Section 3: Revocation of licence.

(1) The Minister may, on the recommendation of the Federal Mortgage Bank by order published in the Federal Gazette, revoke any licence granted under this Act-
(a) if the mortgage institution ceases to carry on in Nigeria the type of mortgage business for which it was licenced or goes into liquidation or is wound up or otherwise dissolved; or
(b)
if the mortgage institution fails to fulfill any condition subject to which the licence was granted;
(c) in the circumstances and in the manner where under this Act failure to comply with any provisions thereof is a ground for revocation of the licence.
(2) Where the Minister proposes to revoke any licence in accordance with subsection (1) of this section, he shall before revoking the licence give in writing notice of his intention to the mortgage institution concerned and shall give it an opportunity of making representations and submitting reasons why its licence should not be so revoked.