The Managing Director of Family Homes Funds, Femi Adewole has called for the adoption of a different thinking in addressing the housing deficit in Africa’s largest economy.
Speaking at the 3-day Mortgage Banking Sub-sector CEOs’ annual retreat organised by Mortgage Bankers Association of Nigeria (MBAN) in Lagos from November 29 – December 01, 2019, Adewole said the current approach adopted by stakeholders in the housing sector cannot deliver the expected results except a change is made to it.
‘’The truth is, in terms of what we need to do, the results we need to get, and the level of home ownership and access to housing that we need to attain, the result that all of us are achieving is way off the mark. We have barely registered a dot. That calls for a different kind of thinking. I understand the conversations about improvement. But my little knowledge of business processes and strategies suggest that there are contexts where improvements are inadequate. You must look at a total transformation and a totally new business model, and I think that as you discuss succession, digitalization, and human capital, you need to think and ask to what end. Is it to do more of the same? Or towards a fundamental rethinking of our approach to home ownership?’’ he quizzed.
The annual MBAN retreat focused on ‘’Critical Success Factors for Continuity and Viability of the Mortgage Banking Sub-Sector in Nigeria: Mortgage Digitization, Human Capacity Development and Management Succession.’’
The Family Homes Funds boss also congratulated MBAN for the strides they have and continue to make.
‘’The fact that you are still here in what is an extremely challenging environment; carved a niche for yourself in the housing market in Nigeria; the fact that you remain a reference point in terms of consultation around policies in Nigeria is a testimony to your success and I wish you many more years.
‘’The truth is that you are making a difference in institutions that are your members and in the lives of many people; through the institutions and infrastructures that you enable to happen. Particularly I am forever grateful for the intellectual rigor and the ideas that seem to be spilling out of MBAN almost on a yearly basis. That speaks volume to the future of this association,’’ he said.
Offering goodwill from the Family Homes Funds, Femi Adewole said there is a significant amount of potential for them to work together with MBAN.
‘’With the small traction we have begun to make across the country in terms of significant investments, it provides very strong opportunity for us to work together and to advance the common cause of ensuring that Nigerians have access to housing that is both decent, secure and affordable to them. MBAN should be assured of our good will, partnership and collaboration at all times,’’ he said.
He went further to throw a couple of challenges to the association and its members on how to make the new approach for housing development possible in Nigeria.
‘’One of the things Family Homs Funds has committed itself to and I think we will like MBAN to be part of that is sponsoring some kind of centre for innovation for housing finance. We need to think of a solution that speaks to our context, culture and macro-economic circumstances, which is unlikely to change in the short term. If anything, we will probably expect a medium term deterioration and therefore the discussion must be about what transformation is needed to achieve the results that we have to in the face of urbanization. I can’t think of any better set of people to address that change agenda than the people at MBAN,’’ he said.