The Constitution of the Federal Republic of Nigeria 1999 (as amended). The basic law of the country. Section 44 protects property rights and sets the framework within which property may be compulsorily acquired. Section 43 guarantees the right to acquire and own immovable property anywhere in Nigeria. Both have direct relevance to property practice.

The Land Use Act 1978 (Cap L5, LFN 2004). The cornerstone of all property law in Nigeria. Vested all land in the state in the Governor. Created the Certificate of Occupancy system. Requires Governor’s Consent for transfers under section 22. Detailed in Lesson 3.

The Evidence Act 2011. Sets the rules for admissibility of documents — including title documents — in court. Documents must be properly stamped under the Stamp Duties Act to be admissible for many purposes.

The Stamp Duties Act (Cap S8, LFN 2004) as amended by the Finance Act series. Imposes duty on legal instruments including conveyances, mortgages, and leases. Stamping rates are reviewed periodically.

The Mortgage Institutions Act (Cap M19, LFN 2004) and associated CBN Guidelines. Establishes Primary Mortgage Banks and the regulatory framework for housing finance institutions. Defines what a PMB can and cannot do, sets minimum capital under CBN guidelines (currently ₦5 billion national, ₦2.5 billion state).

The Institute of Mortgage Brokers and Lenders Establishment Act 2022. Provides IMBL with its formal statutory basis. Enables mandatory ethics and anti-corruption certification of mortgage practitioners, joint enforcement with other regulators, public advocacy on mortgage sector reform, and statutory protection for the IMBLN designation. Combined with the recently inaugurated Joint Task Committee with the ICPC, this is the cornerstone statute for the Institute’s reform agenda. Detailed in Appendix A6.

The National Housing Fund Act (Cap N56, LFN 2004) as amended. Establishes the NHF and the contribution and lending framework administered by FMBN. Details the 2.5% mandatory salary contribution.

The Federal Mortgage Bank of Nigeria Act (Cap F15, LFN 2004). Establishes FMBN as the federal apex housing finance agency.

The Pension Reform Act 2014 (as amended) and PENCOM Regulations on Residential Mortgage. Enables pension contributors to apply up to 25% of their RSA balance towards a residential mortgage down payment.

The Banks and Other Financial Institutions Act (BOFIA) 2020. Regulates commercial banking, including the mortgage products commercial banks offer. Replaced the older BOFIA 1991.

The Investments and Securities Act 2025 (ISA 2025). Replaced the ISA 2007. Brought digital assets, tokenisation platforms, and crypto exchanges within SEC’s regulatory scope. Updated rules for collective investment schemes, REITs, and capital market intermediaries.

SEC Rules on Issuance, Offering Platforms and Custody of Digital Assets. First issued 2022, expanded under the January 2026 capital framework circular. Sets the licensing and capital requirements for DAXs (₦2 billion), Custodians (₦2 billion), and RATOPs (₦1 billion).

The Companies and Allied Matters Act (CAMA) 2020. Replaced CAMA 1990. Regulates company formation, including Special Purpose Vehicles used in property tokenisation and REIT structures.

The National Building Code 2006, with the 2025 update. Sets minimum design and construction standards for all buildings in Nigeria. Each state adopts and enforces it through its building control agency.

State Urban and Regional Planning Laws. Each state has its own planning law setting up the planning authority (LASPPPA in Lagos, FCT Urban and Regional Planning Tribunal in Abuja, equivalents elsewhere). Defines zoning, density controls, building permits, and use restrictions.

The Environmental Impact Assessment Act. Requires EIA for major projects, including large estate developments above defined thresholds.

The National Environmental Standards and Regulations Enforcement Agency Act (NESREA Act). Sets up NESREA, the federal environmental regulator.

Climate Change Act 2021. Establishes the National Council on Climate Change and requires consideration of climate impact in major development decisions.

The Federal Competition and Consumer Protection Act 2018. Established the FCCPC. Provides consumer rights and recourse against unfair practices including in financial services.

The Money Laundering (Prevention and Prohibition) Act 2022 (MLPPA 2022). Designates real estate agents, developers, and brokers as Designated Non-Financial Businesses and Professions (DNFBPs) under Section 25. Imposes obligations including SCUML registration, Risk-Based Approach documentation, Customer Due Diligence (CDD) with beneficial owner identification to 5% threshold, Enhanced Due Diligence for PEPs and high-risk jurisdictions, designated compliance officer, written compliance manual, and 5-year record retention. Cash payments prohibited above ₦5 million (individuals) / ₦10 million (corporates) except through financial institutions. STR submission to NFIU within 24 hours via the goAML platform. Detailed in Appendix A6 and Lesson 6.

The EFCC DNFBP Regulations 2022. EFCC’s operational rules for AML/CFT supervision of DNFBPs including real estate. EFCC enforcement has intensified — fines reportedly reach ₦1 million per day of continuing contravention for failure to file mandatory reports, plus criminal prosecution (minimum three years imprisonment).

The Terrorism (Prevention and Prohibition) Act 2022. Includes counter-terrorism financing obligations relevant to financial institutions.

The Cybercrimes (Prohibition, Prevention, etc.) Act 2015 as amended. Addresses cyber-related offences, increasingly relevant to property fraud involving digital channels.

The Nigeria Data Protection Act 2023. Sets the framework for personal data protection. Applies to brokers and lenders handling client data.

The Nigeria Tax Act 2025. Consolidated and updated tax framework. Affects property taxation, capital gains on disposals, and mortgage interest deductions.

Each state has additional laws affecting property and mortgage practice. Chapter executives must know their own state’s specific framework. Common categories include:

The Lagos State Real Estate Regulatory Authority Law 2021 (LASRERA Law). Signed into law on 7 February 2022; repealed the 2015 Lagos State Estate Agency Regulatory Authority Law. Established LASRERA as the regulator of real estate agents, brokers, developers, and facility managers operating in Lagos. Sets fit-and-proper criteria (minimum age 18, citizenship/residency, LASRRA number, business office in Lagos, WAEC/GCE/NECO minimum education, three-year Tax Clearance Certificate, CAC business name registration). Permits valid for one year, renewable. Permit categories range ₦50,000–₦55,000 (marketers/brokers) to ₦1,005,000 (housing estate developers). Practising without a valid LASRERA permit is a criminal offence — minimum fine ₦250,000 (individuals) / ₦1,000,000 (corporates). Many other states are expected to follow Lagos’s model.

The Lagos State Land Use Charge Law No. 11 of 2001 (as amended 2018). Consolidated levy replacing tenement rates, ground rents, and neighbourhood improvement charges in Lagos. Assessment based on rateable value of property; applies even to vacant land. Headline rates: 0.394% commercial; 0.132% industrial and mixed residential; 0.0394% owner-occupied residential. 15% discount for payment within 15 days of demand notice. Similar laws in other states (notably Oyo) are emerging.

State Land Use Charge / Property Tax Laws. Lagos’s Land Use Charge Law 2018, FCT Property Tax Regulations, and similar in other states.

State Tenancy Laws. Lagos Tenancy Law 2011, similar in other states. Governs landlord-tenant relations.

State Mortgage Foreclosure Procedures. Some states have specific procedures supplementing the general Mortgage Institutions Act provisions.

State Estate Surveyor Registration. State chapter rules and registers, alongside ESVARBON’s federal regulation.

A chapter executive who can name the relevant state-level statute when a question arises is one who has done the homework.

IMBLN Code of Ethics for Members. Covered in detail in Appendix Lesson A1.

NIESV Professional Practice Code. Binding on registered estate surveyors and valuers.

Nigerian Banking Code of Practice. Voluntary code adopted by Nigerian banks committing to specific standards in customer dealings.

International Mortgage Banking Standards. Increasingly referenced by NMRC and the CBN as benchmarks for Nigerian PMB practice.

Global Reporting Initiative (GRI) and TCFD frameworks. Increasingly referenced by green mortgage lenders.

Laws change. The text you quote today may be outdated next year. Reliable sources:

• National Assembly Journals and Gazettes for federal laws and amendments
• CBN circular index (published on cbn.gov.ng) for banking and mortgage regulations
• SEC rule index (sec.gov.ng) for capital market rules
• State Ministry of Justice publications for state laws
• Law Pavilion, Nigerian Law Online, and LawNigeria as commercial databases (subscription)

When a serious legal question arises, you direct the matter to a qualified solicitor with access to current case law and statute. Your job is to know enough to recognise the question, not to answer it definitively.

• The expanded N100 billion FMBN off-take guarantee programme operating rules
• Implementation of the January 2026 SEC capital framework for digital assets
• The Mortgage Banking Reform Bill currently in National Assembly committee
• The Renewed Hope Cities and Estates Programme operational framework
• Updates to the National Building Code 2025
• The proposed amendment to the Land Use Act being discussed in National Assembly
• The CBN cNGN stablecoin sandbox progression

Chapter executives should follow these and feed observations from their state into the national office.

1. What is the constitutional basis for property rights in Nigeria, and which section guarantees the right to acquire property?
2. What does the Mortgage Institutions Act establish, and what is the current minimum capital for a national PMB?
3. What did the ISA 2025 change about digital asset regulation?
4. What is the role of NESREA and EIA in property development decisions?
5. Why should a chapter executive be careful about quoting law from memory in serious matters?

— End of Appendix Lesson A3 —

Next: Appendix Lesson A4 — Key Institutions and Contacts