The Impact of Corruption on Mortgage Development in Nigeria
CHAPTER ONE
OBJECTIVES OF THE STUDY
The following are the objectives of this study:
- To examine the challenges of mortgage development in Nigeria.
- To determine the level of real estate and mortgage development in Nigeria.
- To identify ways to combat corruption to enhance mortgage development in Nigeria.
CHAPTER TWO
LITERATURE REVIEW
CONCEPTUAL FRAMEWORK
Relevant concepts that have bearing on the topic need to be discussed in order to appreciate the topic.
CORRUPTION
There is a belief that corruption can take different form and different dimensions, but there is a widely accepted definition of corruption and it is the one adopted by the United Nations which defined corruption as the abuse of public office for private gains (United Nations Convention against corruption, 2003). Transparency International’s Global corruption Barometer (2010) reported that petty bribery is the most common form of corruption and police are the institution most often reported as recipient of bribes. The police are closely followed by registry and permit services. Other agencies involved in petty bribery are the judiciary, customs, utilities, medical services, education system, land services and tax authorities.
Seldadyo and Haan (2006) defined corruption as the misuse of entrusted authority for private benefit. They concluded that corruption is usually found in the public sector. According to Nye (1967) he said corruption is endemic in all governments. Amundsen (1999) likened corruption to a cancer that eats deep into the cultural, political and economic fabric of the society and destroys the functioning of the vital organs. Corruption study is seen as a multi-disciplinary study, this is because Andrig (1991) defined corruption as a meeting place for research from the various disciplines of the social sciences and history. In economic literatures on corruption, some scholars specialized on the causes of economic corruption while some specialized on the implications of corruption on the economy. Corruption is mostly viewed from social, political, cultural and economic perspectives. Irrespective of the perspective that corruption is viewed, it is usually observed as a menace to the proper functioning of the society. It is a leakage to the workability of the society.
However, discussing corruption without a meaningful solution is of no advantage and there can’t be a meaningful solution without knowing some of the factors that lead to corruption. In an empirical research on the causes of corruption Andving (2000) focused on political institutions, government regulations, legal systems, Gross Domestic Product levels, public sector wages, trade openness, gender, education, religion, ethno-linguistic diversity and other cultural dimension, poverty, as well as the role of colonialism as the causes of corruption. Husted (1999), Paldam (2002), You and Khagram (2004), Shen and Williamson (2005) believed that the causes of corruption are as a result of income distribution and poverty. ATA and ARVAS (2011) Identified inflation as another major cause of corruption.
ATA and ARVAS (2011) mentioned that the implications of corruption were identified as low economic growth and investment.
CHAPTER THREE
RESEARCH METHODOLOGY
Research design
The methodologies used in this research work are, in the main, doctrinal or library research in nature. The doctrinal method of the research, which is mainly theory-based, would enable this writer to consult, refer to, review, study and fill the gaps in the works of authors, contained in textbooks, journals, and the internet. The data collected through library research in which the researcher reads, writes and gathers pertinent information related to the topic of this project. After having information from relate d documents such as international legal instrument, books, scientific journals, and others regarding the main problem as the object of this research, then the researcher tries to make conclusion.
Population of study
The target population for this study comprised of mortgage banks in Nigeria. There is no current document specifying the figure for the total number of mortgage bank in Nigeria, however it suffice to say that there are over 20 in Nigeria.
CHAPTER FOUR
ANALYSIS OF FINDINGS
CASES OF ALLEGED CORRUPTION IN NIGERIA
Case of Mr Dimeji Bankole (Former Speaker Federal House of Representative)
He was alleged to own a N7billion hotel resort being built in Akodo, near the high brow Lekki in Lagos. In addition, to properties in South Africa, the United State of America, Abuja and Abeokuta, he bought the 32 Storey NITEL building in Lagos for N4billion, allegedly in cash.
CHAPTER FIVE
CONCLUSION AND RECOMMENDATION
CONCLUSION
The reason behind acquisition of real properties in corruption allegations is more than availability of free funds. Some societal problems contributed to the reason why corrupt public officers result to acquisition of chains of real properties. Property development requires a huge sum of money and if proper means of finance is not in place or living wage is not being paid it will be difficult if not impossible to achieve the development objective. Also, the government anti-corruption policy is not serving as a deterrent to potential corruptible officers. These and many other factors are the likely factors that encourage corrupt public officers to result to corruption in fulfilling their real estate investment ambition. However, these factors are not conclusive but they were discussed to raise consciousness whenever corruption in the real estate market is being analyzed. Necessary recommendations were made on how to reduce the rate at which chains of real properties are being acquired from proceeds of corruption. In addition, it was also buttressed that the real property market can also serve as a good indicator of corruption like the financial market
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