The Nigerian Institute of Quantity Surveyors (NIQS) has raised an alarm over widespread corruption within the housing and financial sectors is undermining Nigeria’s mortgage system, making homeownership increasingly unattainable for many citizens.
The surveyors also urged the Federal Government to review its policies on the mortgage system in the country.
The General Secretary of the Nigerian Institute of Quantity Surveyors, Azeez Ayodabo, raised the alarm at a press briefing at the Nigerian Institute of Quantity Surveyors, Lagos Chapter, in commemoration of its golden jubilee celebration.
“The government should review its policies to make mortgage access more flexible. Thresholds should be adjusted according to income categories. People should be able to access mortgage loans based on what they earn. For instance, the government shouldn’t advertise a three-bedroom maisonette and expect a level six or level seven civil servant to buy it. It’s unrealistic.
“Housing schemes should be designed in categories, bungalows, flats, terraces, and duplexes, allowing citizens to choose what fits their income. That way, it becomes a win-win situation for everyone, not just the affluent,” Ayodabo said.
According to him, another challenge is lack of information, saying that the Federal Mortgage Bank of Nigeria provides long-term mortgage windows of up to 30 years, depending on the applicant’s age and income, but this information is not widely available.
He added that additionally, corruption has also eaten deep into the mortgage system as many people exploit government connections to access loans meant for the public.
“So yes, corruption has eroded the mortgage system. For instance, in the past, between 2006 and 2009, developers who received government housing loans were supposed to build and sell three-bedroom bungalows for N7.5m. Instead, many diverted the funds and failed to deliver the houses, even after subscribers had started paying through mortgage deductions from their salaries. That’s why the government had to stop that system and take direct control of mortgage applications. So, it’s not only the government that’s at fault; citizens also have a role to play.
“When it comes to affordability, this is where we say there’s a need to engage the services of quantity surveyors. One of the biggest mistakes being made today is that people engage QSs only for part of a project, just to prepare the Bill of Quantities, and then exclude them afterwards. This leads to a lack of cost control and wastage. The QS plays a critical role in ensuring quality and preventing corner-cutting. For instance, if 16 mm reinforcement is specified and the contractor substitutes a lower grade, a quantity surveyor on site can identify it through valuation and documentation checks. This creates accountability and ensures project integrity. The role of the quantity surveyor is vast and indispensable. We therefore urge the government and the general public to recognise and engage the right professionals in their rightful capacities,” Ayodabo said.
