‘Low mortgage interest rate, key to housing’

The Managing Director of Infinity Trust Mortgage Bank Plc, Mr. Olabanjo Obaleye has attributed the low performance of the mortgage sector to its over dependence on shareholders’ funds to carry out its activities. Obaleye who spoke at the company’s 2015 staff award ceremony in Abuja, weekend said the establishment of the Nigeria Mortgage Refinance Company […]

The Managing Director of Infinity Trust Mortgage Bank Plc, Mr. Olabanjo Obaleye has attributed the low performance of the mortgage sector to its over dependence on shareholders’ funds to carry out its activities.
Obaleye who spoke at the company’s 2015 staff award ceremony in Abuja, weekend said the establishment of the Nigeria Mortgage Refinance Company (NMRC) was a step in the right direction.
He said, “We’re putting all our efforts behind them to ensure that they begin to use their machinery to bring down the interest rate and we want them to provide the vehicle for long term funding and this thing will lead to housing affordability.
“If you look at the performance of the mortgage industry, it is not encouraging because mortgage is not done anywhere with shareholders’ funds anywhere in the world go and find out, so the operating environment has to change but we are working towards it.”
He said for Nigerians to have access to affordable housing, government has a major role to play, adding that without government, it will be impossible for the private sector to drive the housing sector in such a way that everybody will have it.