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Looted Funds: Where To Invest – Infrastructure or Housing?

It is no longer news that the Buhari led government has taken the fight against corruption in the country as top on its priority list and from news making the rounds, it’s safe to say they are making progress by recovering some of our looted funds and properties.

To some, recovering looted funds should not be the ultimate goal. The ultimate goal should be ensuring that the recovered loots are used judiciously to improve the economy and not being re-looted. To buttress this, some organisations have suggested where these funds should be invested.

The institute of Mortgage Brokers and Lenders (IMBL) has urged the government to invest recovered funds in Mortgage and Low cost housing while The Nigeria Labour Congress (NLC) suggested it is invested on infrastructure.

In the same vein, The Minister of Finance, Kemi Adeosun, said the Federal Government plans to relocate some of its Ministries, Agencies and Departments (MDAs) into some recovered looted properties.

NREH correspondent also tried to find out the thoughts of others on the matter at hand and as well throw the question open to us all.

In response, the MD/CEO of Realty Point Limited, Debo Adejana, said part of the recovered funds should be put into sustainable Social Housing Programme for NO & LOW Income Earners to improve general security in the country, the wellbeing/quality of life of the most deprived economic class in the society  strata.

Editor, Gems Magazine, Deoye Falade said, “As much as housing is important, in my own opinion, people are more concerned about how to get light, road, water and the likes. They are concerned about the economic issues than how to get a house. Of course getting affordable housing is one of the challenges of an average Nigerian but they get by somehow. There are housing challenges, but really, how many people who have jobs are homeless? I don’t know much about how the real estate industry is faring without government input. Government needs to do something about real estate, housing and mortgage but the truth is, if the banks are not doing fine, mortgages will not function. If the economy is not doing fine, banks will not want to put money behind mortgage. So there are some things that have to be done first before we start considering mortgage and housing. It could also be divided among list of priorities.

Gladys Okoro, MD/CEO Brookhouse International Limited has this to say: “They should share it. If I say housing, some other things will suffer. If there is a way they can make a proper planning, and share it among every sector. If I say housing and we don’t have light, have we achieved anything? We need roads, light, housing, etc.

What do you think? Where do you suggest the government invest the recovered funds? Infrastructure, Housing or Mortgage?

One comment

  1. This fund invests in the asset class by investing in infrastructure equity, so the equity firms that invest in infrastructure. While this approach is pleasing in its simplicity, there may be some drawbacks for those looking for diversification.

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