Federal Mortgage Bank Of Nigeria Act
Ministry of Finance, Budget and National Planning, Nigeria
This is an Act to establish the Federal Mortgage Bank of Nigeria to provide long-term credit facilities to mortgage institutions in Nigeria and encourage and promote the development of mortgage institutions at the rural, local, state and federal levels. 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.
Process Flow
National Assembly ⬤
Office of the President ⬤
Contacts
Ahmad Lawan
Senate President
National Assembly
Muhammadu Buhari
President of the Federal Republic of Nigeria
Federal Mortgage Bank Of Nigeria Act Current Version
January 2022
This is an Act to establish the Federal Mortgage Bank of Nigeria to provide long-term credit facilities to mortgage institutions in Nigeria and encourage and promote the development of mortgage institutions at the rural, local, state and federal levels. 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.
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