A local mortgage bank has raised the alarm about how the COVID-19 pandemic has negatively impacted real estate, urging the Federal Government to bring palliative to the sector.
Managing director of Infinity Trust Mortgage Bank Plc, Dr Olabanjo Obaleye told PUNCH on Monday that the challenges posed by the pandemic has necessitated the need to provide financial succour and other structural support to both the mortgage banks and real estate sector.
Obaleye clamoured that the government should not only be interested about increasing tax and generating revenue and avoid providing succour to cushion the impact of coronavirus on businesses in the country.
He further cited two companies which he said had collapsed due to the inability of their owners to get foreign exchange for importation of raw materials.
“On the level of government support on COVID-19, there is nothing visible we have seen.
“We have read so many pronouncements on that from government but we haven’t got any palliative in that respect.
“We have made proposals to government through our relevant authority but there is a need for certain funds to be set aside for this.”
“It is difficult for people to even muster 20 per cent equity and the COVID-19 affected so many people; many people lost their jobs while many people equally got a downward review in their pay and these people are paying their mortgages.
“This means that what is going to be left would not be enough to take care of their family needs. There is need for government to set aside fund for this but as I speak, we have not got any form of palliative from government.”
