Expert attributes high rate to weak mortgage system

The Chairman of the Town Planning Consultants Association of Nigeria, Joseph Akande, says Nigeria's weak mortgage system is responsible for the high rate of abandoned buildings.

Abandoned building

Joseph Akande has a reason for the high rate of abandoned buildings in Nigeria.

According to him, people only abandon their buildings for two reasons, because they lack funds and because they know they can get away with it.

Akande urged the Federal Government to take preventive measures against this, adding that taking the necessary actions against abandoned buildings would reduce the housing shortage in Nigeria.

"Traditionally, Nigerians are not acquainted with stage by stage mode of construction due to lack of credit facilities and viable mortgage system to assist with the construction costs.

That is why some developers, private individuals and organisations can spend years to construct a single structure.

But if a building is abandoned for more than three years, I think it is preferable the government does the needful by confiscating such structure.

The government can convert it to a meaningful project that will add value to the economy," he said.


Eyewitness? Submit your stories now via social or:


Recommended articles

Osinbajo urges counter narratives to superstitious beliefs about albinism

Sanwo-Olu inaugurates 110-bed Maternal, Child Centre in Epe

Osinbajo helps launch NGO founded by Kemi Adeosun, ex-minister who resigned for forgery

My people can't sleep because of gunshots - Emir of Zazzau cries for help

Lawmaker laments killing of 12 persons by gunmen in Plateau

Ohanaeze Ndigbo insists on zoning of Anambra governorship seat

FG recognises man for donating blood 67 times unpaid

No soldier killed in Abia, troops not on revenge mission – Army

2021 UTME: JAMB creates special centres for candidates with incomplete registration