An Examination and Impact Assessment of the Legal Framework for Mortgage Transactions in Nigeria
Keywords:
Mortgage, Mortgagor, Mortgagee, Relationship, Land, Transaction, Legal, Equitable Foreclosure, Redemption.Abstract
Land is not merely a physical asset but a fundamental economic resource, and the mortgage relationship serves as an essential instrument for credit creation, investment, and capital accumulation in Nigeria. Land ownership is one of the major subject of transactional legal relationships, and where direct ownership or access is unachievable, mortgage becomes an alternative.Mortgage transaction are generally regulated by laws primarily concerned with human relations. These laws sets the form, scope and creation of mortgage relationships, also providing for its safe and sound operation. Therefore, the focal aim of this study is to examine the existing legal framework, its applicability and the impact of these laws on mortgage transactions in Nigerian. It adopts a doctrinal legal research methodology, utilizing primary and secondary sources such as statutes, case law, textbooks, journals, articles, and commentaries on property law. The study concluded that a balance must be achieved between protecting mortgagors from exploitative foreclosure practices and ensuring that mortgagees can efficiently realize their security interests. It recommended the harmonization of mortgage laws across Nigerian jurisdictions, the modernization of land registries through digital integration and also called for the amendment of the Land Use Act to reflect contemporary commercial realities and to strengthen equitable protection of mortgage transactions in Nigeria.
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