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Mortgages In Nigeria
Mortgage banking development in Nigeria can be traced to the establishment of the Nigeria Building Society in 1956. The vehicle used for this capital investment was the Common Wealth Development Corporation with advance share capital of 81,625,000, GB pounds. The society collapsed in early seventies due to its inability to perform its statutory functions. This led to government injecting N20m and changing its name to Federal Mortgage Bank of Nigeria (FMBN). To find out more on how the mortgage Industry in Nigeria has evolved since then, its challenges and achievements please follow the link below to read an enlightening research work on Mortgages in Nigeria.
Dr Leke Oduwaye, O.S. Oduwaye & Dr M.E Adebamowo
Department of Urban and Regional Planning,
Faculty of Environmental Sciences
University of Lagos, Akoka, Lagos.