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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Lending on Land Mortgage on Pledge Security in Nigeria: A Minefield for Secured Lenders
Author:Essien, EnefiokISNI
Year:1998
Periodical:African Journal of International and Comparative Law
Volume:10
Issue:3
Period:October
Pages:496-506
Language:English
Geographic term:Nigeria
Subjects:customary law
land law
mortgages
credit
pledging
Law, Human Rights and Violence
Economics and Trade
External link:https://heinonline.org/HOL/Page?handle=hein.journals/afjincol10&id=510&collection=journals&index=journals/afjincol
Abstract:The government in Nigeria expects meaningful private sector participation in national development. The private sector in turn requires capital for investment and has to borrow. However, the institutional lenders of capital require some real security for the capital lent. In Nigeria, the two most common landed securities for credit are the mortgage and the pledge. This article argues that the pledge and mortgage laws as they stand in Nigeria at present do not afford enough protection to the secured creditor, which is why potential borrowers do not obtain the capital they need for investment. For the secured creditor to be afforded sufficient protection, it does not suffice that the pledge or mortgage security provided fully covers the loan in the event of default, but that the pledge or mortgage must also be easily realisible. The author submits that the Nigerian law relating to the pledge of land has to be updated and the Land Use Act of 1978 amended. He also stresses the need for uniformity in secured transactions law in the country. Notes, ref.
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