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Full Project – A CRITIQUE OF THE EFFECT OF LAND USE ACT ON LEGAL MORTGAGES IN NIGERIAN FINANCIAL INSTITUTIONS

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ABSTRACT

This thesis is captioned ‘A Critique of the Effect of Land Use Act on Legal Mortgages in Nigerian Financial Institutions.’ It brought to the fore the hindrance the consent provision has brought into mortgage transactions. The doctrinal research methodology was used which involved case law and statutory provisions founded on basic principles of law using the primary and secondary method of data collection and analysis all culminating in the basic findings that; the concept of legal mortgages was well developed under the existing law (e.g. Property and Conveyancing Law) prior to the promulgation of the Land Use Act. The consent provision in the LUA merely introduced unnecessary controversy which has hindered effective trade and commerce. The researcher examined mortgage as a concept and determined the effect of consent as contained in section 22 of LUA on mortgages. Findings showed that the consent provision has had a suffocating effect on mortgage transactions thereby hindering trade and commerce. This equally had negative effect on development.
The consent provision merely introduced needless controversy into mortgage transactions since there was no defect in the existing old statutes remedied, the LUA having saved existing laws on mortgages. A holistic amendment was recommended to expunge the Land Use Act from the Constitution for easy amendment, removing the consent provision from the LUA. Once an individual has secured a valid legal title to land, he should be allowed the free will to deal with such land within the subsisting tenure contained therein provided such transactions shall be registered at the appropriate land registry to detect encumbrances. In the unlikely event of the LUA not been amended, the researcher recommended equitable mortgage between the mortgagor and mortgagee to enhance smooth business relationships.

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