Posted by News Express | 22 June 2013 | 3,929 times
“Nigeria with an estimated population of 150 million requires at least additional 720,000 housing units per annum to replenish decaying housing stock, as well as to meet rising demand and avert a further housing crisis by 2020.”
That was Attorney-General of the Federation and Minister of Justice, Mohammed Bello Adoke (SAN), speaking as Guest of Honour at the 2013 Real Estate Lawyers Association of Nigeria (RELAN) National Summit.
Adoke, who spoke on the theme of the summit “Foreclosure Law and Processes in Relation to Mortgage in Nigeria”, tasked stakeholders in the housing sector to brainstorm on the need on manpower and technology deficits in land registries and cognate institutions with the view to complement any reform in the legal framework.
The minister who was represented by his Special Assistant, Mrs. Victoria Mbu, added that “the current complicated procedures in our law courts and the unduly slow pace of proceedings cast a dim pall on the chances of achieving growth in these areas. Several options have been canvassed such as specialised property courts and the demutualisation of mortgages, to facilitate non-judicial foreclosure.”
On Land Use Act, which some commentators had identified its amendment, Adoke said “it is important to investors that they are able to take possession of their collateral and recover their loans as quick as possible.”
On her part, Minister of Lands, Housing and Urban Development, Mrs. Amal Pepple, represented by the Director of Legal Services of the ministry, Njokama Ifeanyiwa Rita, hoped that the summit would “provide the avenue for identification of the provisions of foreclosure law that require amendments and the aspects of foreclosure processes that should be restructured.”
Presiding Justice, Court of Appeal, Lagos Judicial Division, Justice Aminat Augie, represented Former Chief Justice of Nigeria, Justice Salihu Modibbo Alfa Belgore (SAN), congratulated the incumbent RELAN leadership under Prof. Charles Ilegbune (SAN) for putting up another successful summit after the first national one in Abuja in 2009.
Other dignitaries that graced the event included former Lagos State Commissioner for Environment, Dr. Muiz Banire, who represented Deputy Governor, Delta State, Prof. Amos Utuama (SAN); Dean, Faculty of Law, University of Lagos (UNILAG), Prof. Imran Oluwole Smith (SAN), who spoke on the legal perspective of the theme; and Managing Director, Aso Savings and Loans Plc, Mr. Hassan Usman, who was represented by Regional Head, Aso Savings and Loans Plc, Ifeanyi Ozuh, who spoke on Lender’s Perspective of the theme.
An international Land and Mortgage Finance expert from United States of America, Ms. Carol Rabenhorst, spoke on “Legal Investment Climate for Mortgage Finance in Nigeria” to the delights of the participants. Vice President (Operations) RELAN, Adekunle Omotola, wrapped up the over Summit held Thursday at the Metropolitan Club, Victoria Island, Lagos.
•Photo shows Adoke.
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