ABSTRACT
These tends to overview the
relevance and impact of primary mortgage institution in housing delivery in
Nigeria (a case study of jubilee life saving and loan limited) is used for the
assessment in which primary mortgage
institution in land financing and housing delivery will be the main
focus of this project desertification.
However,
housing provision cannot be easily succeed without the support of other
branches of forms of housing finance, since finance is the main tools used in
carrying out housing and its provision and that is why the primary
mortgage institution is to be over view in housing delivery in
Nigeria.
TABLE OF CONTENT
Title page
Certification i
Dedication ii
Acknowledgement iii
Synopsis v
Table of content vi
CHAPTER
ONE
1.0 Introduction 1
1.1 Statement of the problem 2
1.2 Aim and Objective 4
1.3 Significance of the Study 5
1.4 Scope of the study 6
1.5 Limitation of the study 6
1.6 Study area 7
1.7 Locational Plan
1.8 Definition of terms 15
CHAPTER
TWO
2.0 Conceptual theoretical
framework and literature review 16
2.1 Conceptual Theoretical Framework 16
2.2 Concept of housing delivery 18
2.3 Forms of housing provision 20
2.4 History of housing provision in Nigeria 22
2.4.1 The 1st national development plan period 22
2.4.2 The 2nd national development plan period 23
2.4.3 The 3rd national development plan period 25
2.4.4 The 4th development plan period 27
2.4.5 The 1st national rolling plan period 28
2.4.6 National housing programme 30
2.4.7 Current housing delivery approach 31
2.5 Affordable housing scheme 33
2.6 Housing need in Nigeria 35
2.7 Overview of housing
Finance arrangement in Nigeria 40
2.2.7 Insurance companies 41
2.7.3 Specialized institution 42
2.7.4 State/Municipal Government financing 42
2.7.5 The federal mortgage bank 43
2.7.6 Primary mortgage institution 43
2.7.7 The federal mortgage finance limited 44
2.7.8 National Housing fund 45
2.7.9 Cooperative society 49
2.8 housing needs/requirement 49
2.9 The problems of housing delivery in Nigeria 50
2.9.1 The primary mortgage institution in Nigeria 54
2.9.2 Function of primary mortgage institution
CHAPTER
THREE
3.0 Research methodology 57
3.1 Research design 57
3.2 Data types and source 57
3.3 Instrumentation for data collection 58
3.4 Sample frame size and sample 59
3.4.1 Sample frame 59
3.4.2 Sample size 59
3.4.3 Sampling procedure 59
3.5 Method of data collection 60
3.6 Method of data analysis 60
CHAPTER FOUR
Data
Interpretation and Analysis
4.0 Introduction 62
CHAPTER
FIVE
5.0 Summary conclusion and recommendation 73
5.1 Summary of findings 73
5.2 Conclusion 74
5.3 Recommendation 75
Reference 77
CHAPTER
ONE
1.0 INTRODUCTION
Housing which can be defined as collective structures in
which mankind is housed and where he carries out his daily economic, social and
commercial activities, which encompass
man’s immediate physical surrounding services, facilities and all available
social amenities. Provision of housing has been a major
challenge since the 21st century to all sovereign states across the
world. Adequate housing provision has
been hindered over the years, by various factors which ranges from restricted
access to land which is due to land
speculation practices, unavailability of soft loans, low level of income,
economic instability, poor maintenance culture, mismanagement of public funds,
natural disaster among other vices. Hence, various communities and sovereign
states across the world have made controlled and concrete efforts in the
provision of housing, housing policies, monitoring institution, land reforms,
territory laws e.t.c to guarantee and enhance the continuous provision of
housing units in their respective territories. This research is to adequately
study the activities, efforts challenges and impact of one of such housing agencies
in urban city of Ibadan Nigeria
1.1 STATEMENT
OF THE PROBLEM
Housing
is recognised as man’s basic need, it remains one of the most persistent and serious problem facing
people in every society. However, provision has been one of the paramount
concerns of policy makers in the various countries across the world in recent
times. Despites all efforts couples with circulated, well planned and excellent
housing policies over the years, there has been a reoccurrence of the problem of
housing shortage and insufficient within our society.
It
is also pertinent to look into the factors responsible for persistent to look
into the factors responsible for persistent housing problems facing people most
especially in developing nation like Nigeria. These factors are
I. High cost of building materials
II. Level of urbanization
III. High
construction rates
IV. Unavailability of adequate finance
V. High birth rate resulting into
overpopulation in the urban centre
VI. Poor implementation of housing policy
It
is on the strength of this situation that this appraised the government
institution on housing development in Ibadan
but despite the fact that the efforts were made in favour of urban centre, that
is of primary mortgage intends to examine the contribution of primary mortgage
institution in solving housing problems in our urban centers and access the
problems they encountered.
1.1
AIM
AND OBJECTIVES
The
research aim at examining the contribution of cooperative saving and loans
limited in the provision of housing
The
following objectives will be revised in order to achieve the aim;
i.
To access the no of houses constructed
through the primary mortgage institution
ii.
To access the condition attached to loan
granted
iii.
To identify the problems encountered by
savings and loan limited
iv.
To provide
recommendation to the problems
1.2
SIGNIFICANCE
OF THE STUDY
The
research study will highlight various challenges which primary mortgage
institution faces in the provision of mortgage loan in the case study area.
Also it will access the impact and efforts of coop savings and loan limited in
housing delivery provision in Ibadan.
Therefore
research work will proffer solution to
a. Low
level of awareness of the activities of primary mortgage institution in Nigeria
society
b. Shortage
of adequate housing facilities
c. Uneven
distribution of primary mortgage institution across Nigeria
d. And
other various difficulties encountered by loan applicants in the course of
seeking loan facility.
1.3
SCOPE
OF THE STUDY
The
major focus of the study is to examine the process and how housing units are
being provided in Ibadan metropolis with the help of cooperative savings and
loans limited (PMI) through the
national housing funds (NHF)
provided by the federal mortgage bank of Nigeria (FMBC)
Ibadan
metropolis is chosen because of the researchers familiarity with the city and
coop savings and loan limited as a case study because one of the notable
primary mortgage institution in Ibadan
1.4
LIMITATION
OF THE STUDY
It
was the intention of the writer to give a comprehensive research work but
during the course of this study, some constraints were encountered.
Apart
from the problem of funds, another major set back in the production of this
work is the lack of time. It was really a strenuous and frustrating experience
combining normal classroom work with the preparation of this dissertation
The
availability of information was also a bad experience.
1.5
STUDY
AREA
Ibadan
(Yoruba: Ibadan or fully Ilu Eba-Dan) The town at the junction of the savannah
and the forest) is the capital city of Oyo state and the third largest city in
Nigeria by population after Lagos and port-Harcourt, according to the 2006
Nigerian census. Ibadan is also largest in geographical area in Nigeria.
At
independence, Ibadan was the largest and the most populous city in Nigeria and
the third in Africa after west cairo and Johannesburg. It is located in south
western Nigeria, 128km inland northeast of Lagos and is a prominent transit
point between the coaster region and the areas to the point between the coaster
region and the areas to the north. Its population is 1,338,659 according to
census results for 2006. Ibadan had been the centre of administration of the
old western region since the days of the British colonial rule, and parts of
the city’s ancient protective walls still stand to this day. The ancient
inhabitants of the city are the Yoruba people.
Co-operate
savings and loan limited was incorporated under mortgage institution degree No
53 of the 1989 7th December, 1992 as coop mortgage finance company
limited with a capital share of N 5
million began operation in 1994. In 1994. In 1996 the name was changed to coop
building society limited to further elucidate her function in line with the
aspirations coop investment and trust society limited (Herowner).
In
1999, the feelers that the public was yet to grasp the expected function of the
company becomes lightened and the name was further changed to coop savings
company were carried out its 7th day Adventist road headquarter
while her 3 branches namely Ibadan , respectively.
Part
of the objectives of the owners of the company is to serve as an avenue to
mobilize deposits from surplus for on lending to individual and cooperate
bodies to enhance the development of houses and to encourage private sector
participating in housing development in Nigeria.
Thus
coop savings and loans limited was established in line with primary mortgage
institution degree No 53 of 1989 and since then been performing the function of
construction of houses and financing housing construction in Nigeria
With
initial capital of N 5, Million, the
company can boast of the present share capital of N 150 million out of which the capital was N 100,000 only, the current portfolio was N 270 million while the total asset portfolio was N 490 million as at June 2006.
It
is observed in all million as the primary mortgage institution that the 3 types
of loan granted are as follows
1. Social loan:- these
are advance for only owner occupier of residential home. On this type of loan
the national housing fund stipulated that interest rates should not be more
than 9%
2. Commercial loan:-
this are loan advanced for commercial purpose only, examples are loans on
vehicles, offices spaces market e.t.c the interest must be between 7% and 12%
depending on the mortgage institution.
3. Land loans:- this
loan is majorly advanced for the purchase of the land for far development
interest rate was specified.
NO
OF APPLICATION GRANTED
|
Types of loan
|
2009
|
2010
|
2011
|
2012
|
|
Commercial loan
|
140
|
10
|
15
|
21
|
|
Social loan
|
126
|
12
|
85
|
52
|
|
Land loan
|
-
|
-
|
127
|
103
|
|
Grand total
|
266
|
22
|
222
|
176
|
Source:Coop savings and loan limited. J une 2013.
According
to the representation, year 201 has the lowest approved grand total of 22 while
2009 has the highest approved and 2011 and 2012 approved was 222 and 176 out of
the processed application
METHOD
OF APPLICATION
Application
must be made through coop life savings and loan limited and Meristem security
i.
An application must be made on the
official application form
ii. Subscription
will commence from Monday, January 19, 2009 to march 20, 2009. Application must
be made for a minimum of 10,000 share for which application is made and the
full payment due in respect thereof by cheque or bank draft should be entered
in the boxes provided
iii. Every
application or joint application (as may be applicable) must write his or her
full name, address and occupation on the application form. An application from
a corporation must bear its seal and completed under the hand (s) of a dully authorized official (s) who should
state his (their) designation
iv. An
application from a person or provident fund must be in the name of each
individual trustee unless the trustee is a limited liability company
CONDITION
ATTACHED
1. Application
must be made only on the private placement application form
2. The
application form when completed should be forwarded directly to jubilee- life
savings and loans limited marina old Kingsway building 2nd floor.
PMB 12970, Lagos or meristem securities limited.
3. Application
must not be less than the minimum units of shares and the multiples stated on
the application form. The number of shares for which application is made and
the amount of cash, cheque or bank draft attached should be entered in the box
provided.
4. The
application should make only application, whether in his own name or in the
name of a nominee. Multiple or suspected multiple applications will be rejected.
5. Joint
applications must sign the application form
6. An
application from a cooperation must bear the cooperation seal and be completed
under the hand of a duly authorized official (s) who should also state his or
their designation (s)
1.6
DEFINITION
OF TERMS
Housing:-
Is
defined as shelter or structures of dwelling which include residential
environment, neighborhood, micro district provided with all necessary services
and facilities equipment useful for man’s living.
Development:
- this
is the carrying of an operation or construction work which is associated with a
change in the use of land or with a re-establishment of existing use such as
alteration, erection or re-erection of building roads and sewage e.t.c
Developers:
- this
could be an individual corporation or institution or group of individual of
engineering or building works. Developers can be grouped into two namely
private and public developers.
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