The General Manager of MeritAbode Nigeria Limited, the developer of Emerald Haven, Ofure Oseni, has stated that the mortgage scheme in Nigeria is not very popular or well established.

Oseni disclosed this on Saturday in Lagos while speaking during the special allocation ceremony of plots of land to about 30 subscribers, which also marked the 14-year anniversary of the firm.

She stressed that the poor establishment of a mortgage scheme in the country is the reason most real estate firms prefer to go for payment by instalments.

“The mortgage scheme in Nigeria is not very popular or very well established. That is the reason why developers like us actually go for a payment by instalment plan. I think the government needs to educate people more about these mortgage processes. Because in developed nations, a lot of people, that is what they actually bank on. A lot of us know how it goes out there,” Oseni stated.

Speaking at the event, she explained that it was also part of the programmes to mark the 14th anniversary of the company.

“So, we are doing the first major allocation in the estate. We launched the estate last year, so we are doing the first allotment for the first batch of people who have bought into the estate,” Oseni stated.

She added that the estate is divided into segments: the free-build area, which includes the residential zone, and also the investment zone and commercial area.

Oseni said that the land is divided into different sizes depending on the zone into which you want to buy.

“We have 450 square metres; we have 600 square metres. But it depends on whatever zone you are in; there is a minimum purchase of square metres that is required. For the free-build zone, you can buy as low as 450 square metres. But if you are buying for investment, you buy from 600 square metres. The commercial zone is 1,200 square metres. So, for this estate, I will not say it is for the high-end; it is for the middle class. It is affordable because we make the payment very flexible. We have a plot as low as N38m in the estate,” Oseni said.

She emphasised that the sector is getting into shape, adding that the government has started putting a lot of regulatory processes in place: “Last year, we had in the industry a lot of developments, a lot of regulations coming into place. I think the industry is getting into a bit of shape because the government has started putting a lot of regulatory processes into place. Before, it was an entry and an exit. But today, to have an estate, there are several formalities that you must actually put on the ground.”

According to her, before now, people could just buy a plot of land or even an acre and call it an estate.

“But this is a different ball game altogether; there is a lot of regulation, though, to be sincere, there are a lot of bottlenecks and bureaucracy in it,” she added.

Also speaking, the Sales Director at MeritAbode Nigeria Limited, Victor Igbenoba, highlighted that as the company celebrates fourteen years of growth, delivery, and shared success: “it is equally important that we turn our attention to the future and the opportunities that lie ahead.”

He stressed that the company remains focused and strategic in order to consistently identify emerging development corridors early and position its clients ahead of growth.

“Real estate has always rewarded those who see tomorrow before it arrives, and that is the discipline that has guided our journey from day one,” he stated, maintaining that across cities and developing communities, expansion is inevitable.

He reiterated that infrastructure will continue to unlock new investment frontiers, population growth will continue to drive housing demand, and the need for well-planned, secure, and value-driven real estate will only grow stronger.

He pledged that going forward, the firm will continue to expand its portfolio within strategic growth locations, “ensuring that every opportunity we present to our clients is backed by strong market insight, sound planning, and long-term value potential”.

“We are not just offering property; we are presenting well-structured investment opportunities designed to appreciate, perform, and secure the future of our investors. Equally important is our commitment to strengthening the relationships we have built over the years,” Igbenoba stated.