The Nigerian Institute of Quantity Surveyors has issued a warning that the country’s mortgage system is being undermined by pervasive corruption in the housing and financial sectors, rendering homeownership increasingly out of reach for many Nigerians.
In light of this, Azeez Ayodabo, General Secretary of the Nigerian Institute of Quantity Surveyors, has called on the Federal Government to reevaluate its mortgage system regulations.
He made this request during a news conference held in honor of the Nigerian Institute of Quantity Surveyors’ golden jubilee celebration at the Lagos Chapter.
“The government should review its policies to make mortgage access more flexible,” he declared. It is necessary to modify thresholds based on income groups. Mortgage loans ought to be available to people based on their income. The government should not, for example, promote a three-bedroom maisonette and expect a level six or level seven civil servant to purchase it. It doesn’t make sense. Bungalows, apartments, terraces, and duplexes should all be included in housing designs so that residents can select the type that best suits their financial situation. Everyone, not just the wealthy, benefits in this way. The absence of information presents another difficulty. Long-term mortgage windows of up to 30 years are offered by the Federal Mortgage Bank of Nigeria, depending on the applicant’s age and income; however, this information is not generally accessible. Furthermore, corruption has severely damaged the mortgage system. Many people take advantage of official connections to obtain loans intended for the general population.
Indeed, corruption has weakened the mortgage system. For example, between 2006 and 2009, three-bedroom bungalows were to be built and sold for N7.5 million by developers who got government housing loans. Even after subscribers began making payments through mortgage deductions from their salaries, many instead misappropriated the money and failed to deliver the residences. Because of this, the government had to discontinue that system and assume direct supervision over mortgage applications. Therefore, residents are not solely to blame; they too have a part to play.
In terms of affordability, this is where we suggest hiring quantity surveyors is necessary. One of the most common errors committed nowadays is hiring QSs for only a portion of a project, simply to generate the Bill of Quantities, and then excluding them later. This results in waste and an inability to regulate expenses. The QS is essential for guaranteeing quality and avoiding cutting corners. For example, if the contractor replaces the required 16 mm reinforcement with a lesser grade, a quantity surveyor on site can detect it through documentation checks and valuation. Accountability is established, and project integrity is guaranteed. The quantity surveyor’s role is extensive and vital. Therefore, we implore the public and the government to identify and employ the appropriate specialists in their proper roles.
The chapter’s chairman, Rilwan Balogun, discussed the value of quantity surveyors and pointed out that they should be more deeply involved, particularly in infrastructure.
evolution.
“Too often, their expertise is limited to building projects, while there are vast opportunities in heavy engineering, civil engineering, oil and gas, and other major infrastructure sectors,” he clarified. The call to action is for wider inclusion since government and private clients may assure economic efficiency, improve value for money, and foster transparency by forming consortiums.
“The Renewed Hope Agenda of the current government aims to reposition the economy, but without the technical and financial discipline that QS consortiums provide, this goal cannot be realized.” The Lagos–Calabar Coastal Highway dispute serves as a reminder of the significance of early QS involvement throughout the whole design and implementation process. Concerns about exorbitant expenses and a lack of openness would have been averted if consortiums had been involved from the start. The crucial checks and balances that guarantee cost control and accountability are removed when engineers are the only ones who design, estimate, and carry out.
The persistent disagreement between the Bill of Mechanical and Electrical and the Bill of Quantities also reflects this disparity. The BME, which is solely utilized in Nigeria, is not the internationally recognized document; rather, the BOQ, created by the quantity surveyor or cost engineer, is. While BMEs frequently lack depth and clarity, a properly produced BOQ is thorough, transparent, and detailed, detailing every nail, bolt, and reinforcement required for construction. While BME documentation can result in significant discrepancies and waste, the BOQ guarantees accuracy and keeps cost deviation to roughly 5%. Reiterating that cost estimation, assessment, and control are the fundamental duties of a quantity surveyor is therefore essential.
The idea that quantity surveyors play no part in building collapses is incorrect. By outlining material specifications and workmanship standards within the BOQ, QSs really serve a preventative function. Unfortunately, in an effort to save money, contractors or clients may get around these requirements by utilizing inferior materials or fewer reinforcements, which ultimately compromises structural integrity. As a result, the production of BOQs should be required by law as part of the building approval procedures. This would lessen the number of abandoned or subpar building projects by enabling authorities to evaluate not only the project’s cost but also the developer’s financial capacity to carry it out. QSs’ crucial role in guaranteeing quality and safety in the built environment is further confirmed by their participation in the Building Collapse Prevention Guild.
The Deputy Chairman, Femi Falusi, pointed out that the problems became more complicated with the introduction of technology.
“As my chairman correctly noted, with the advancement of technology, many allied professionals now believe they can perform the work of QSs,” he remarked. Our professional area has been widely invaded as a result of this. Some non-QSs utilize QS software to create bills of quantities and try to do cost estimating tasks now that it is available. Competition has increased as a result, with more professionals and outsiders vying for fewer open positions.
“We are pushing for more robust legislative measures to address this. We hope to change government policy through programs like the DLA so that all bills of quantities or cost estimates submitted for building clearance must be written and stamped by a registered quantity surveyor. Enforcing such a policy will guarantee responsibility and assist prevent professional invasion.
Ultimately, as we consider the future, we acknowledge that technology is here to stay. It presents both chances and difficulties. To improve their professional competence and stay relevant in this changing business, we at the chapter level continue to push our members to utilize digital technologies, embrace innovation, and upskill.
