Valuer blames banks for low real estate investments

The Tide reports that an Estate Surveyor and Valuer, Hannibal Adodo, has blamed commercial banks in Nigeria for low real estate investments, as compared to other developed countries of the world.

He also indicted  commercial banks for their failure to assist people who do investment in the real estate sector.
Adodo, who made the remarks while interacting with newsmen at the Port Harcourt International Airport, Omagwa, on his way to Lagos, however, urged the commercial banks to turn a new leaf.

The real estate practitioner, who is also an investor in the real estate sector and member of the Nigeria institution of Estate Surveyor and Valuer (NIESV), said banks should help investors who are interested to heavily invest in the real estate sector, instead of exploiting the citizens of the country who go to the commercial banks to seek for loan to develop the sector.

“It is the banks in Nigeria like Zenith and First Bank that ought to help the real estate sector. The Nigerian banks instead, prefer to exploit the people and declaring dividends rather than putting in money for countries,” Adodo said.
According to him, people who build house or farm or do any other type of investment in developed countries do them with the help and assistance from banks but regretted that reverse is the case in Nigeria.

He also criticised the Federal Mortgage Bank of Nigeria (FMBN), for not releasing money to its customers as when due, pointing out that most of them (investors) have been able to overcome the failure of FMBN and commercial banks on funding.

Source: The Tide