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CHAPTER ONE INTRODUCTION
1.1 Background to the study
Performance of a corporation whether profit or non-profit making is of great importance as it
serves as an indicator of a healthy economy of a nation (Almajali, Alamro & Al-Soub, 2012).
According to Iswatia and Anshoria (2007), performance is the function of the ability of an
organisation to gain and manage its resources in several ways to develop competitive
advantage. The performance of Primary Mortgage Banks (PMBs) in the economy is usually
of major concern to most governments, because PMBs play a significant role in the mortgage
sector by serving as the primary lenders in the sector. The sector’s contribution to Gross
Domestic Product (GDP) stood at 0.5 percent (Kumo, 2014). Furthermore, stakeholders in the
housing finance sector are of the view that the sector can contribute up to 10 percent of GDP
if more attention is given to mortgage market (Azuh, 2013).
Primary Mortgage Banks (PMBs) are licensed by Central Bank of Nigeria (CBN) and
Federal Mortgage Bank of Nigeria (FMBN) to operate as a mortgage outfit that will
collect deposit and support individuals and corporations in meeting their housing needs
(CBN, 2007). In addition, it serves as financial intermediaries in housing finance sector.
These banks operate under the coffers of the National Housing Fund (NHF). NHF (now
National Housing Trust Fund) was promulgated by Decree No.3 of 1992, and conferred
with the responsibility of facilitating the constant flow of low cost funds for long term
investment on housing, to nurture and maintain a stable base for affordable housing
finance and to provide incentives for the capital market to invest in property development
(Latinwo, 2002 and Sanusi, 2003). According to Adedokun, Akinradewo, Adegoke and
Abiola-Falemu (2011), it is in recognition of finance in housing delivery that warrants the
setting of PMBs to facilitate the delivery, being the sole intermediary between the FMBN
(apex lending institution in housing matters) and the mortgagors in disbursing the
proceeds of NHTF.
Housing plays a pivotal role in growth and national development as it directly affects not
only the well-being of the citizenry, but also the performance of other sectors of the economy
(Adedeji, 2005). Housing has been universally accepted as the second most important
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