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Foreclosure Law:Kaduna Is The Next Best Thing In The Mortgage Market -Sani Abbas

Mohammed Sani Abbas is the Chairman, of Kaduna State Mortgage and Foreclosure Authority, In this interview with Housing news, he spoke on the Foreclosure and Mortgage law, investing in Kaduna real estate sector, security and other issues.

Can we know you?

My name is Mohammed Sani Abbas, I’m a lawyer, a banker I’ am also into mortgage business, I’m a law graduate from Ahmadu Bello University Zaria, this year is my 38th year at the bar, and I am among the first set of Nigerians that got mortgage license in the early nineties. I’ am currently the chairman of Kaduna State Mortgage and Foreclosure Authority.

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Kaduna state has scored a big mark in the country for establishing this unique agency to solve the problem of foreclosure on mortgage matters in Kaduna,what is the status of your activity in Kaduna State Mortgage and Foreclosure Authority?

Kaduna state is the 1st to domesticate the mortgage foreclosure law in Nigeria, and established  an agency, I’m pleased to announce to you that we are the fore bearers of the mortgage and foreclosure law, what we have been able to achieve since we assumed office is that we have a timeline of things that we want to do.

This is entirely new in the country, one of the key things we are trying to do now is to establish offices in all the Local governments in the state, and secondly we are convening a national mortgage and foreclosure seminar. It’s going to be the first of its kind in Nigeria.

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It’s going to be hosted in Kaduna, we intend to invite all, the property development companies in the country, all primary mortgage institutions, and all stakeholders In mortgage.There we hope the law will be put to test, and we will be able to sensitise Nigerians about the need for other states to adopt the mortgage and foreclosure law.

With this law now in Kaduna state, what is your message to investors?

The message is that Kaduna state is open for business, we are lucky to have a government in Kaduna state that is forward looking, that is why we are able to be the first state to establish the law, secondly we are looking at how to invite investors in real estate, Kaduna is the biggest city that is closest to Abuja, a lot of prominent people from the north-east have moved their families to Kaduna state, primarily because of the unrest in the North-East. So Kaduna state is growing, that is why there is a need for us to attract investment in real estate.

One of the things that we have done now, is that there is a system that has been established whereby genuine investors in real estate are invited to come to Kaduna, engage with us, apply for land and within the shortest period of time you will be given a land.

Provided you satisfy the requirements that have been set up

What is the government doing in the area of security to ensure investors’ confidence in the state?

The government is doing everything possible to secure the state especially with the establishment of the Kaduna state vigilante service to complement the efforts of the police and other security agencies.

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On a final note what is your message for stakeholders as we move into 2019?

My message is very simple, Kaduna is open for business, it is the nearest big city to Abuja, it is linked by fantastic road network, and a functional train service, we have enabling laws that protects investors, we will like to call on the major stakeholders, FMBN ,CBN, commercial banks and other Primary Mortgage Institutions to come to Kaduna. We are also calling on the NMRC ,the NHF and Family Homes Funds to come to Kaduna. Kaduna is the future for real estate in Nigeria, outside Lagos and Abuja, we think Kaduna is the next best thing that can happen to mortgage institutions in Nigeria.

Affa Dickson Acho

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