Federal Mortgage Bank of Nigeria (FMBN) was established in 1973 by the
promulgation of the indigenization Act which took over the assets and liabilities of the Nigeria Building SocietyThe term society is derived from the Latin word 'socius' meaning friendship or companionship. Society is a community, nation or group of people who share the same traditions, institutions, rules and... More (NBS) which was founded in 1956. By the enabling Act of 1977, FMBN was empowered to perform
both primary and secondary mortgage functions in Nigeria
Functions of the Federal Mortgage Bank
1. To get loans against real estate
2. Mortgage bank gives housing scheme to their customers
3. Mortgage bank has the legal right to take property as payment if the customer defaults
4. They provide advisory services and research activities
5. Mortgage bank gives loans to corporations and individuals
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