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Federal Mortgage Bank Of Nigeria
The Federal Mortgage Bank of Nigeria was founded by the Federal Government of Nigeria in 1977 to replace the Nigerian Building Society which was founded in 1956. Between 1978 and 1985, it was the only mortgage institution in Nigeria. According to the constitution of Nigeria, the Federal Mortgage Bank was established to meet the housing needs of all citizens of the country. It is regarded as the apex mortgage finance institution in the country and regulates the activities of primary mortgage loan originators. History A direct government intervention to expand the mortgage industry in Nigeria, the bank was established by the military government of Olusegun Obasanjo to be a wholesale and retail credit institution that would provide long term financing to home buyers, building material firms and mortgage financial institutions. The initial plan was to make the company pool long term deposits from government sources, mortgage companies, pension and trust funds and private individuals to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Olusegun Obasanjo
Chief Olusegun Matthew Okikiola Ogunboye Aremu Obasanjo, , ( ; yo, Olúṣẹ́gun Ọbásanjọ́ ; born 5 March 1937) is a Nigerian political and military leader who served as Nigeria's head of state from 1976 to 1979 and later as its president from 1999 to 2007. Ideologically a Nigerian nationalist, he was a member of the Peoples Democratic Party (PDP) from 1999 to 2015, and from 2018 has been a member of the African Democratic Congress party (ADC). Born in the village of Ibogun-Olaogun to a farming family of the Owu branch of the Yoruba, Obasanjo was educated largely in Abeokuta, Ogun State. Joining the Nigerian Army, where he specialised in engineering, he spent time assigned in the Congo, Britain, and India, rising to the rank of major. In the latter part of the 1960s, he played a senior role in combating Biafran separatists during the Nigerian Civil War, accepting their surrender in 1970. In 1975, a military coup established a junta with Obasanjo as part of its ru ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ibrahim Babangida
Ibrahim Badamasi Babangida (born 17 August, 1941) is a retired Nigerian Army general and politician. He served as military president of Nigeria from 1985 until his resignation in 1993. He rose through the ranks to serve from 1984 to 1985 as Chief of Army Staff; going on to orchestrate his seizure of power in a coup d'état against Muhammadu Buhari. Early life Ibrahim Babangida was born on 17 August 1941 in Minna to his father, Muhammad Babangida and mother Aisha Babangida. He received early Islamic education before attending primary school from 1950 to 1956. From 1957 to 1962 Babangida attended Government College Bida, together with classmates Abdulsalami Abubakar, Mamman Vatsa, Mohammed Magoro, Sani Bello, Garba Duba, Gado Nasko and Mohammed Sani Sami. Babangida joined the Nigerian Army on 10 December 1962, where he attended the Nigerian Military Training College in Kaduna. Babangida received his commission as a second lieutenant as a regular combatant officer in the Roya ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mortgage Industry Of Nigeria
A mortgage loan or simply mortgage (), in civil law jurisdicions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is " secured" on the borrower's property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property ("foreclosure" or "repossession") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word ''mortgage'' is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. A mortgage can also be described as "a borrower giving consideration in the form o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
