Section 5: Functions of the Mortgage Bank

The functions of the Mortgage Bank shall be to-(a) provide long-term credit facilities to mortgage institutions in Nigeria at such rates and such terms as may be determined by the Board in accordance with the policy directed by the Federal Government, being rates and terms designed to enable the mortgage institutions to grant comparable facilities to Nigerian individuals desiring to acquire houses of their own;
(b) license and encourage the emergence and growth of the required number of viable secondary mortgage institutions to service the need of housing delivery in all parts of Nigeria;
(c) encourage and promote the development of mortgage institutions at rural, local, State and Federal levels;
(d) supervise and control the activities of mortgage institutions in Nigeria;
(e) collect, manage and administer the National Housing Fund in accordance with the provisions of the National Housing Fund Act;
[Cap. N45.]
(f) do anything and enter into any transaction which in the opinion of the Board is necessary to ensure the proper performance of its functions under this Act.