APBN wants CBN to release names of approved mortgage banks




LAGOS – The President, Association of Professional Bodies of Nigeria (APBN), Mr Bala Ka’Oje, on Monday urged the Central Bank of Nigeria (CBN) to release the names of approved Primary Mortgage Institutions (PMIs).

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Ka’Oje made the appeal in an interview with the News Agency of Nigeria (NAN) in Lagos.

The PMIs recapitalisation process ended on April 30, 2013, the CBN has yet to release the names of approved mortgage banks that met its new capital base.

According to him, withholding the names of those that scaled through the process will only give room to rumours and speculations which is not good for the system.

“We hear of 26 mortgage banks meeting the recapitalisation requirements out of which 10 qualified for the national and 16 for the local classifications.[eap_ad_2]

“No names of the mortgage banks and no details whatsoever. This is not good at all.

“It is good to know the companies that have been able to pass through the new requirement of the CBN to operate as a mortgage banks in Nigeria.

“This will facilitate access to housing finance by Nigerians who will want to get their own houses financed by PMIs.

“Once the PMIs are not made known to Nigerians, it will be a halt to the continuation of housing delivery by PMIs to the people who want to go to them to obtain loans for their houses,” he said.

According to Ka’Oje, APBN is anxious to see the CBN release the new list of PMIs so that the release of housing loans to Nigerian public can move forward.

The mortgage banks that will emerge will play at the national level with N5 billion capital base or local level with N2.5 billion capital base. (NAN)[eap_ad_3]

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