(2022)
SECTION 1
(1) There is established the Institute of Mortgage Brokers and Lenders of Nigeria (in this Act referred to as “the Institute”).
(2) The Institute —
(a) shall be a body corporate with perpetual succession and a common seal;
(b) may acquire, hold and dispose of any property, moveable or immovable; and
(c) may sue or be sued in its corporate name.
Establishment of the Institute.
SECTION 2
The functions of the Institute are to —
(a) determine the standards of knowledge and skills to be attained by persons seeking to become members of the profession and reviewing such standards as may be required;
(b) secure and maintain a register of members and the publication of same in accordance with the provisions of this Act;
(c) promote research and development of curricula of training of mortgage brokers and lenders;
(d) provide consultancy services in appropriate cases;
(e) arrange conferences, seminars, symposia and meetings;
(f) carry out such functions that are intended to facilitate the achievement of the objects contained in this Act; and
(g) perform all other functions conferred on the Council under the provisions of this Act.
Functions of the Institute.
SECTION 3
The Institute has power to do all things necessary and convenient to be done in connection with the performance of its functions and in particular, may —
(a) enter into contracts;
(b) charge fees for its services;
(c) make regulations for the conferment of charter;
(d) make penal regulations; and
(e) have the power to award honorary membership of the Institute to persons it deems worthy of such honour on terms and conditions prescribed by the Council and approved by the Institute in a general meeting.
Powers of the Institute.
SECTION 4
(1) There is established a Governing Council for the Institute charged with the administration and management of the Institute, whose membership shall consist of
(a) the President, elected by members of the Council amongst themselves;
(b) the Vice-President, elected by members of the Council amongst themselves;
(c) two persons to be appointed by the Minister;
(d) six persons to be appointed by the Institute; and
(e) an immediate past President of the Institute who is entitled to serve for a further maximum term of three years from the expiration of his tenure as President.
(2) The President and the Vice shall hold office for a term of two years from the date of their elections.
(3) The President shall preside at meetings of the Council, and in his absence, the Vice-President shall preside.
(4) The provisions set out in the Schedule to this Act shall have effect, with respect to operation, qualification, tenure of office of members of the Council and other matters mentioned in it. [Schedule]
Establishment of Governing Council and management.
SECTION 5
(1) The Council shall appoint the Registrar who shall be the chief executive officer of the Institute.
(2) A person appointed as the Registrar must have served the Institute for a term not less than two years preceding the date of his appointment.
(3) The Registrar shall prepare and maintain in accordance with the rules and regulations made by the Council, a register of—
(a) names,
(b) addresses,
(c) approved qualifications, and other particulars of all persons who are entitled to be enrolled as fellows, members, associates or registered students and who, in the manner prescribed by such rules apply to be so registered.
Appointment of Registrar, and preparation of register.
SECTION 6
(1) The Registrar shall be the Secretary to the Council and shall keep minutes of proceedings at all meetings of the Council.
(2) The Registrar shall —
(a) in accordance with the directions of the Council, correct any entry in the register which the Council directs him to correct as being in the opinion of the Council an entry which was incorrectly made;
(b) make any necessary alterations to the particulars of registered members;
(c) record the names of the registered members who are in default for more than six months in the payment of annual subscriptions; and
(d) remove the names of defaulters from the registers as the Council may direct or require.
Functions of the Registrar.
SECTION 7
(1) The Council may, on the recommendation of the Registrar appoint such other staff as it may consider necessary to assist the Registrar in the discharge of his duties.
(2) The employment of the Registrar and other staff shall be pensionable, in accordance with the terms and conditions of service in the Public Service of the Federation.
Other staff of the Institute.
SECTION 8
Subject to the provisions of this Act, persons admitted to membership of the Institute shall be registered members of the profession in the category of—
(a) Fellows;
(b) Members;
(c) Corporate Member;
(d) Graduate or Associate Members; and
(e) Student Members.
Membership of the Institute
SECTION 9
The Council may by regulations provide for the —
(a) manner of making entries in the register;
(b) manner of application for enrolment or registration in the register; and
(c) fees, including annual subscriptions payable to the Institute.
Regulations
SECTION 10
The Registrar shall —
(a) cause the register to be printed and published not later than two years from the coming into effect of this Act;
(b) thereafter in each year after the register is first published under paragraph (a), cause to be printed, published and put on sale a corrected edition of the register;
(c) cause a print of each edition of the register and of each list of corrections to be deposited at the principal office of the Institute; and
(d) make the register and lists so deposited available at all reasonable times for inspection by members of the public.
Publication of the register and list of correction.
SECTION 11
A print of an edition of the register published under this section by the Registrar (without prejudice to any other mode of proof) shall be admissible in any proceeding as evidence that any person specified in the register was so registered at the date of the edition, and that any person not so specified was not so registered.
Evidence of registration by the Institute of Mortgage Brokers and Lenders.
SECTION 12
(1) A person shall be entitled to be registered as a member of the Institute if—
(a) he passes the qualifying professional examination conducted by the Council and completes the practical training prescribed; or
(b) he holds a qualification accepted by the Council as sufficient practical experience in mortgage brokerage and lending;
(c) he holds a qualification granted outside Nigeria which is recognised by the Council and he is by law entitled to practice the profession for all purpose in the country in which the qualification was granted.
(2) An applicant for registration shall in addition to evidence of qualification, satisfy the Council that —
(a) he is of good character;
(b) he had attained the age of 18 years; and
(c) he has not been convicted in Nigeria or elsewhere of an offence involving dishonesty.
(3) The Council may, provisionally accept a qualification produced in respect of an application for registration under this section, or direct that the application be renewed within such period as may be specified in the direction.
(4) An entry made under subsection (3), shall show that the registration is provisional and such entry may only be converted to full registration with the consent of the Council, signified in writing.
Qualification for membership.
SECTION 13
The Council shall, periodically publish in the Federal Government Gazette particulars of qualifications acceptable for registration.
Publication.
SECTION 14
(1) Members admitted to the Institute shall be registered as Chartered Mortgage Professionals, Chartered Mortgage Lenders, Chartered Mortgage Brokers, Chartered Estate Brokers, Certified Mortgage Agents and Certified Estate Agents in the categories of—
(a) Fellows, for Chartered Mortgage Professionals only;
(b) Members, for Chartered Mortgage Lenders, Chartered Mortgage Brokers, Chartered Estate Brokers only;
(c) Associate Members, for Certified Mortgage Agents and Certified Estate Agents only; or
(d) Students Members.
(2) Persons accorded by the Council the status of Institute of Mortgage Brokers and Lenders, shall be entitled to the use of that name and shall be enrolled as —
(a) Fellows, if they are at least 35 years of age and — (i) have 10 years relevant work experience in a public organisations, (ii) have, for at least three years in the past 10 years, held relevant senior appointments in a public organisation, (iii) are holders of the professional qualifying certificate of the Institute, and (iv) are otherwise considered by the Council to be fit and proper persons to be so enrolled;
(b) Corporate Members, if they have at least two years practical experience from an organisation or corporate body related to morgage brokerage and lending within Nigeria.
(c) Graduate or Associate Members, if they are 21 years of age or above and (i) have passed the professional qualifying examination of the Institute or any equivalent examination recognised by the Institute, or (ii) have at least five years relevant work experience in a mortgage industry; and
(d) Students, if they are 18 years of age or above and have passed with credits, West African School Certificate or General Certificate Examination Ordinary-Level, Senior Secondary Certificate Examination or their equivalents in five subjects at not more than two sittings.
Designation of members
SECTION 15
The designatory letters of the —
(a) Fellows of the Institute shall be “FIMBLN”;
(b) Corporate Member of the Institute shall be “CI MB LN”;
(c) Graduate or Associates members of the Institute shall be “GMIMBLN”; and
(d) Student Member of the Institute shall be “SIMBLN”
Designatory letters.
SECTION 16
The Council may approve any course of training at any approved Institute which is intended for persons seeking to become or are already engaged in mortgage lending, mortgage brokerage, estate brokerage and related activities considered as being designed to confer on persons completing it sufficient knowledge and skill for admission into the Institute.
Approval for qualification.
SECTION 17
(1) The Council shall keep itself informed of the nature of —
(a) instructions given at approved institutions to persons attending approved courses of training; and
(b) examination, the result of which qualifications are granted, and for the purpose of performing that duty, the Council may appoint, either from among its own members or otherwise, persons to visit approved institutions to observe such instructions or examinations.
(2) The persons appointed under subsection (1) shall report to the Council on the sufficiency or otherwise of the instructions given to persons attending approved courses of training at institutions visited by them.
Supervision of instructions.
SECTION 18
The President and Registrar shall be the joint signatory to certificates awarded by the Institute.
Signatory to certificates.
SECTION 19
The Council shall establish and maintain a Fund, to be applied towards the functions of the Institute into which shall be paid —
(a) all fees, and other money payable to the Institute under this Act;
(b) all grants, aids and solicited funds received for the Institute;
(c) proceeds from programmes and activities; and
(d) ail revenue from other sources both locally and internationally.
Funds for the Institute.
SECTION 20
There shall be defrayed from the Fund —
(a) the remuneration and allowances of the Registrar and other employees of the Institute;
(b) such reasonable travelling allowance (as determined by the Council and its Committees) incurred in the business or official functions of the Institute; and
(c) any expense incurred by the Council in the discharge of its duties.
Expenditure
SECTION 21
(1) The Council shall keep proper records of the annual accounts of the Institute in each financial year.
(2) The accounts of the Institute shall be audited within six months after the end of each financial year by auditors appointed by the Council and the fees of the auditors and the expenses of audit shall be paid from the Fund of the Institute.
(3) The audited annual accounts and report shall be submitted by the Council to the members of the Institute at the annual general meeting.
Auditing of accounts.
SECTION 22
Any regulations made under this Act shall be published in the Federal Government Gazette as soon as they are made.
Regulations.
SECTION 23
There shall be an Investigating Panel, consisting of three members and two non-members of the Council to be appointed by the Council and charged with duty of—
(a) conducting preliminary investigation into allegations that a registered member has misconducted himself in his capacity as a registered member; and
(b) deciding whether the allegations should be referred to the Disciplinary Committee or not.
Investigating Panel.
SECTION 24
There shall be a Disciplinary Committee consisting of seven members, one of whom shall be the Chairman appointed by the Council, charged with the duty of investigating and determining any case referred to it by the Investigating Panel established under section 23.
Disciplinary Committee.
SECTION 25
(1) Where —
(a) a registered person is, adjudged by the Disciplinary Committee to be guilty of infamous conduct in any professional respect,
(b) a registered person is convicted, in Nigeria or elsewhere by any court of competent jurisdiction, or
(c) the Disciplinary Committee determines that the name of any person has been fraudulently registered, the Disciplinary Committee, may give a direction reprimanding that person or ordering the Registrar to strike the person’s name out of the relevant Part of the register.
(2) The Disciplinary Committee may defer or further defer its decision as to the giving of a direction under subsection (1) until a subsequent meeting of the Disciplinary Committee.
(3) The Disciplinary Committee may not defer its decision under subsection (2) for periods exceeding one year.
(4) Where the Disciplinary Committee gives a direction under subsection (1), the Disciplinary Committee shall cause notice of the direction to be served on the Person to whom it relates.
(5) The person to whom a direction under subsection (1) relates may, at any time within 28 days from the date of service on him, appeal against the direction to the Federal High Court.
(6) A person whose name is removed from the register under a direction of the Disciplinary Committee, may not be registered again except under a direction in that respect given by the Disciplinary Committee on the application of that person.
(7) A direction for the removal of a person’s name from the register may prohibit an application under subsection (6) by that person until the expiration of such period from the date of the direction.
Penalties for unprofessional conduct.
SECTION 26
(1) A person who —
(a) holds himself out as a member of the Institute of Mortgage Brokers and Lenders, or
(b) willfully makes falsification in any matter relating to the register, commits an offence.
(2) A person who commits an offence under this section is liable on —
(a) summary conviction, to a fine not more than N 100,000; or
(b) conviction on indictment, to a fine not more than N200,000 or imprisonment for a term not more than two years or both.
Offences and penalties.
SECTION 27
(1) Notwithstanding anything to the contrary contained in any other enactment, no suit against the Institute, a member or any employee of the Institute for any act done under or in execution of any enactment or law, or of any public duty or authority, or in respect of an alleged negligence or default in the execution of such enactment or law, duty or authority, shall lie or be instituted in any court unless it is commenced within 12 months next after the act or neglect complained of or in the case of a continuing damage or injury, within 12 months next after the ceasing of it.
(2) No suit shall be commenced against the Institute before the expiration of a period of one month notice of intention to commence the suit shall have been served upon the Institute by the intending plaintiff or his authorised agent and the notice shall clearly and explicitly state the —
(a) cause of action;
(b) particulars of the claim;
(c) name and place of abode of the intending plaintiff; and
(d) relief which he claims.
(3) The notice referred to in subsections (1) and (2) and any summons, notice or other document required or authorised to be served upon the Institute under the provisions of this Act or any other enactment or law may be served by delivering the same to the President, Chairman, Governing Council or the Registrar of the Institute and by sending it by registered post to the principal office of the Institute.
Limitation of suits against the Council and its staff.
SECTION 28
In this Act — “body” means corporate or incorporate bodies and includes a federal, state or local government department, parastatal, public board or corporate local government authority, any society, firm, company or person; “Bye-Laws” means the Bye-Laws of the Institute of Mortgage Brokers and Lenders; “Chartered Mortgage Professionals”, “Chartered Mortgage Lenders”, “Chartered Mortgage Brokers”, “Chartered Estate Brokers”, “Certified Mortgage Agents” and “Certified Estate Agents” means a person who has passed the professional examinations; “client” means a person, body corporate or incorporate with whom the member has made an agreement or contract for the provision of services; “Committee” means the Professional Ethics and Disciplinary Committee of the Institute of Mortgage Brokers and Lenders; “Constitution” means the Constitution of the Institute of Mortgage Brokers and Lenders; “Corporate Member” means institutions providing mortgage services including mortgage brokerage firms, mortgage banks real state companies, and other allied institutions; “Council” means the Governing Council of the Institute established under section 4 of this Act; “Incorporated Institute” means the Institute of Mortgage Brokers and Lenders incorporated under the Companies and Allied Matters Act, No. 3, 2020; “Institute” means the Institute of Mortgage Brokers and Lenders established under section 1 of this Act; “Member” means a person registered by the Institute as a member in the category of an Ordinary Member, Student Member, Graduate Member, Associate Member, Honorary Senior Member, Honorary Fellow and Fellow and “Members” include fellows, members and graduate members of the institute, and shall in so far as the code of conduct may be applicable, include students and legal members of the institute; “Minister” means the Minister charged with the responsibility of matters relating to education; and “Registered” means enrolled;
Interpretation.
SECTION 29
This Act may be cited as the Institute of Mortgage Brokers and Lenders (Establishment) Act, 2022.
Citation.
Section 4 (4)
SUPPLEMENTARY PROVISIONS RELATING TO THE COUNCIL
Proceeding of the Council
1. Subject to this Act and section 27 of the Interpretation Act (which provides for decision of a statutory body to be taken by a majority of its members, and for the President to have a second or casting votes) the Council may make standing orders regulating its proceedings and that of any of its committees.
2. If at any time, the office of the President is vacant or the President is in the opinion of the Council permanently or temporarily unable to perform the function of his office, the Council may approve one of its members to perform such functions and reference in the Schedule to the President shall be construed accordingly.
3. Every meeting of the Council shall be presided over by the President and if he is unable to attend a particular meeting the Vice President shall preside and in the event where both the President and Vice President are absent, the members present at the meeting shall elect one of their members to preside at the meeting.
4. The quorum at a meeting of the Council shall consist of the President or in the appropriate case, the person presiding at the meeting and six other members.
5. Where upon any special occasion, the Council desire to obtain the advice of any person, it may co-opt that person to be member for as many meetings as may be necessary, and that person while so co-opted shall have all the rights and privileges of a member, except that he shall not be entitled to vote or count towards a quorum.
Committee
6. (1) Subject to its standing orders, the Council may appoint such number of standing or ad-hoc committees as it deems fit to consider and report on any matter with which the Council is concerned.
(2) Every committee appointed under the provision of subparagraph (1), shall be presided over by a member of the Council and shall be made up of a number of persons, not necessarily members of the Council as the Council may determine in each case.
7. The decision of the Committee shall have no effect until it is confirmed by the Council.
Miscellaneous
8. The affixing of the seal of the Council shall be authenticated by the signature of the President and Registrar of the Institute.
9. Any contract or instrument, which if made by a person not being a body corporate, would not be required to be made under seal, may be made or executed on behalf of the Institute by the Registrar or by any other person generally or specifically authorised by the Council to act for that purpose.
10. Any document purporting to be a contract, instrument or other document signed or sealed on behalf of the Institute shall be received in evidence and, unless the contrary is proved, be presumed, without further proof to have been so signed or sealed.
11. The validity of any proceedings of Council or its committee shall not be adversely affected by —
(a) any vacancy in the membership of the Council;
(b) any defect in the appointment of a member of the Council or committee; or
(c) reason that a person not entitled to do so, took part in the proceedings.
12. Any member of the Council or its committee, who has a personal interest in any contract or arrangement entered into or proposed to be considered by the Council or Committee shall forthwith disclose his interest to the Council or committee and shall not vote on any question relating to the contract or arrangement.
