Lagos Governor signs Mortgage Bill

Posted: Thu, 26th Aug 2010 by Ladidi Yunisa

Gboyega Labiran – Business News Correspondent

The Lagos State Governor, Babatunde Fashola has signed into law a Bill that seeks to establish the Lagos State Mortgage Board. According to the Governor, the Mortgage Scheme has been designed for Beneficiaries who would be required to pay 30% of the value of the House they plan to acquire before taking possession. Mr. Fashola described the signing as his administration’s most momentous step taken towards solving housing deficit in the State. The Bill which has 69 Sections provides grounds for the building of affordable and accessible houses in Lagos. Moving away from the Housing Sector to the capital market where trading performances got poorer as investors recorded more losses, making it a total loss of over N1 trillion since trading began this year. The NSE market capitalization which opened the year as 4.989 trillion had appreciated to N6.796 trillion during the second quarter of the year before it began to depreciate. The Exchange Market Capitalization has further plunged to N5.992 trillion after opening the day at 6.108 trillion reflecting 1.90% decline or over N116 billion losses