniel Isei observed that many fraudulent people use real estate to cover their shaddy deals, safeguard illicit wealth and get huge return on investment.

According to him, some fraudulent people in this country invest in real estate to keep illicit wealth without trace by anti-graft agencies. They are able do this because the sector has not been regulated. Some Practitioners don’t comply with provisions of law regarding cash deposit and foreign currency transactions.

While responding to request to make certification of IMBLN complusory for SCUML registration, Isei said: “We are ready to partner with Institute of Mortgage Brokers and Lenders in Nigeria. We have received four correspondences from the Institute and the commission will work with them to sanitize Mortgage industry.”

Meanwhile, an academic, Prof Uche Uwaleke has advised the Institute to collaborate with Association of Vice Chancellors and National University Commission(NUC) to mount Mortgage Studies at Postgraduate level.

Prof Uwaleke said developing joint courses and curriculum will build next generation of professional Mortgage Brokers and Lenders in the country.

In his remarks, the Managing Director/Chief Executive Officer Federal Mortgage Bank, Madu Hamman said President Bola Tinubu has given directive for Mortgage Bank, Microfinance and Housing financial institutions to collaborate with the view of facilitating access to mortgage financing for potential home buyers.

Madu Hamman applauded the President for appointing a professional in building environment, Architect Ahmed Musa Dangiwa as Minister of Housing and Urban Development.

Earlier, the Registrar Institute of Mortgage Brokers and Lenders in Nigeria, Jasper Adeleye while addressing newsmen said the country is yet to explore huge business potential in Mortgage industry.

Adeleye noted Mortgage Industry is contributing less than five percent to Nigeria’s GDP due to activities of fraudulent, unlicensed and quack mortgage brokers, lenders and developers operating activities the country.

He said the Institute is a regulatory body to promote professionalism, ethics, and best practices within the mortgage brokering and lending sector as contained in establishment ACT signed by former President Muhammadu Buhari in 2022.

The President of the Institute, Hon Dachung Bagos, Special Adviser to Lagos State Governor, Barr Barakaat Odunuga Bakare, Vice Chancellor Nasarawa State University Keffi, Prof Suleiman Bala Mohammed, United Kingdom based Mortgage Professional, ESV Ayodele Thomas and members from 36 states attended Day one of 2023 Mortgage/Real Estate Conference.