Key stakeholders in the real estate and housing finance sector of the Nigerian economy are set to hold a two-day conference/exhibition in London focused on ‘Home Ownership and Property Investment in Nigeria Made Easy’ for Nigerians in the UK and the Europe.
The event which will be holding on May 17-18, 2019 at the Crowne Plaza Hotel, Battersea, London is designed to show Nigerians in the UK and EU safe and credible steps towards owning their own homes or buying a property for investment income purposes in Nigeria.
The conference is meant to begin to reverse the many sad stories of Nigerians in the United Kingdom and the EU trying to buy properties back home that they can return to for vacations or for rental income, but have been swindled out of their hard-earned remittances, by either unscrupulous agents or, worse still, family members and friends, and by so doing incentivize investment in the real sector in Nigeria.
It is being jointly hosted by major stakeholders in the sector including the Mortgage Banking Association of Nigeria (MBAN), Nigeria Mortgage Refinance Company (NMRC), the Central Bank of Nigeria, the Federal Mortgage Bank of Nigeria (FMBN), the Real Estate Developers Association of Nigeria (REDAN), Urban Shelter Limited, Dunn Loren Merrifield, Amiable Financial Services UK, Diaspora Realty UK, among others.
Kayode Omotoso, Executive Secretary/CEO of the Mortgage Banking Association of Nigeria, and lead conference host, says the conference/exhibition will, among other things, “showcase the deployment of the Uniform Underwriting Standards for Diaspora Mortgages recently approved by the Central Bank of Nigeria as new guidelines for long-term Diaspora Mortgages”.
“The new guidelines would, for the first time, enable Nigerians living in the Diaspora to access 15 to 20 – year mortgages from mortgage lending banks in Nigeria to buy their homes; or for those who already own their homes, to buy additional homes for investment income purposes,” he explained.
According to the conference coordinator, Chii Akporji, Founder/ CEO of Alphacities Africa, the conference will also “focus on addressing all issues and concerns along the housing value chain that potential buyers in the Diaspora often come across.
These include accessing land for off-plan development; issues of title and C of O duplication; associated legal and regulatory issues around home purchase and ownership; the deployment of Proptech, blockchain technology; the mechanics of the National Housing Fund; buying from state owned housing corporations; payment platforms for Diaspora focused mortgages; accessing mortgage finance, interest rates issues; mortgage refinance and opportunities for mortgage securitization.
Aside from the organisers, several leading Nigerian developers as well as mortgage banks will be exhibiting at the event, in addition to senior level experts on the policy and regulatory issues pertaining to the housing market in Nigeria. All would be on hand to provide answers to the numerous queries and concerns facing potential home buyer or investor in the Diaspora.
Members of various professional associations of Nigerians in the UK and Europe are expected to attend in full force to leverage the various product offerings and networking opportunities the conference and exhibition will offer.
CHUKA UROKO
