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.


Title page

Certification i

Dedication ii

Acknowledgement iii

Synopsis v

Table of content vi


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

1.7Locational Plan

1.8 Definition of terms 15


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 Nigeria40

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


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


Data Interpretation and Analysis

4.0 Introduction 62


5.0 Summary conclusion and recommendation 73

5.1 Summary of findings 73

5.2 Conclusion 74

5.3 Recommendation 75




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 


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.


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


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.


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 


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.


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.




Head of bank assurance BDEPARTMENT 








Head of consumer banking   DEPARTMENT

General Manager 

Wealth management  

Assistant manager   

R. officer    

Assistant Product manager     

Product manager     

Senior Manager G.L

Manager Group life

Manager Health

Asst Manager G.L

R. Officer

R. Officer

Head of group Life & health insurance 

Asst Manager Health

Senior Manager Health


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 


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


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)


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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