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VOL. 2, ISSUE 1 (2026)
Examining the process of mortgage transaction in Nigerian Law
Authors
Dr. Y S Uthman
Abstract
Mortgage transactions
constitute a vital component of property financing and credit security in
Nigeria, serving as a bridge between land ownership and access to capital. With
the expansion of the banking and real estate sectors, mortgages have become increasingly
significant in facilitating economic development. However, the process of
creating, perfecting, and enforcing mortgage transactions in Nigeria is often
fraught with legal, administrative, and procedural challenges, largely arising
from statutory requirements, land tenure complexities, and institutional
inefficiencies. This article examined the process of mortgage transactions
under Nigerian law with the aim of identifying problems affecting the process
of mortgage transactions in Nigeria, making recommendations on the problems
discovered. It was found that while Nigerian mortgage law provides a
comprehensive legal framework for the creation and enforcement of mortgages,
practical challenges such as delays in obtaining Governor’s consent, high
transaction costs, inefficient land registration systems, and occasional abuse
of mortgagee powers continue to undermine the effectiveness of mortgage
transactions. It was therefore recommended that the government should commence
the process of legal and institutional reforms that aimed at simplifying consent
procedures, strengthening land administration systems, enhancing borrower
protection, and improving the enforcement of mortgage remedies.
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Pages:1-6
How to cite this article:
Dr. Y S Uthman "Examining the process of mortgage transaction in Nigerian Law". World Journal of Law, Vol 2, Issue 1, 2026, Pages 1-6
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