This Act provides for the establishment of Federal Mortgage Bank of Nigeria and its Board of Directors. The functions of the Mortgage Bank shall be to, among other things: (a) provide long-term credit facilities to mortgage institutions in Nigeria at such rates and such terms as may be determined by the Board in accordance with the policy directed by the Federal Government, being rates and terms designed to enable the mortgage institutions to grant comparable facilities to Nigerian individuals desiring to acquire houses of their own; (b) license and encourage the emergence and growth of the required number of viable secondary mortgage institutions to service the need of housing delivery in all parts of Nigeria; (c) encourage and promote the development of mortgage institutions at rural, local, State and Federal levels; (d) supervise and control the activities of mortgage institutions in Nigeria.
Authors and Publishers
Rudolph Hupperts (CONSLEGB)
British influence and control over what would become Nigeria and Africa's most populous country grew through the 19th century. A series of constitutions after World War II granted Nigeria greater autonomy. After independence in 1960, politics were marked by coups and mostly military rule, until the death of a military head of state in 1998 allowed for a political transition. In 1999, a new constitution was adopted and a peaceful transition to civilian government was completed.