Mitigating Crises in the Nigerian Banking Industry through Effective Application of Prudent Mortgage Principles

Description

Download Mitigating Crises in the Nigerian Banking Industry through Effective Application of Prudent Mortgage Principles. Commercial and Property Law students who are writing their projects can get this material to aid their research work.

Abstract

This work identified non-performing loans as a major contributor to banking crisis. Albeit many loans were secured with mortgages, recovering them proved impossible owing to many factors which militate against realization of mortgage securities.

This work therefore examined these factors that hinder realization of mortgage securities and proffered solutions to them in order to enhance debt recovery.

The work discussed the canons of good lending; the factors that lenders should reckon with in deciding whether or not to grant a loan.

It also discussed land mortgages with emphasis on statutes that have bearing on land mortgages. Mortgage of personal chattels, ships, companies‟ assets and shares were also discussed.

Incidence of bank failures in different countries was discussed. The work adopted the doctrinal method of research; placing reliance on primary and secondary materials.

Introduction

Crisis in the Nigerian banking industry has become a common phenomenon. It predates the country‟s independence. Nigeria began experiencing crisis in its banking industry in late 1940s and early 1950s during which period 25 banks failed.

The country again witnessed another phase of bank failures between 1994 and 2006, during which a total of 49 banks failed. In 1998 alone, 26 banks failed.

Similarly, in the year 2009, Nigeria again had another taste of banking crisis in which 8 banks were affected.³

The timely intervention of the Central Bank of Nigeria was able to salvage the condition of the affected banks and saved them from collapsing.

The intervention involved the injection of N620 billion into the affected banks and the sack of management staff of some of the banks. In the year 2010, a total of 103 micro finance banks also went into liquidation while 83 others had their licences revoked in 2014.

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