By Akhigbe Dominic.M. Esq
THUR, MARCH 29 2018-theG&BJournal-Another resident who is also a property owner in the estate and a beneficiary of the NHF described the happenings as unfortunate. He wondered why Nigerians would always find ways to undermine laudable government policies and projects. In his words, ‘’the estate is worse than a prison yard. We sleep with one eye opened as we cannot say for sure what the developer would do by the next morning…” He was shocked and bewildered when he drove to the gate of the estate one morning only to meet poor primary and secondary school children weeping by the gate house. He said the Estate managers locked the students into the estate and refused to allow them to go to their various schools as their parents were said to be owing estate dues which has become very unaffordable. In his further words: “…All my pleadings that these poor innocent children should be allowed to go to school to write their terminal examinations fell on deaf ears as the security who manned the gate said they were on instruction from the estate developer to refuse the children access to go to school. The estate due is almost equal to an annual rent for a two bedroom flat in the neighborhood. Why would any reasonable fellow expect us to pay estate due of over eight thousand monthly in this ghetto when I paid less than five thousand naira in the estate I lived in Lagos before I moved in here?…” these were the lamentations of the man who simply identified himself as Mr. frank.
A third person who identified herself as Sarah could not hold back her tears as she claims she had made the mistake of her life. Sarah told PropertyLogic that the Chairman of the Estate has outlawed school buses from coming into the estate to pick school children except such a school bus was ready to pay a fee of Five thousand to the Estate Managers account monthly! As if this was not shocking enough, Sarah further informed us that the estate developer has ordered a massive disconnection of residents from the estate transformer, water as well as security. She said there are plans now to restrict property owners from having access to their houses except they pay an unbelievable Five hundred and Fifty Thousand Naira “development fee” for these same facilities with which these same houses were marketed to them. Sarah said all effort to make the Mortgage loan originator call this errant developer to order has failed woefully as the Mortgage company has distanced itself from the activities of the management of the estate. The clear implication of this is that the beneficiaries are now left to their own folly as the Developer who has been fully paid by the Federal Mortgage Bank on behalf of the beneficiaries for the over a hundred housing units he developed is still having a field day blatantly abusing the rights of these helpless beneficiaries.
The above is just a tip of the iceberg of the huge abuse of the NHF benefits to Nigerians by developers. It is also very clear that some of these so called Mortgage Loan Originators have got themselves fully compromised by these developers who are only interested in their profit. The same estate which has become a scarecrow to NHF beneficiaries is reputed for churning out houses of the most inferior quality. The subscribers lamented the poor quality of the housing units. Sarah who spoke with us informed that the houses which are barely two years old have started falling apart at the expense of the beneficiaries.
The question we are asking the Mortgage Loan Originators who serve as warehouses for HNF and the Federal Mortgage Bank of Nigeria is; why have they found it difficult to respond to these helpless subscribers agonies? How does the MLO recover loans from beneficiaries whose facilities have been compromised? Is it out of place to call these developers to order? The Mortgage contract is very clear and unambiguous. The MLO has the mandate of the FMBN to act on its behalf. Does this not come with sufficient authority to stand in the way of any meddlesomeness by this developer who is now eating his cake and having it? Does the MLO think it is shielded from any consequential litigation arising from the savaging treatment this developer is melting out to these beneficiaries whose funds are now endangered? The answers to these questions will naturally unfold as the days go by.
It is not out of place for would-be subscribers to the National Housing Funds facility to engage Real Estate lawyers to guide them through in these processes mostly if such houses to be financed are within developers’ estates. We can also assure those questionable developers that their days of profligacy are clearly numbered as we are aware that certain Nongovernmental organizations that protect consumer interest have decided to rise to the occasion and take this matter up with the Federal Mortgage Bank as well as the National assembly. A word is enough for the wise!
Akhigbe Dominic.M. Esq., /Property Law Expert/CEO, H.I.E Properties & Homes Ltd/SENIOR STRATEGIC PARTNER, PropertyLogic Incorporated/Seasoned Business Coach/Columnist of The BusinessDay/Contributing Editor, govandbusinessjournal.com.ng
