SECURITIES FOR BANK LENDING: PERSPECTIVES UNDER NIGERIAN LAW.
Bank lending transactions deal solely with matters that are related with security for advancement. The importance of security in bank lending can not be over-emphasised in business relationship between both banker and customers, in present day Nigeira. The economy has virtually collapsed or has reached a point of total collapse. Many banks are distressed currently due to the state of the economy, those that have not wound up are struggling to survive and are increasingly finding it difficult to stay on board. Rising inflation cripples both individual banks and financial institutions. These coupled with very poor wages and extreme pressure on the economy, everyone is searching for an alternative source of money. Some to shore up a collapsing business, others expand an existing one or to start a new project. The need to secure these loans has become imperative. The sole objective of this thesis is to bring the law relating to security for banks lending under Nigeira law, in work for easy reference. There are five chapters in this thesis. The first is a general introduction, covering the definition and the various type of securities demanded by Nigerian banks, background and meaning of securities and its general outlooks. Chapter Two deals with land, mortgage, its meaning and use as security. It deals with both legal and equitable mortgage, the form of security that may be created in mortgages. The third chapter discuss’s guarantees, its features, and its termination. It include a discussion on securities generally. Chapter Four treats issues such as choses in action, shares, life assurance policies, stocks, and implications to the lender in the event of a breach by the borrower. Chapter Five is the concluding chapter and it deals with problems of the bank, solutions to the problems and the possible reforms which are desirable to sanitise the Industy.