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An Assessment Of The Performance Of Mortage Institute Of Real Estate Development
[A CASE OF FEDERAL MORTAGE BANK OF NIGERIA IBADAN BRANCH]
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1.5 LIMITATION OF THE STUDY
The limitation of the study in the course of research is that the various department with the responsibility of collecting, analyzing and keeping statistical records in the establishment are not always in the office due to the official duties, therefore making it difficult to see them. The cost of visiting federal mortgage institution at their location is very high. Most banks workers do not attend to investigators until after their tenth hour which makes every things boring to investigators. Also, bankers they believe it is confidential and in most cases top secrets.
1.6 STUDY AREA
Geographical setting of Ibadan is located in South Nigeria. It is the capital of Oyo State, and it is the second largest city in Africa; parts of the city’s ancient protective walls still stand still today and its population is estimated to be about 3,800,000 according to 2006 census.
1.6.1 HISTORICAL BACKGROUND
Ibadan was surrounded with seven hills, is also the second largest city in Nigeria. Ibadan grew into an impressive and sprawling urban center so much that by the en of 1829, Ibadan dominate the Yoruba region militarily, politically and economically. The colonizer develop commercial activities and also develop academic infrastructure the city. That is the first University to be set up in Nigeria was University of Ibadan 1962. And there is museum in the building of its Institute of African Studies, which exhibits several remarkable prehistoric bronze carvings and statues. Other note worthy institutions in the city include the University College Hospital and Institute of Tropical Agriculture Ibadan has several well stock libraries, a zoological garden and several botanical gardens. Nestled inside (IITA) is the best golf course in Nigeria and the grounds of the Ibadan Polo club is not too far away. Ibadan is home to the first television station in Africa. There are hotels with hot stops access, decent restaurants, couples of radio stations. Government secretariat is at Agodi and The Government Reservation Area (GRAs) at Agodi, Jericho and Onireke are relice of that era. The grid pattern of the residential layout of Oke – Bola and Oke – Ado is also associated with its activities. Their commercial economy are cassava, cocoa, cotton, timber, rubber, flour milling, leather working, furniture making and palm oil. Dugbe market is the nerve center of Ibadan’s transport and trading network. Another prominent landmark is Cocoa House, the first sky scraper in Nigeria, other attraction Mapo hall, Trans-amusement parks, the cultural centre mokola, and liberty stadium with a seating capacity of 35,000. The traditional market are Oja’ba, Ayeye and Oranyan and modern markets, Gbagi titun, Ageni, Bodija, Alesinloye, gate etc. They trade foodstuffs, textile goods, Aso-Oke, utensils, electronics and pharmaceuticals. They also operate transportation system with eleven local governments in Ibadan. Ibadan is an exception educational centre which has numerous primary and post primary institutions, etc. Their official language in Ibadan is Yoruba.
1.6.2 HISTORICAL BACKGROUND OF FEDERAL MORTGAGE BANK NIGERIA IBADAN BRANCH
The Federal Mortgage Bank of Nigeria formally known as Nigeria Building Society (NBS) has been in operation since 1956 as a building society. The Decree No. 7 of 29th January, 1977 abrogated the Nigeria Building Society for the Federal Mortgage Bank of Nigeria.
In 1933, the federal mortgage bank was deconsolidated into federal mortgage bank and federal mortgage finance. Federal mortgage bank remain the apex bank to license and control all the primary mortgage institutions before the central bank of Nigeria book over this function recently. The bank also administers the national housing. It collects the fund from the source and redistributes it to the primary mortgage institution for onward transmission to own builders. Capital foundation of federal mortgage bank in 60% for federal government of Nigeria and 40% for Central Bank of Nigeria.
The federal government of Nigeria promulgated another decree known as mortgage bank of Nigeria Decree 82 of 1993 to empower the mortgage institution to administer the National Housing Fund by collecting same and disturbing it to primary mortgage institutions. The law provided the following functions to the bank which are: -
1. To supervise and control the activities of mortgage institutions in Nigeria.
2. To encourage and promote development of mortgage institution at rural, local, state and federal levels.
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