Federal Mortgage Bank of Nigeria Act

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.

August, 1993] [Commencement. ]

PART I

Establishment of the Federal Mortgage Bank of Nigeria and its Board of Directors

1. Establishment of the Federal Mortgage Bank of Nigeria

(1) There is hereby established a mortgage bank to be known as the Federal Mortgage Bank of Nigeria (in this Act referred to as "the Mortgage Bank").

(2) The Mortgage Bank-

(a) shall be a corporate body with perpetual succession and a common seal;

(b) may sue and be sued in its corporate name; and

(c) may for the purpose of its functions and subject to the Land Use Act, acquire, hold or dispose of property, whether movable or immovable.

2. Establishment of the Board of Directors

(1) There is hereby established for the Mortgage Bank a board of directors (in this Act referred to as "the Board") which shall comprise-

(a) a Chairman who shall be appointed by the President;

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