NIGERIA MORTGAGE REFINANCE COMPANY PLC (NMRC)

CALL FOR SUBMISSION OF MEMORANDA ON THE FORMULATION OF A MODEL MORTGAGE AND FORECLOSURE LAW

Call for Memorandum

In furtherance of its mandate of promoting legislative reforms to improve processes in land administration towards creating an enabling environment for mortgage origination, the Nigeria Mortgage Refinance Company (NMRC) hereby invites the general public to submit memoranda in connection with the formulation of a Model Mortgage and Foreclosure Law to be adopted by Pilot States.

The NMRC has engaged a panel of reputable law firms and experts to advice on and coordinate the process of formulating and drafting the model law, which will be implemented in close collaboration with the Pilot States and Key Stakeholders.

Key Issues for Consideration

The key issues the model mortgage law will seek to address include fast-tracking the process for creating legal mortgages (including reducing the cost and the processes for obtaining the relevant consents and registration), timely resolution of disputes arising out of mortgage transactions, consumer protection and creating an efficient foreclosure process.

All memoranda to be sent in response to this call for memoranda should be clearly typed and presented in the following format;

1. Introduction of the Subject Matter
2. Statement of Facts on the Subject Matter
3. Issues from the Statement of Facts
4. Arguments in Support of Facts
5. Recommendations

Submission

The memoranda should clearly indicate the name, address, and signature(s) of the writer(s) and should be sent in hard and soft copy (by e-mail) to the addresses set out below on or before 26^th May 2014. One (1) Hard Copy and Soft Copy (in pdf and MS Word formats) are required.

 

The Nigeria Mortgage Refinance Company

Wing A, 5^th Floor, Pent House, Clans Place

1386A Tigris Crescent

Maitama

Abuja.

Email:

For further information on NMRC, please visit our website at http//www.nmrc.com.ng

2014-05-14