Nigeria - 1982 - Finance

Mortgage Institutions Act

Ministry of Finance, Budget and National Planning, Nigeria

An Act to make provisions for the establishment and licensing of mortgage institutions to grant loans and advance to individuals for the purchase or construction of a dwelling house; improvement or extension of an existing dwelling house; and to accept savings and deposits from members of the public and to pay interest thereon. This act provides for the licensing of mortgage institutions and lays down rules for mortgage businesses by licensed mortgage institutions. If any company intends to carry on mortgage business in Nigeria, it shall apply in writing through the Federal Mortgage Bank to the Minister for the grant of a license in accordance with the following provisions of this act. Every mortgage institution shall submit to the Federal Mortgage Bank such returns as specified. The Federal High Court shall have jurisdiction to try all offences created under this act.

Process Flow

National Assembly ⬤

Office of the President ⬤

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Mortgage Institutions Act Current Version

January 2022

An Act to make provisions for the establishment and licensing of mortgage institutions to grant loans and advance to individuals for the purchase or construction of a dwelling house; improvement or extension of an existing dwelling house; and to accept savings and deposits from members of the public and to pay interest thereon. This act provides for the licensing of mortgage institutions and lays down rules for mortgage businesses by licensed mortgage institutions. If any company intends to carry on mortgage business in Nigeria, it shall apply in writing through the Federal Mortgage Bank to the Minister for the grant of a license in accordance with the following provisions of this act. Every mortgage institution shall submit to the Federal Mortgage Bank such returns as specified. The Federal High Court shall have jurisdiction to try all offences created under this act.

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