Nigeria’s first mortgage, real estate academy births

The Mortgage and Real Estate Academy (MOREACADEMY) is partnership between the Center for Management Development (CMD) and the West Atlantic Corporation Limited. Speaking at press briefing in Lagos last week to kick off the academy, Prince Ade Akingolurin President/CEO, West Atlantic Corporation Limited said the academy is to sanitise and professionalise the nation’s mortgage and […]

The Mortgage and Real Estate Academy (MOREACADEMY) is partnership between the Center for Management Development (CMD) and the West Atlantic Corporation Limited.
Speaking at press briefing in Lagos last week to kick off the academy, Prince Ade Akingolurin President/CEO, West Atlantic Corporation Limited said the academy is to sanitise and professionalise the nation’s mortgage and real estate industry.
He said the short courses which will run in both Abuja and Lagos will have participants awarded certificates upon completion.
He noted, “Over the years, the nation has suffered material, human and economic losses, because the industry has been left in the hands of quacks. Professionals are less than 50 percent of those offering mortgage and real estate services in the country, which is why, there have been lots of fraudulent practices in the industry, resulting in the collapse of buildings, loss of precious lives and loss of billions of revenue which should have been accrued to the government.”
According to him “Every industry in the world is measured by the number and sophistication of real properties that litter the landscape of a nation as well quality of properties shunned unto its citizenry, be it commercial or residential. Without properly planned and professionally managed housing system, citizens would be struggling.”
“It’s very novel in our country because before now, we didn’t have specialized institutions providing specialized services in the mortgage and real estate sector except you travel abroad or fly the experts here. And by providing the training here, we will save huge foreign exchange for the country,” he said.
Prince Akinfolurin noted that “all mortgage service providers, including relevant staffers of the government housing corporations and those responsible for provision of affordable housing, like mortgage bankers are required to register with MOREACADEMY for the annual certification course.
Also commenting, Dr. Kabiru Kabo Usman, the Director General Centre for Management Development (CMD) said CMD partners organizations that will add value to Nigeria.
“Housing is one of the most critical needs of man thus we must consider it critically. Because of the huge housing deficit that is put about 70 million. Yet, we haven’t got our mortgage right thus we need to raise capacity of mortgage and real estate providers so we can have more value,” he said.
“We have a target of not less than 3000 participants this year alone as we hope to upscale as the years roll by. The knowledge is crucial and relevant because our partner is capable and can deliver quality training,” he noted.