Thralldom Of Error In Nigeria Housing Policy And Strategy Implementation, Part 2.

Last time out we delved into what I can describe as the long kept secret or jealously guarded error in the housing policy and strategy implementation that are strongly influenced by some highly influential heavy hitters, the group of people who make and implement policy in government.

God’s willing today we shall be laying to rest this topical issues on housing problems, we shall glimpse at how poor housing strategy implementation is hindering the successful provision of affordable housing for the people most especially to those in dire need of shelter as pointed out in the first part of this post.

It gladdens my heart to let you all understand that helping the middle class, lower class and the vulnerable with decent and affordable housing through easy, swift and accessible mortgage loan facility, providing expert investment property administration and management that are executed with the utmost accountability and transparency is what we must start to look into if we want to help the people have some control over their finance, be financially stable and free.

Ironically, this will not only boost the confidence of the people to build wealth but it will also indirectly ensure safety of life and property, promote physical and financial security, it will enable people build wealth as well as meet their mental and physiological needs. If a system that guarantees the following is put in place then the government can relax and let the system work for it because by this time the trust and loyalty of the people for successful implementation of all its programs, policies, plan must have been earned and imminently there shall be peace and harmony in the country.

Unfortunately all of this can not be achieved without an exceptional housing framework, policy and implementation plan that is a functional and structured in a way that includes or addresses all the housing needs of vulnerables particularly those in the grassroots with emphasis laid on retired senior citizens, people living with disabilities and the indigenous people of the country.

The great news is that the government can make this plan a lot easier by involving those in the grassroots, communities, groups, private and public corporation in order to tactfully resolve the housing problems if it desire tremendous success in its housing development programs for the people for a better community and a brighter future for all of us.

I would love to suggest that this feet could be achieved if only if the government could beam its search light more at the grassroot by setting up Community Investment Firm or Resource in communities and strategic places across across the country that the onus of addressing the housing needs of the people will lie on as we have in Canada, the United State, United Kingdom and other developed and civilized countries.

I need not belabour the fact that it is important to have these Community Investment Firm or Resource Center in close proximity to where the people live where they can easily have access to development resource materials and support from experts and solidly back up with exceptional housing policy and strategy implementation that can offer the people with tax incentives, a well structured mortgage system, easy access to soft loan with low interest rate to fund development project, variety of mortgage loan facility according to their societal class, this will no doubt provide an enabling and conducive business environment for real estate investors, professionals and homeowners as well as encourage the people, small business owners, SMES, start ups. develop, grow and expand their businesses.

To this end, its easy to agree that this housing program or plan could help solve some of the many housing challenges the government has been shying away from most especially as it affects the housing needs of the people that represent the nucleus of the economy.

However, the questions is or should I say my niggling concerns on this housing issues are that, how effective and efficient will the loan recovery plan and strategy of these Investment Firm or Resource be and of course how best can these Community Investment Firm accomplish their primary goals and objectives, grow and sustain the programs as well as meet other business development empowerment programs particularly if there exist problems of mortgagors or debtors making funds unaccessible to others due to unpaid loan debt.

The presupposition here is that we could have unscrupulous individuals, who may want to use their onesmanship to circumvent the housing programs, taking undue advantage of the system through fraudulent means by falsifying their primary information details and some may deliberately want to defraud the Investment Resource Firm by absconding with the approved mortgage loan granted on trust to execute whatever project they have in mind.

Besides, the Investment Resource Center must have in place functional anti fraud policy and strategy to prevent or checkmate fraud in the system, to curb misappropriation of funds by fraudulent executives and dishonest staffs. This could be dealt with by having series of risk analytics, reporting and data management approaches and compliance measure in place.

We can not over emphasize the importance of having surveillance camera in and around the Community Investment and Resource Center to ensure security in order to prevent internal and external attacks that may jeopardize the strategy and business development program or corrode the community Investment Firm primary goal and objectives.

Apparently the policy is expected to include pre loan qualifying, meeting loan requirements for loan approval and of course all due diligence and protocol must be judiciously followed same as we have in commercial bank and other financial institution.

However, the Investment Firm may need to reduce or relax the loan process, requirements and other bottlenecks such as the need to provide collateral, guarantors that could prevent people from having swift access to loan facility for personal mortgage, financial related services, business development empowerment and empowerment programs at the community level.

Furthermore the Community Investment Firm or Resource Center will be charged with the responsibility of conducting a massive research on the various business activities as well as the housing needs of the locals especially the vulnerables in the community where it is located in to not only identify these needs but also to give advice and mentorship on how to help develop readily workable start up housing development investment plans and of course business development plans on various businesses in and around the community that could be adopted and applied instantly for easy execution and monitoring.

Community members will get expertise support in articulating the strength and weaknesses of their housing or business development plan, concerns and suggestion as well as have the opportunity of taking advantage of unprecedented professional advice through out the life cycle of their housing or business development project.

Another assumption that could frustrate this strategy even if the government agree to consider all of these factors that could encourage the people to build wealth with real estate through tax incentives, depreciation, deductibles, improved mortgage system with low interest rate etc is the unwillingness of these classes of people particularly the artisans to have their properties manage and controlled by the provisions of the law as investment properties.

Basically, this can be described as a type of investment management that only allows the homeowner or investor take an agreed or a certain percentage of their profit from their investment property while the remaining profit and the balance is reinvested into another investment property or put back in the same investment without paying tax as long as they adhere to the investment property management condition and requirements as provided by the anticipated new housing rent and control laws.

Also the problems of tax evasion and non compliance to property tax by the people, small business owners and artisans particularly real estate investors and developers could hinder the successful implementation and sustainability of the housing policy and strategy if inflow and outflow of loan and other necessary investment development plans are not properly analyzed, evaluated and supervised, this could annihilate the entire program in spite of the massive benefit the people and the community stand to gain from the programs the Community Investment Firm and Resource Center can offer.

Its a pity we can not conclude this discussion on the strongly influenced error in our housing policy and strategy implementation because it is of utmost importance to look at the unintended consequences of some of these course of actions as well as suss, recognize and acknowledge what is known about this housing enigma especially when it comes to risk management.


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Olatunbosun Idowu
For Ordiez Resources Inc


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