The Federal Mortgage Bank

The Federal Mortgage Bank was reconstituted in 1977 from the former
December 1980, the equity capital of the bank was N150 million, 60 percent of which was contributed by Federal Government and 40 percent by the Central Bank of Nigeria. The bank's total mortgage assets was 208 million in 1980 while total loan commitment stood at N383 million.
Loans to develop owner-occupied houses accounted for the banks leading and the rest of the lending given for land and housing estate developments. The banks operates on an interest rate which is lower than the one offered by commercial banks. The reason for the lower interest
rate is because owner-occupied land is classified a favoured sector as far as lending is concerned.

Source

The Securities and Exchange Commission

The Securities and Exchange Commission was established by Decree in 1979 to replace the Capital Issue Commission. It is the highest regulatory body in the capital market.
The objectives of the Securities Exchange Commission are to ensure the growth and development of the capital market by providing salegards to protect the interest of investors who provide the capital
needed for industrial and commercial growth. The Commission:

(1). Determines the price, amount and time of selling a company's securities through offer for sale or subscription. All public
companies and enterprises having foreign participation must seek the approval of the commission in raising new issues in the market or increase in value of their stocks.

(2). Determines the basis of allotment of securities in order to ensure wider spread of share ownership. There is a committee known as Allotment Committe comprising two representatives of the commission, a representative each of the Nigerian Stock Exchange, Nigerian Enterprises Promotion Board and the Issuing House which is involved in public offer.

(3). Acts as a watchdog at the Nigerian Stock Exchange to prevent insider dealings.

(4). Registers
(a) all securities proposed to be offered for sale to or for sub- scription by the public or offered privately,
(b) Stock Exchange and its branches;
(c) persons and institutions involved in security dealings;
(d) securities to be traded or being traded in.

(5). Makes regulations in pursuance of the 1979 Decree.

(6). Creates the necessary atmosphere for the orderly growth and development of the capital market through public enlightenment programmes which include seminars, workshops, symposium and
publications. It also stimulates ideas, initiates policy changes and innovation.

(7). Regulates the participation of aliens in Nigerian enterprises by approving:
(a) the price at which the securities of each enterprise are to be sold;
(b) the timing and amount of sale;
(c) the time and amount of any subsequent issue or supplementary offer for sale;
(d) whether securities of enterprises having alien participation shall be restricted or made public and when such enterprises shall seek quotation on the Stock Exchange