The Attorney-General of the Federation and Minister of Justice,
Mohammed Bello Adoke, SAN, on Friday tasked stakeholders in the
housing sector to brainstorm on manpower and technology deficits in
land registries and cognate institutions with a view to complement any reform in the legal framework.
Adoke spoke as a Guest of Honour at the 2013 Real Estate Lawyers
Association of Nigeria National Summit held at the Metropolitan Club,
Victoria Island, Lagos.
The Justice Minister, who was represented by his Special Assistant,
Victoria Mbu, added: “The current complicated procedures in our law
courts and the unduly slow pace of proceedings cast a dim pall on the
chances of achieving growth in these areas.
“Several options have been canvassed such as specialised property
courts and the demutualization of mortgages, to facilitate
non-judicial foreclosure.”
Speaking on the theme of the summit, “Foreclosure Law and Processes in Relation to Mortgage in Nigeria”, Adoke said: “Nigeria, with an
estimated population of 150 million, requires at least additional
720,000 housing units per annum to replenish decaying housing stock,
as well as to meet rising demand and avert a further housing crisis by 2020.”
On the Land Use Act, which some commentators had canvassed its
amendment, Adoke opined: “It is important to investors that they are
able to take possession of their collateral and recover their loans as quick as possible.”
On her part, the Minister of Lands, Housing and Urban Development,
Amal Pepple, represented by the Director of Legal Services of the
ministry, Njokama Ifeanyiwa Rita, hoped that this summit “will provide the avenue for identification of the provisions of foreclosure law that require amendments and the aspects of foreclosure processess that should be restructured.”
Presiding Justice, Court of Appeal, Lagos Judicial Division, Justice
Aminat Augie, who represented a former Chief Justice of Nigeria,
Justice Salihu Modibbo Alfa Belgore, SAN, congratulated the Prof.
Charles Ilegbune-led RELAN for putting up another successful summit
after the first national one in Abuja in 2009.
Also at the event were former Lagos State Commissioner for the
Environment, Dr. Muiz Banire, who represented the Deputy Governor,
Delta State, Prof. Amos Utuama, SAN; the Dean, Faculty of Law,
University of Lagos, Prof. Imran Oluwole Smith, SAN, who spoke on the
legal perspective of the theme; and the Managing Director, Aso Savings and Loans Plc, Hassan Usman, who was represented by Regional Head, Aso Savings and Loans Plc, Ifeanyi Ozuh, who spoke on Lender’s Perspective of the theme.
An international Land and Mortgage Finance expert from the United
States of America, Carol Rabenhorst, spoke on “Legal Investment
Climate for Mortgage Finance in Nigeria”, to the delights of the
participants.
The Vice President (Operations) of RELAN, Adekunle Omotola, wrapped up
the over seven hours stimulating sessions.
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