PROPERTY ARTICLES

Lagos-based estate valuer, Mr. Sunbo Onitiri, in an interview with HOUSES & HOMES EDITOR Michael Simire frowns at the seemingly unbecoming housing as well as the socio-economic situation in the country, saying that insincere leadership is to blame for the nation's woes. Excerpts:

Would you say that the nation's mortgage financing sector is working or not?

The mortgage system is not working. Government has not been paying serious attention to the sector. The government, the leadership of this country is not sincere. What there interested in is what enters into their pockets. They are not interested in the common good of the common man. The National Housing Fund (NHF) is being diverted by some powerful people for their own use, instead of making the money accessible to the common man. If they are really serious about the mortgage industry, you need to have selfless leadership; people who are ready to serve the nation sincerely. There are so many things wrong with the mortgage industry.

Can you give an example or two?

The most important thing is that the funds are not readily available. Secondly, the available funds are not managed properly in the interest of the public. There are so many conditions that the common man has to fulfill before accessing the fund. This is very discouraging. And most of the banks are not even supportive of the mortgage industry.

The amount (N5 million loan ceiling) available to the common man is not even enough to buy land, and not to talk of building houses. We need to review everything. To build a decent bungalow, you need about N10 - N12 million, else the man will be stuck midway.

Also, the cost of construction has to go down. Cement is outside the reach of the common man.

What should government do? Keep on importing to alleviate the shortages?

I told you earlier about the need for sincerity of purpose. The government is not sincere about its policies. Some policies are fashioned out to ensure that a few people become very rich. The concession given to some people to import cement without import duties readily come to mind. Has the price come down? Of course it hasn't. Government is doing nothing about it.

Do you share the opinion that Femi Otedola's venturing to the cement industry would bring about some positive development in terms of a drop in price?

Otedola is a businessman. But we are talking about the circumstances surrounding him - the environment that he finds himself in. The environment is not right. He can only make a marginal difference - a very marginal one. Corruption has taken over every aspect of our lives. Unless we purge ourselves of corruption and insincerity, there is no hope.

Assuming you were made the president of this country for a month, what would you do to address the ills mentioned earlier?

In one month, there would be immediate changes. This country will move. Firstly, I will deal squarely with corruption. I will overturn all the wrong appointments. I will assemble the best brains and put the right people there; youths that will move this country forward. And I will dedicate my life to ensuring that there is good service - the infrastructures will be in place and working, employment opportunities created, boost the economy immediately and those who have enriched themselves will be purged.

We can do it, its just that we have corrupt and bad leadership.