AN APPRAISAL OF MORTGAGE OF LANDED PROPERTY AS SECURITY FOR LOAN FROM BANKS IN NIGERIA
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This dissertation aimed at examining the problems associated with
mortgage transactions in Nigeria which has created a lacuna in using
Landed Property as security for loan. Land being one of the most important
security for capital investment business and agriculture because of it’s
acceptability is used to raise loans and advance from banks. The sources of
information relied upon here are, related text materials, Judicial
authorities, Statutes, Journals and Conference papers. Based on this
sources this research found that mortgage of Landed Property is beset with
a lot of litigation, default, delay and high cost of registration, discouraging
investors and bankers, making mortgage transaction difficult and
unattractive. Therefore using land as security for loan under banking law
in Nigeria is hampered by an interplay of institutional, economic and social
factors, such as protracted litigation, default, delay and high cost of
registration as a result of inefficient and ineffective laws and also the
entrenchment of the Land Use Act in the Constitution. On this note, this
research was concluded by recommending that there is need to review
laws, policies guiding mortgage transactions. There is also the need for a
well defined policy in mortgage transaction and institutions to ease the
registration process, the need to separate the Land Use Act from the
Nigeria Constitution so as to make room for flexibility of transfer,
alienation of interest and obtaining Governors consent in mortgage of
Landed property.
TABLE OF CONTENTS
Title page – – – – – – – – – – i
Declaration – – – – – – – – – – ii
Certification – – – – – – – – – – iii
Dedication – – – – – – – – – – iv
Acknowledgement – – – – – – – – – v
Abbreviation – – – – – – – – – – vi
Table of Cases – – – – – – – – – vi
Table of Statues – – – – – – – – – x
Abstract – – – – – – – – – – xi
Table of Content – – – – – – – – – xii
CHAPTER ONE
GENERAL INTRODUCTION
1.1 Background to the Study – – – – – – – 1
1.2 Statement of the Problem – – – – – – – 5
1.3 Aim and Objective of the Study – – – – – – 7
1.4 The Scope of Study – – – – – – – – 8
1.5 Justification – – – – – – – – – 9
1.6 Research Methodology – – – – – – – 9
1.7 Literature Review – – – – – – – – 10
1.8 Organizational Layout – – – – – – – 16
CHAPTER TWO
THE DEVELOPMENT OF MORTGAGE INSTITUTION IN NIGERIA AND
CREATION OF MORTGAGE TRANSACTIONS
2.1 Conceptual Clarification of Terms – – – – – 17
2.2 The Legal Framework of Mortgage Institutions in Nigeria – – 19
2.3 Mortgage Institutions- – – – – – – – 24
2.3.1 Federal Mortgage Bank of Nigeria- – – – – 26
2.3.2 Primary Mortgage Institutions – – – – – 29
i. Mortgage Bankers – – – – – – – 29
ii. Mortgage Corporation of States – – – – – 30
iii. Commercial Banks – – – – – – – 30
iv. Housing Schemes – – – – – – – 31
v. Insurance Companies – – – – – – 31
2.4 Creating Mortgage Transaction – – – – – – 32
2.4.1 Legal Mortgages – – – – – – – 32
2.4.2 Equitable Mortgage – – – – – – – 34
CHAPTER THREE
MORTGAGE UNDER THE LAND USE ACT
3.1 Introduction – – – – – – – – – 38
3.2 Importance of Land – – – – – – – – 38
| 3.2.1 | Importance of Land in the Mortgage Industry | – | – | ||||
| 3.2.2 | Land as Security for Loan Under Banking Law | – | – | ||||
| 3.3 | The Land Use Act – – | – | – | – | – | – | – |
| 3.3.1 | The Land Use Act | – | – | – | – | – | – |
3.3.2 Consent – – – – – – – – 57
3.3.3 Consent Requirement in the Perfection of Legal Mortgages – 60
3.3.4 Outline of the Procedure to obtain the Governors Consent
to Mortgage a property covered by statutory Right of
Occupation in Kaduna State – – – – – 74
3.4 Developed Land – – – – – – – – 79
3.5 Undeveloped Land – – – – – – – – 81
3.6 Compensation for Development and Undeveloped Land – – 85
CHAPTER FOUR
Breach of Mortgage and Consequences
4.1 Introduction – – – – – – – – – 91
4.2 Enforcement of the Right of Mortgagee in the Event of a Breach – 92
4.3 Rights of a Mortgagor – – – – – – – 133
4.4 Death of the Parties to a Mortgage- – – – – – 142
CHAPTER FIVE
SUMMARY, FINDINGS AND RECOMMENDATIONS
| 5.1 | Summary | – | – | – | – | – | – | – | – |
| 5.2 | Findings | – | – | – | – | – | – | – | – |
| 5.3 | Recommendation | – | – | – | – | – | – | – | |
| Bibliography – | – | – | – | – | – | – | – | – |