As Nigeria continues to grapple with an affordable housing crisis, the Nigerian Institute of Quantity Surveyors (NIQS) has raised fresh alarms over corruption eroding Nigeria’s mortgage system, warning that dishonest practices in the sector are undermining access to affordable housing and eroding public trust in government-backed mortgage initiatives.
Corruption Eroding Nigeria’s Mortgage System
During a press briefing held in Lagos as part of the institute’s 50th anniversary, the General Secretary of the NIQS, Azeez Ayodabo, urged the Federal Government to reform the national mortgage policy to make home financing more accessible, transparent, and reflective of citizens’ income levels.
Ayodabo lamented that the country’s mortgage framework has been hijacked by corruption and policy inconsistencies, leaving millions of low- and middle-income Nigerians without realistic options for homeownership.
“The government must review its policies to make mortgage access more flexible,” he said.
“Thresholds should align with income categories. Expecting a level six or seven civil servant to afford a three-bedroom maisonette is unrealistic.
Housing should be designed according to affordability — bungalows, flats, terraces, and duplexes — to ensure inclusivity rather than exclusivity.”
He further noted that while institutions like the Federal Mortgage Bank of Nigeria (FMBN) offer long-term housing loans, most Nigerians remain unaware of these opportunities.
“Many people exploit government connections to access funds meant for ordinary citizens,” Ayodabo added, highlighting how corruption continues to erode the mortgage system through diversion of public housing loans and failure to deliver promised projects.
According to him, between 2006 and 2009, developers who received government funding to build affordable bungalows at ₦7.5 million each diverted the money, leaving would-be homeowners stranded despite deductions from their salaries.
“It’s not just government officials — even private citizens have played a part in deepening corruption within the system,” he stressed.
Call for Professional Accountability and Policy Reform
Ayodabo also identified poor cost control and weak oversight as contributors to failed housing projects.
He emphasized the importance of engaging quantity surveyors (QSs) — professionals trained to ensure cost efficiency and transparency — in every stage of public and private construction.
“When quantity surveyors are excluded after preparing the Bill of Quantities, it leads to wastage and inflated costs,” he said.
“QSs ensure contractors don’t cut corners by substituting low-quality materials. Their involvement guarantees integrity, quality, and financial accountability.”
He urged the government to make it mandatory for every project’s cost estimation to be vetted and approved by certified QS professionals to prevent the corruption eroding Nigeria’s mortgage system from spreading into new housing initiatives.
Quantity Surveyors’ Role in Sustainable Development
In his remarks, the Lagos Chapter Chairman of NIQS, Rilwan Balogun, emphasized that quantity surveyors are not just building professionals but essential partners in achieving Nigeria’s infrastructure goals under the Renewed Hope Agenda.
He noted that the lack of QS involvement in large projects, such as the Lagos–Calabar Coastal Highway, has led to controversies over inflated costs and poor transparency.
“If QS consortiums were part of the process from design to execution, such cost irregularities could have been prevented,” he stated.
Balogun explained that the globally recognized Bill of Quantities (BOQ), prepared by QSs, ensures detailed cost estimation and limits variations to 5%, unlike the less comprehensive Bill of Mechanical and Electrical (BME) documents used locally.
He argued that a proper BOQ enhances value for money and prevents corruption — a critical step in reviving confidence in Nigeria’s mortgage and housing finance systems.
Addressing Building Collapse and Systemic Abuse
The chapter chairman also linked corruption eroding Nigeria’s mortgage system to rising incidents of building collapse, explaining that the absence of QS oversight often leads to substandard materials being used to cut costs.
“Quantity surveyors play a preventive role,” Balogun explained.
“By enforcing specifications and cost discipline, we can avoid structural failures.
The government should make BOQ submission a prerequisite for building approvals to assess both financial capacity and project integrity.”
He urged regulators to include QS professionals in all building approval and monitoring processes to ensure cost transparency and prevent substandard construction.
Technology, Regulation, and the Future of QS Practice
The Deputy Chairman, Femi Falusi, highlighted the growing challenge of technology misuse within the profession.
He lamented that the accessibility of QS software has encouraged non-professionals to encroach on the field, producing inaccurate estimates that further deepen corruption and cost inefficiency.
Falusi called for the introduction of policy frameworks requiring that all bills of quantities submitted for government approval must be certified and stamped by a registered QS.
“This will strengthen professional accountability and close loopholes that enable cost manipulation,” he said.
He, however, encouraged QS professionals to embrace innovation and upskill to remain competitive in a digital era where transparency and precision are paramount.
Restoring Integrity to Nigeria’s Mortgage Future
The NIQS leaders unanimously agreed that until Nigeria addresses corruption eroding its mortgage system, true housing reform will remain elusive.
They called for a strong partnership between government agencies, financial institutions, and professional bodies to rebuild trust in mortgage financing.
“Homeownership should not be a privilege for the few,” Ayodabo concluded.
“It should be an attainable dream for every hardworking Nigerian. But that dream can only come alive when transparency, fairness, and professionalism replace corruption and inefficiency.”
