Professionals in the mortgage and real estate sector have been urged to obtain the necessary certification and license of practice from the regulatory body or face sanctions for breaking the law.
The Registrar/Chief Executive Officer, Institute of Mortgage Brokers and Lenders of Nigeria, (IMBLN), Dr. Jasper Adeleye who made this known in a statement he signed on Tuesday in Abuja said the 2020 Act establishing the institute empowers it as the only body responsible to regulate the sector with the intention to eliminate unlicensed practitioners.
Incorporated under the CAP 59 of 2004, and signed by the immediate past President, Muhammadu Buhari, the Act as established brings under the institute mortgage professionals, mortgage brokers, real estate brokers, mortgage agents, and real estate agents under the direct regulatory oversight of the Institute of Mortgage Brokers and Lenders of Nigeria, (IMBLN).
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Adeleye further called on all stakeholders to ensure compliance with the regulator of the sector or risk legal proceedings and other sanctions as stipulated in the Act (2022) as gazetted.
The Registrar described the Institute’s mandate which includes aiding access to mortgage facilities and regulating the practices of all corporate or incorporate bodies societies, firms, companies, or persons as sacrosanct, adding that it will pursue the mandate with all vigour, as empowered by the Law establishing it.
The Institute was established following the passage of its Bill by the House of Representatives in March of 2021, and a concurrency by the Red Chamber in September of 2022. The Act was signed by the then President, Muhammadu Buhari in December 2022.
The Institute of Mortgage Brokers and Lenders of Nigeria, (IMBLN) is a body responsible for the regulation and certification of all mortgage professionals, real estate practitioners, and agents in Nigeria with the intention to eliminate fraudsters from the industry by providing Training, Certification, and Licensing for practitioners of the sector.