News
HOW MORTGAGES WORK IN NIGERIA by Dennis Isong

Potential borrowers assess their financial status, calculate affordability, and choose a suitable mortgage type.
Mortgages play a pivotal role in the real estate sector, allowing individuals and families to own homes without the need for substantial upfront payments.
In Nigeria, as in many countries, mortgages are a common means of financing homeownership.
This article aims to provide a comprehensive overview of how mortgages work in Nigeria, covering the key aspects, processes, and considerations.
- Types of Mortgages in Nigeria
In Nigeria, there are various types of mortgages available to suit different needs and financial situations. The most common types include:
a. Home Purchase Mortgage: This is the traditional form of mortgage used for buying a new home or property.
b. Home Equity Release Mortgage: This allows homeowners to access the equity in their property to meet other financial needs.
c. Construction Mortgage: Designed for those building their homes, this type of mortgage provides funds in stages during construction.
d. Refinancing Mortgage: Allows homeowners to replace an existing mortgage with a new one, often with better terms. - Mortgage Providers
Mortgages in Nigeria are typically provided by banks, mortgage banks, and other financial institutions. Some of the well-known mortgage banks in Nigeria include the Federal Mortgage Bank of Nigeria (FMBN), which focuses on affordable housing, and commercial banks like Zenith Bank, First Bank, and GTBank. - Eligibility Criteria
To qualify for a mortgage in Nigeria, individuals must meet certain eligibility criteria, which may include:
- Proof of regular income
- Good credit history
- Down payment capability
- Legal age (usually 18 years or older)
- Nigerian citizenship or legal residency
- The Mortgage Application Process
The mortgage application process in Nigeria involves several steps:
a. Prequalification: Potential borrowers assess their financial status, calculate affordability, and choose a suitable mortgage type.
b. Documentation: Applicants provide necessary documents such as proof of income, identification, and property details.
c. Property Valuation: The lender evaluates the property’s value to determine the loan amount.
d. Credit Assessment: Lenders assess the borrower’s creditworthiness by reviewing credit reports and history.
e. Approval and Disbursement: Upon approval, the mortgage is disbursed, and the borrower takes ownership of the property. - Mortgage Terms and Conditions
Mortgages in Nigeria typically have terms ranging from 10 to 25 years. Interest rates can be fixed or variable, and the repayment structure can be monthly, quarterly, or annually. - Mortgage Insurance
Mortgage insurance is often required, especially for mortgages with smaller down payments. This insurance protects the lender in case the borrower defaults on the loan. - Repayment and Default
Borrowers must make regular payments to avoid default. Defaulting on a mortgage can result in the lender repossessing the property, so it’s essential to honor the repayment schedule. - Government Initiatives
The Nigerian government has introduced several initiatives to promote affordable housing and increase access to mortgages. The FMBN, for instance, offers the National Housing Fund (NHF) scheme, which provides affordable mortgage loans to contributors. - Tax Implications
It’s important for prospective homeowners in Nigeria to be aware of the tax implications associated with mortgages. Mortgage interest paid on a primary residence is often eligible for tax deductions, which can help reduce the overall cost of homeownership. Tax laws and regulations may vary, so consulting with a tax professional is advisable. - Benefits of Mortgages in Nigeria
Owning a home through a mortgage in Nigeria offers several advantages:
a. Asset Appreciation: Real estate in Nigeria generally appreciates over time, potentially increasing the value of your investment.
b. Forced Savings: Paying a mortgage every month encourages disciplined saving, as a portion of each payment goes toward building home equity.
c. Housing Security: Homeownership provides stability and security for you and your family.
d. Investment Opportunity: Owning property can open doors to real estate investment and rental income.
e. Access to Government Schemes: Many government initiatives and incentives are designed to make homeownership more accessible, particularly for low and middle-income earners. - Challenges and Risks
While mortgages offer numerous benefits, they also come with potential challenges and risks:
a. Interest Rate Fluctuations: Variable interest rates can lead to fluctuations in monthly payments, impacting borrowers’ budgets.
b. Economic Factors: Economic downturns can affect borrowers’ ability to make mortgage payments, leading to defaults.
c. Property Market Volatility: Real estate markets can be unpredictable, potentially affecting property values.
d. Legal and Documentation Complexities: Navigating the legal and documentation requirements of mortgages can be complex and time-consuming.
e. Default Consequences: Defaulting on a mortgage can result in foreclosure and the loss of the property. - Expert Advice
Before embarking on the mortgage application process in Nigeria, it’s advisable to seek expert advice. Consult with financial advisors, real estate professionals, and legal experts to ensure you make informed decisions that align with your financial goals and circumstances.
▪︎Dennis Isong is a TOP REALTOR IN LAGOS.He Helps Nigerians in Diaspora to Own Property In Lagos Nigeria STRESS-FREE. For Questions WhatsApp/Call 2348164741041
News
BREAKING: Tinubu swears in Amupitan as new INEC Chair

President Bola Tinubu has officially sworn in Professor Joash Amupitan as the new Chairman of the Independent National Electoral Commission (INEC). The ceremony followed the Senate’s confirmation of Amupitan’s appointment last week after a rigorous screening session on October 16.
At the swearing-in, President Tinubu tasked Amupitan with safeguarding the integrity of Nigeria’s elections and strengthening INEC’s institutional capacity.
“As the chairman of INEC, your nomination and confirmation reflect the confidence reposed in you by both the executive and legislative arms of government. This marks the start of a challenging yet rewarding journey, and I trust you will approach your duties with integrity, dedication, and patriotism,” Tinubu said.
Highlighting Nigeria’s democratic progress over 25 years, the President emphasized the need for continuous innovation and reform to maintain free, fair, and credible elections. He urged Amupitan to ensure transparency and public trust throughout the entire electoral process—from voter registration and campaigning to voting and counting.
Amupitan, a professor of law and Senior Advocate of Nigeria (SAN), arrived at the State House on Thursday dressed in traditional white agbada and gold cap ahead of the formal ceremony. He was accompanied by presidential aides.
During his Senate screening, the 58-year-old nominee pledged to restore credibility to Nigeria’s electoral process by prioritizing reforms, including strengthening the Electoral Act to resolve inconsistencies in election timelines and enhance transparency.
“We must conduct elections where even the loser congratulates the winner fairly,” Amupitan told senators, emphasizing the need to rebuild voter confidence.
He also clarified his neutrality by denying any involvement in President Tinubu’s legal team during the 2023 Presidential Election Petitions Court, stating, “I never appeared before the Presidential Election Tribunal or the Supreme Court for any party.”
Amupitan succeeds Professor Mahmood Yakubu as the sixth substantive INEC chairman since the commission’s establishment. He is expected to immediately begin the transition process at INEC headquarters in Abuja following his swearing-in.
Profile
Born on April 25, 1967, the 58-year-old Amupitan hails from Ayetoro Gbede in Ijumu Local Government Area of Kogi State. He is a Professor of Law at the University of Jos, Plateau State. He is also an alumnus of the university.
He specialises in Company Law, Law of Evidence, Corporate Governance and Privatisation Law. He became a Senior Advocate of Nigeria in September 2014.
After completing primary and secondary education, he attended Kwara State Polytechnic, Ilorin, from 1982 to 1984, and the University of Jos from 1984 to 1987. He was called to the bar in 1988.
Amupitan earned an LLM at UNIJOS in 1993 and a PhD in 2007, amid an academic career that began in 1989, following his National Youth Service at the Bauchi State Publishing Corporation in Bauchi from 1988 to 1989.
He currently serves as the Deputy Vice-Chancellor (Administration) at the University of Jos, a position he holds in conjunction with being the Pro-Chancellor and Chairman of the Governing Council of Joseph Ayo Babalola University in Osun State.
Among the academic positions he has held at UNIJOS are: Chairman of the Committee of Deans and Directors (2012-2014); Dean of the Faculty of Law (2008-2014); and Head of Public Law (2006-2008).
Outside of academics, Amupitan serves as a board member of Integrated Dairies Limited in Vom, a member of the Nigerian Institute of Advanced Legal Studies Governing Council, and a member of the Council of Legal Education (2008-2014), among other roles. He was a board member of Riss Oil Limited, Abuja(1996-2004).
Amupitan is the author of many books on law, such as Corporate Governance: Models and Principles(2008); Documentary Evidence in Nigeria (2008); Evidence Law: Theory and Practice in Nigeria(2013), Principles of Company Law(2013) and an Introduction to the Law of Trust in Nigeria (2014).
He is married and has four children.
Business
Dangote denies owning truck that killed eight in Ondo accident

Dangote Group has denied owning the truck that crushed a pregnant woman, a child, and six others to death in an accident in Akungba-Akoko, Akoko South-West Local Government Area of Ondo State.
The company issued the clarification in a statement on its X account on Wednesday.
The statement followed reports that a cement-laden truck suffered brake failure and rammed into traders and other road users.
Reacting, Dangote Group said the truck involved in the tragic incident does not belong to the group or any of its subsidiaries.
It added that vehicle registration records confirm the truck is owned and operated by an independent logistics company with no affiliation to Dangote Group.
“Dangote Group has refuted reports circulating on social media and in some online platforms linking it to a truck involved in a road accident in Akungba-Akoko, Akoko South-West Local Government Area of Ondo State.
“The company wishes to make it categorically clear that the truck involved in the unfortunate incident does not belong to Dangote Group or any of its subsidiaries.
“Verified vehicle registration details confirm that the truck with Plate No. JJJ 365 XB is owned and operated by an independent logistics company with no affiliation to Dangote Group,” the statement reads.
News
VIDEO: Sowore Arrested at Federal High Court Premises, Abuja, After Meeting Nnamdi Kanu.
“The commissioner of police said we should bring you to the office,” the policeman said.

Police operatives have arrested former presidential candidate and human rights activist, Omoyele Sowore, in Abuja, the nation’s capital.
Sowore was forcibly taken away by armed police officers from the Federal High Court premises in Abuja on Thursday, October 23, 2025, shortly after attending the court session of detained IPOB leader Nnamdi Kanu.
Sowore, who has been leading campaigns for Kanu’s release, was confronted by security operatives who insisted he accompany them to the Federal Capital Territory (FCT) Police Command.
Eyewitnesses disclosed that the officers surrounded him moments after he exited the courtroom, refusing to disclose specific details about his alleged offence.
When questioned by onlookers, one of the policemen stated that they were acting on the directive of the FCT Commissioner of Police.
“The commissioner of police said we should bring you to the office,” the policeman said.
As of the time of filing this report, the reason for Sowore’s arrest and his current whereabouts remain unclear.
Credit: Punch
-
Crime2 days ago
Indonesia to Repatriate British Grandmother on Death Row, Says Official
-
News2 days ago
Customs Launch Digital Vehicle Verification Platform to Combat Smuggling
-
News2 days ago
Moniepoint Managers Break Silence on $200M ‘Miraculous’ Fundraise Backed by DPI, Google, Visa, IFC & LeapFrog
-
Crime3 days ago
Bauchi: Boy,17, plucks sister’s eyes for money ritual
-
Sports3 days ago
Glasgow Rangers appoint Rohl as new manager
-
Business2 days ago
How to Market and Sell Real Estate in Nigeria as a New Agent
-
Sports3 days ago
Dembele returns for PSG after six weeks out
-
Business4 hours ago
Dangote denies owning truck that killed eight in Ondo accident