The Nigerian mortgage system holds immense potential for addressing the country’s housing deficit and stimulating economic growth, but its effectiveness hinges on increased private sector participation. This assertion comes from Professor Osim Okemmuo, founder of Atmosphere For Favour Landport Global Estates Ltd and National Developer of World Agritourism Nigeria. He argues that the mortgage system, if properly managed, can be a powerful tool for enabling homeownership and driving housing development.
Okemmuo’s commitment to this vision was recently demonstrated through a significant gesture: the distribution of parcels of land to hundreds of registered realtors within his firm. This initiative, which instantly transformed these individuals into landowners, aims to bolster the mortgage system by tackling one of its primary obstacles – access to land and secure land titles. These difficulties often complicate the process of securing mortgages, thereby hindering the system’s overall effectiveness.
The land distribution ceremony took place in Awka, Anambra State, where Okemmuo underscored the importance of collaborative efforts to improve the housing sector. He emphasized his company’s commitment to empowering individuals and promoting legitimate wealth creation, particularly among youth who may be tempted by illicit activities due to economic hardship. Okemmuo reiterated his pledge to continue providing land to future realtors who join the firm, thereby expanding the reach of his initiative and contributing to housing development on a larger scale.
The current Nigerian mortgage landscape faces several challenges, including an often ineffective legal framework, which can lead to delays and disputes in the mortgage process. Okemmuo’s land distribution program seeks to alleviate some of these challenges by providing realtors with a crucial asset – land – which can serve as collateral for mortgages and facilitate access to financing. He believes that such proactive measures from the private sector can complement government efforts and contribute to a more robust and accessible mortgage system. Furthermore, he views land not as a source of conflict, but as a blessing and a foundation for prosperity, emphasizing the need for equitable access and responsible utilization.
Okemmuo’s vision extends beyond simply providing land; he aims to foster a culture of empowerment and opportunity within his company. Atmosphere For Favour Landport Global Estates Ltd, he explained, is designed to be a platform where individuals from diverse backgrounds can connect with wealth creation opportunities, regardless of their societal status. He emphasizes the importance of legitimate pathways to prosperity, particularly in a context where some young people may be drawn to criminal activities due to economic pressures. By offering opportunities for land ownership and entrepreneurship, Okemmuo hopes to contribute to a more equitable society and empower individuals to build a better future for themselves.
The impact of this initiative is already being felt by the beneficiaries. Tony Ibekwe, one of the recipients, expressed his gratitude and astonishment at the fulfillment of what initially seemed like an improbable promise. He highlighted the transformative nature of the land distribution, emphasizing that it empowered individuals who previously may have thought homeownership unattainable. The provision of land within the Awka Capital territory represents a significant opportunity for these realtors, enabling them to build homes, invest in their future, and contribute to the local economy. The success of this initiative underscores the potential of private sector engagement in addressing housing challenges and promoting economic development in Nigeria.
