Iyalode Efunroye Tinubu estate’s BOT denies changing Attorney

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The Board of Trustees (BOT) of the estate of Madam Efunroye Tinubu has refuted claims that they have changed their Attorney, Lagoon Park Global Resources.

Reacting to a statement published in one of the national dailies, the Secretary of the Board of Trustees, Mr. Temilola Daud Adesanya, described the publication as false, stressing that the Trustees have not met to take such decision.

According to Adesanya, the said public notice did not represent the position of the family, adding that one of the two members of the Trustees was indisposed as at the time the publication was issued, and could not have appended his signature on it.

He warned that any person or group of persons that deals with the purported new Attorney, Walaris Nig. Ltd, is doing so at his or her own peril, as the firm does not have the support of the Efunroye Tinubu family.

Specifically, Adesanya stated that the BoT Chairman, Alhaji Chief Shittu Adio Kassim Lumosa, and the Vice Chairman, Dr. Gabriel O. Fasetire, denied signing the said publication, as there was no time such a decision was taken.

Late Efunroye Tinubu’s Estate re-affirms Akindele as authorised Attorney

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The appointment of the Chief Executive Officer (CEO) of Adamakin Works and Investments Ltd, Akinfolabi Akindele, as the authorised Attorney of the entire property of the late business mogul, Madam Efunroye Tinubu, has been re-affirmed. Akindele’s appointment was reaffirmed by the Board of Trustees (BoT) of the Estate of Madam Efunroye Tinubu.

According to a statement signed by the two families’ representatives, Monsuru Kassim Lumosa and Alfa Sule Sanni Sobowale, to further address various al  leged impersonations arising from different quarters claiming Power of Attorney of the said properties, the BOT Chairman, Alhaji Adio Kazeem Lumosa, who expressed dismay over the development, stated that it is sad that the development is coming at a time the Vice-Chairman of the BOT, Dr Gabriel Fasetire, passed on.

The BOT Chairman insisted that the two families that have legal authority as beneficiaries to the property of the late Efunroye Tinubu have no dispute to warrant a change of Attorney. He urged members of the public to be cautious about dealing with any unauthorised persons who claimed to have the Power of Attorney over the property of  the late business mogul.

Alhaji Lumosa further called on the police to commence an investigation to nail the perpetrators of the act, so that innocent Nigerians will not fall victim.

He noted that anyone who is in doubt can verify their legality through a suit designated, LSD/GC/105078, which affirmed their legal authorities regarding the beneficiaries of the Estate of the late business tycoon. It would be recalled that a statement was published in some national dailies by the Secretary of the BOT, Temilola Daud Adesanya, had refuted same, describing the publication as false.

According to Adesanya, the said public notice did not represent the position of the family, adding that one of the two members of the Trustees was indisposed at the time the publication was issued, and could not have appended his signature on it.

He warned that any person or group of persons that deals with the purported new Attorney, Walaris Nigeria, does so at his or her peril, as the firm does not have the support of the Efunroye Tinubu family.

Specifically, Adesanya stated that the BoT Chairman, Alhaji Lumosa, and the Vice Chairman, Dr Gabriel Fasetire, denied signing the said publication, as there was no time such decision was taken

Iyalode Tinubu Family Embraces Peace, Withdraws Suit Against Akindele

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The family of the late Madam Iyalode Efunroye Tinubu has finally agreed to settle the rift among them by withdrawing a suit filed by some aggrieved members of the family against Chief Akinfolabi Akindele as the holder of the power of attorney over the expanse of land left behind by the late Yoruba warrior.

Prior to the discontinuation of the suit, some elders of the two warring families (the Shobowale family and the Lumosa family) had agreed to bury the hatchet and stop washing their dirty linens in the public in the interest of the great Yoruba ancestor.

After they agreed to work together, the family consequently instructed their lawyer, Mr J.O.Ogunbiyi to withdraw the suit filed challenging the legal status of Adamakin Investment and Chief Akinfolabi Akindele as the authentic sole holder of the power of attorney to Iyalode Efunroye TInubu Estate in Lagos state.

After the application to discontinue was moved, the trial judge Justice O. Mabekoye of the Ogun State High Court in Abeokuta struck out the matter.

In his ruling on the application, Justice Mebekoya, noted the affidavit in support of the application sworn in support by one Gafar Babatunde Ibrahim, and the fact that the family had indeed settled their differences, therefore there was no need to go on with the matter.

lyalode Efunroye Tinubu left large expanse of land to her family. This has been a source of rift among the family.

However, following wise counsel, the family collectively decided to seek the path of unity in their efforts to recover their family land from individuals who in most cases are not family members, but detractors who insist on using some family members to cause confusion which had resulted in legal actions in courts.

These crises got to a head sometimes in 2019, when some members of the board of trustees of the Iyalode Efunroye TInubu Estate went to court challenging the legal status of Adamakin Investment and Chief Akinfolabi Akindele as the sole holders of the power of attorney to Iyalode Efunroye TInubu Estate in Lagos.

Earlier, in their statement of defence, Mr Kunle Awoma, lawyer to Adamakin and Akindele had asked the court to dismiss the matter.

The defendants Adamakin Investment and Works limited, Chief Akinfolabi Akindele, Rev Musiliu Adio Bakare. Chief Sulaimon Alani Sanni, Mrs Fausat Alausa, and Mr Moruf Afolabi, had averred that contrary to a statement contained in paragraph 7 of the statement of claim, the vast expanse of land covered by the Judgment of 23rd December 1912 and registered as number 45 in page 45 in Volume 2212 of the Register of Deed kept at the Lagos state Land Registry, Lagos, Nigeria, belonged to the estate of Late Iyalode Efunroye TInubu and does not belong to the first claimant as alleged
They argued that the Late Iyalode Efunroye TInubu family consisted of two branches: the shobowale family and the Lumosa family.

According to them, in order to recover part of the estate which covers 16 local government area in Lagos state which has been encroached upon by strangers, and to harmonise the interest of the entire family and ward off all impostors, the family unanimously agreed between the two branches that a board of trustees should be constituted to administer the affairs of the estate.

Consequently, the heads of the two family and two accredited representative of the two branches of Iyalode Efunroye TInubu family approached the court sometime in 2000 for appointment of trustees, pursuant to which the court made an order on 29th April 2020, appointing three of the claimants as well as the late Chief Adams Bilade Lahan as the four trustees to the Estate of Late Iyalode Efunroye TInubu.

The 2nd and 4th claimants belong to the Lumosa branch of the family, while the 3rd claimant and Late Chief Adams Bilade Lahan are members of the Shobowale family.

They further stated that as a result of their inability to handle the complexities involved in running the affairs of the entire estate, the trustees donated a power of attorney to Adamakin Investment and Works Limited and Chief Akinfolabi Akindele sometimes in August 2012, to act on their behalf and on behalf of the entire family in respect of the management of the estate.

They further argued that prior to the appointment of Adamakin Investment and Akindele, there had been bickerings, conflicts and tussles between the Shobowale family and the Lumosa family with the Lumosa family always seeking to marginalise and oppress the Shobowale family.

However, they said since the appointment of Adamakin Investment and Akindele, as attorney in respect of the estate, they have been performing their duties and responsibilities as contained in the power of attorney with utmost diligence, transparency and accountability, ensuring that the entitlement of the family was evenly distributed between the two branches of the TInubu family.

They stated that it was in furtherance of the duties stipulated under the power of attorney donated by the trustees to Adamakin Investment and Akindele that facilitated the opening of an estate bank account for the family, and also led to the production of survey plans which led to the discovery of more land encroached upon by strangers and reclaiming of abandoned land belonging to the estate, as well as engaging in litigation both at the trial and appellate court towards protecting the general interest of the late TInubu family.

They further stated that Adamakin Investment and Akindele had always given account of their stewardship to the trustees and the entire family, for the benefit of both the Lumosa family and the Shobowale family.

They maintained that the purported revocation of the power of attorney letter alleged to have been issued on 5th April 2017 was invalid, unjustified and ill-informed as it was never approved or authorised by the board of trustees and the two branches of the TInubu family.

Estate developer decries Lagos Govt disobedience to court order, threatens contempt proceedings

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An Estate Developer mogul, Akinfolabi Akindele, who is the attorney of Madam Iyalode Efunloye Tinubu, has threatened to commence contempt proceedings against the Lagos state government following its disobedience to a court order.

Akindele who made this known during a news conference in Lagos, expressed dismay over the action of the state government, noting that executive rascality should not be allowed in a democratic society.

He emphasized that the main suit relating to the controversial land is yet to be determined by the court and it’s in the interest of justice that the court issued status-quo antebellum.

“The Lagos state government has refused to obey and honor the order of the court as it places the state task force on the site.

“Justice Olukayode Ogunjobi of a Lagos State High Court sitting at TBS had ordered parties in respect of disputed land at Lagoon View Development Scheme (Oju Olokun), Chevron Drive in Eti Osa Local Government Area of Lagos State, to maintain a status-quo antebellum pending determination of the suit.

“The judge further ordered that all construction on the disputed land measuring about 101.673 hectares should be stopped and the defence parties should appear before the court to show why it should not grant all reliefs sought by the claimants. Justice

“Justices Ogunjobi’s order was a sequel to an application of ex-parte dated February 22, 2022, filed before the court on behalf of Alhaji Shehu Adio Kassim Lumosa, and others, against the Lagos State Government and others.

“Respondents listed in the suit include the State Governor, Babajide Sanwo-Olu, Attorney General and Commissioner For Justice, State Land Bureau, and Lagos State Development and Property Corporation Limited (LSDPC).

Adamakin Investment Power Of Attorney Still Valid — Iyalode Tinubu Estate Families

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*Families Reject New Trustees for Iyalode Tinubu Estate

The families of Lumosa and Sobowale have refuted a recent publication announcing the appointment of trustees and a surveyor to the estate of late Madam Iyalode Efunroye Tinubu.

In a statement, the families denied knowledge of any new appointment of trustees since 2002. They stated that the purported appointment of Maptech GIS Limited and Surveyor Adejumo Olusegun Pius is fraudulent aimed at hijacking the estate’s management.

The families affirmed that the power of attorney granted to Adamakin Investment and Works Ltd is still valid, as their assigned tasks remain unfinished. Hence, any termination notice is false.

Alh Shafiu Kasim Lumosa, representing the families, declared all information in the said publication as incorrect and evil attempts to impose control over the estate. He disclosed that the self-imposed trustees named in the publication are already subjects of existing litigation.

The full statement is read below.

RE THE MANAGEMENT ESTATE OF LATE MADAM IYALODE EFUNROYE TINUBU

NOTICE OF DISCLAIMER OF APPOINTMENT OF TRUSTEES OF THE ESTATE AND MAPTECH AND GIS LIMITED AS SURVEYOR TO THE estate

  1. To put the record straight, there has not been new appointment of trustees to the estate since 2002. Thus, the purported appointment of the Maptech GIS Ltd in the said publication is without the knowledge of the Families, its principal members and the Legal trustees of the Estate. It is aimed at perpetrating fraud and to short change the families and other beneficiaries of the estate by using the Maptech GIS limited and its promoter Surveyor Adejumo Olusegun Pius as partner to achieve such inordinate and selfish desires
  2. The appointment of Messrs. Adamakin Investment and Works Ltd as attorney still subsist and has not been terminated and could not have been terminated because all the task assigned in the power donated by the legal trustees has not been fully concluded or done by either parties. The purported termination is therefore a ruse and the general public is hereby advised to disregard any of such appointment and be guided
  3. All the information in the publication is not correct and are geared towards achieving evil desires of the authors whose many attempts at hijacking the management of the estate to themselves alone has been thwarted and the spurious public notice in Guardian Newspaper of 3 January 2024 is one of such plan of force imposition which will be resisted. in fact, Alh Sufia Kasim Lumosa and Akinwemimo Kassim Sobowale self -imposition as the trustee of the estate is already subject matter of litigation and wonder how or why they could derive their power of appointment of agent or any person to the estate.
  4. The general Public is hereby advised disregard the content of the Publication and their authors in entirety as they are mischievous, bogus false and misleading

Board Of Trustees Of Late Madam Efunroye Estate Say Adamakin Investments Still Sole Power Of Attorney Over Estate

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The Board of Trustees of the estate of late Madam Iyalode Efunroye Tinubu, which comprises two families-Lumosa  and Sobowale Tinubu in Ojokodo Gbagura, Abeokuta, Ogun State, has disclosed that Mr Akinfolabi Akindele of Adamakin investments and works Limited is the sole power of attorney over the estate.

This is contained in a one page public notice issued by Lumosa and Sobowale families, a copy of which was obtained by Royaltimes.com.

“The general public should be aware that Mr Akinfolabi Akindele of Adamakin investments and works Ltd., was duly registered in court of law by the Attorney General and Commissioner for Justice for the Executive Governors of Lagos state and the registration number LSD/GC/105078”

“The entire families of Lumosa and Sobowale and the board of trustees of the estate of late Madam Iyalode Efunroye Tinubu do not know MAPTECH & GIS LIMITED as the agent, surveyor and power of attorney to the estate of late Madam Iyalode Efunroye Tinubu.

“The general public, government or any person in general should not make transactions of any business in regards to the properties of the estate of late Madam Iyalode Efunroye Tinubu with MAPTECH & GIS LIMITED, as it will be at one’s risk,” families stated in the public notice.

In another related development, the families of Lumosa ,Sobowale of  the late Efunroye Tinubu in Ojokodo Gbagura, Abeokuta, have warned the members of the public that they should not transact any business with  anybody except Adamakin Investment.

The families stated this during a joint press conference held in Lagos on Friday.

According to them, “anybody that transacts business without going through Adamakin investment does so at his or her own risk. The company is the sole power of attorney of Madam Efunroye Tinubu Estate.”

They also added that one Pius Adejumo an agent and Surveyor for Adamakin, is no longer representing the Adamakin Investment anymore as he has been suspended for unethical practice inimical to the progress of the company , adding that anybody that  “transact business with him do so at his or her own risk.”

The families also added that any company, person, or group of persons that that business without the consent of Adamakin Investments do so at his or her own risk.

Real Estate Secrets Every Young Nigerians Should Know

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Real Estate Secrets Every Young Nigerians Should Know – The Finer Wealth Series, a real estate investment and wealth initiative launched by Fine and Country in 2015, aims to enlighten, encourage and equip more female investors get onto the property ladder individually and collectively to leverage the power of numbers.

This theme at this year’s edition which held on the 26th of May, 2017 at the Clear Essence California Spa and Wellness Resort was “BUILDING BLOCKS: Understanding the Fundamentals of Real Estate Investments”. It focused on engaging and enlightening younger female investors and their families with practical knowledge on investing in residential property.

We are pleased to feature below an account from one of the female guests, Joy Ehonwa a lagos based writer and blogger.

I’m not wealthy yet, not by a long shot. Editors don’t earn much, and writers are paid even less, so when a client I have great respect for invited me to a real estate investment seminar last week, I wondered why.

Perhaps she has seen into my future and I’m about to come into money! After all, investing in real estate is for rich, financially free people, isn’t it?

I gladly went, eager to learn something I could use in the not-so-near future.

It turns out I was wrong. Real estate isn’t just for the rich and established! Real estate is for me, a young woman in her 30s trying to build a career and raise a family. Real estate is for you, too. And we can start now.

The event, which held on Friday May 26th, was an introductory seminar, simply encouraging women to be bold enough to “consider a field” as the Proverbs 31 woman did, even if you’re not ready to buy the field just yet.

As I listened to seasoned professionals – Abigail Aneke, former United Bank for Africa (UBA) ED, Subu Giwa-Amu, MD/CEO FBN Mortgage, and the host Udo Okonjo, CEO of Fine & Country – share their real estate investment stories, my mentality underwent a major overhaul. MAJOR.

I cannot possibly share every single thing I learnt at this edition of Fine & Country International’s Finer Wealth Series – it would take 5 articles to do that – but here are just a few priceless nuggets:

1. The Starting Point For Anyone Who Wants To Invest In Real Estate Is Considering It And You Don’t Need Money In Your Pocket To Do That.

Being bold enough to consider it is the foundation.

2. It Is Possible To Invest In Real Estate Without Money.

Udo Okonjo told the story of how a book titled Nothing Down taught her this and changed her outlook, leading her to earn $100,000 on a single investment 18 years ago, without her putting any money down.

3. If You Would Like To Finance Your First Investment, You Can Start Saving For It Right Away.

This meant the most to me as a young person who has never invested in real estate before. Treasury bills were recommended (look this up if you’re not already familiar with it) amongst other low risk investments that can help you multiply your money. I already knew that saving towards a goal makes it easier and more enjoyable, but whereas I thought real estate investment too lofty a goal for me, I no longer think so.

4. Instead Of Thinking Affordability, Think Collaboration.

You don’t have to invest in real estate alone, or even save up for the investment all by yourself. People come together to acquire property all the time! Even if you don’t have any money now, check out this scenario: you and 9 other women save 100k every month. In a year, your group would be able to afford property worth 12 million that none of you can afford individually. And you already know that even if all you do is buy land and sit on it for a few years, it will appreciate and you’ll all be richer for it when you offload and share profits!  This is what Finer Wealth Circles are about.

5. The First Step To Making Money In Real Estate Is Research.

Know your location and ask lots and lots of questions.

6. An Unsuccessful First Venture Need Not Mean Failure.

Udo Okonjo, who is an incredibly successful real estate investor, shared the story of her first investment which was a disaster. According to her, such a thing can only be termed failure when you don’t get up, unpack it, and learn from it. Understand that you will make mistakes, even when you become astute. Learn to forgive yourself.

7. When Buying Real Estate, Control Is Key.

This was the main lesson Udo Okonjo learnt from that first disaster. Invest around where you are, and make sure due de-risking has been done. If you don’t know how, invest through schemes that have done the groundwork of securing the title and dealing with the baales and other such issues that can derail you.

8. When Investing In Property, The Title Is Everything.

This is why Fine & Country settles this first, before proceeding to anything else.

9. When Starting Out In Real Estate, Start Simple.

For instance, it’s always a good idea to house people. People are crying out for affordable accommodation.

10. Know That Real Estate Is A Long-Term Play.

It’s not liquid, and it takes time to extract liquidity from it, so don’t come at it with a “make it quick” attitude.

11. Even If You Can’t Do Anything Else For Starters, Buy Some Land.

Land is a great option because you can’t go wrong once you’ve secured it. Unlike developed property which you need to maintain, land increases in value on its own as time passes. You can even decide to lease it to a farmer, or rent it to a telecommunications company. Udo Okonjo quoted Mark Twain: “Buy land, they’re not making it anymore.”

I came away from the seminar feeling wealthier than I ever have, even though my account balance was exactly the same.

I may not be able to buy land right now, but I’m no longer ignoring real estate broadcast messages and ads.

The possibilities are endless if you simply open your mind to the fact that you, too, can invest in real estate. Once that can happen in your mind, it can happen in your life.

I missed the 2016 edition of the Finer Wealth Series last year (Ibukun Awosika Chairman of First Bank Plc shared her real estate investment stories, please cry with me) but I certainly don’t want to miss next year’s. Neither should you.

The Pros and Cons of Real Estate Investment

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Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water. It involves buying, selling, or renting land, buildings or housing.

In Nigeria, people often refer to the “real estate market” from the perspective of residential living, however, real estate can be grouped into three broad categories based on its use: residential, commercial and industrial. Examples of residential real estate include undeveloped land. Examples of commercial real estate are office buildings, warehouses, and retail store buildings; and examples of industrial real estate are factories, mines, and farms. The size of an apartment in Nigeria is measured in square meters. This may include the total area of the walls enclosing the home.

CHECK: PROPERTIES FOR SALE IN NIGERIA

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Real estate business is not for everyone. In making a commitment to the business, there are crucial questions one should ask oneself. For instance, do you want to solely invest in it or you want to have a partner? Especially in residential properties, partnership can often be appealing because of the inherent benefits, like mitigation of risk and shared responsibilities. However, one must be careful in choosing who to have a business venture with. It is also advisable to have the partnership business formalised to avoid unnecessary troubles in the future.

Real estate investing is currently one of the most popular ways to make extra money. Some have found success and have made it a full-time profession. This is why it is important to talk to a financial advisor before taking the step.  There are major questions one needs to ask and the answers will help shape one’s decision. Investing in real estate is great, however, one must be familiar with the pros and cons:

Pros

Security

Real estate investment comes with a sense of assurance because the price does not tend to fluctuate. The investment is tangible. Usually, the value appreciates over time. Although this is not always certain, but the probability that the value of a property will decrease on a long term is low. That is why proper researching of a location is important before proceeding with the investment.

CHECK: PROPERTIES FOR RENT IN NIGERIA

Income Stream

This serves as a source, or even better, one of the sources of income for an individual. Nigeria economy requires that one should have more than one source of income in order to meet the financial pressure. Real estate provides a steady flow of income for the owner. Have it in mind that income is mostly dependent on the geographical location of the property. Learning how to spot up-and-coming locations can be of great help in making sound decision regarding property purchase.

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Decision-making

In real estate investment, you’re in charge of all the significant decisions and the processes involved in the purchase and sale, and/or the rental of the property. Another advantage is you can own real estate without having to bear the hassles associated with real estate investment.

Cons

Maintenance

Maintaining a property can cost a huge sum. Besides the monetary cost, the physical and mental effort it requires may be quite high. If the units are being offered for rent, maintaining it so it remains fit to be inhabited may cost a chunk of money. The owner may have to spend a lot on repairs, electricity bill and so on.

CHECK: 7 THINGS YOU NEED TO KNOW BEFORE INVESTING IN REAL ESTATE

Time-consuming

Investing in real estate could be time-consuming if you plan to rent or sell properties. One may need to employ an agent or a manager to help oversee things. Doing that will lead to additional cost.

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Increased loss and liability

Real estate investors should be able to take risks. They should also be prepared to shoulder the losses and liabilities that arise. Real estate is dramatically affected by the condition of the immediate area where the property is located.

Legal Difficulties

Having legal troubles can cost a lot of money and bring strain to the person involved. There have been instances where someone builds on a piece of land thinking they own it, only to find out when they need a loan that the land is not theirs after all.

Certificate of Occupancy: How to process it successfully

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For any building structure you see, whether a bungalow, duplex, sky scraper or even the foundational stage of a building, the Certificate of Occupancy, popularly called the C of O is what signifies legally that you have interest on the land upon which that property is standing on.

It is a very important document in any land transaction and is issued by the Government to the buyer of the land. Certificate of Occupancy is what makes you a lawful interest holder in the land and it also describes the type of use the land can be put to; commercial, mixed development or residential.

For example, according to the Constitution of Nigeria and since 1978, all land in a state (especially the urban parts of the state) is to be held by the Governor in trust for the people of the state.

This is not to say that we still don’t have people who exercise rights of their own on landed properties. These are called “omo-oniles” in the popular palace. Usually, their holdings are outside the legal frame work and would have to be brought in when you buy or even by themselves before selling if it is to become bankable.

To buy land therefore, you can make your purchase from the “omo-oniles”, Government or some other entity (individual or corporate) who must have earlier bought from either “omo-onile”s or Government.

Therefore to purchase a land, you either buy directly from the government, from individuals who bought from the government or from these so called “omooniles.” In cases where the said land has being a matter of some form of acquisition, you may have to pay the two of them to have access to a land.

At Realty Point, we usually advise that a proper due diligence be done when buying a piece of land because ignorance is not an excuse in law. Whoever you buy from, it is important that you obtain your Certificate of Occupancy where none existed before so as to ensure you secure a perfect title to the land.

To obtain your C of O from the government, you need to

1. Apply for land information and get your land information certificate. To do this, you need to pay an application fee at the Surveyor General’s office and provide a chartable survey plan (2 cloth, 2 paper)

2. Purchase a C of O application form. If a residential building, it’s =N=5,000 but if commercial, it’s =N=20,000 in Lagos State.

3. Fill and submit the application form in Land Use Allocation Commission (LUAC) with the following supporting documents

o Land information certificate

o Receipt for land information fee

o Receipt for application form

o Publication/inspection fee of =N=10,000

o Capital contribution (to be calculated based on size and location of land)

o Land purchase receipt/agreement (duly stamped)

o Copy of current tax clearance certificate (individuals)

o Copy of =N=100 development levy receipt

o Site location sketch

o Four passport photographs of applicant with white background

o Copy of approved building plan (if developed)

o Copy of tenement rate receipt (if occupied) or Land Use Charge

o Cover letter addressed to executive secretary LUAC, stating all documents attached, as above and typed with applicant’s address

o Acknowledgement slip from LUAC

When this is done, a letter of confirmation is issued to the Applicant with a plot and block number and the Scheme Officer processes the application for the Certificate of Occupancy, signs off on the file and forwards the files to the Executive Secretary of LUAC.

This takes a period of five days. After this, the Surveyor General provides Scheme Officer with digitized survey which is processed for two days. The Executive Secretary LUAC approves processing and signs letter of allocation.

He signs off on the file and sends the file to the Senior Special Assistant to His Excellency on Lands. He or she then vets the entire file and sends it with a covering memo to the Permanent Secretary Lands Bureau.

However, if the file has a query, the message is relayed back by notification. This process takes two days also. When the Permanent Secretary is done, he signs off the memo and sends the file to His Excellency who approves and electronically signs the Certificate of Occupancy. these two processes takes a period of four days and should the file have a query, message is relayed back by notification.

Upon approval and signing of the Certificate of Occupancy by His Excellency, He signs off and sends it to the Deputy Registrar for further processing. The Deputy Registrar processes the file further, signs off and sends it to Registrar of Titles for final registration.

The Registrar of Titles then registers the Certificate of Occupancy, signs off and request for its printing. These processes take a total of five days. Altogether, the total process adds to a period of 21 days.

It is worthy of note that in these 21 days, the application is advertised to attract objection or no objections before it is processed.

Kind of tedious wouldn’t you say? That’s why Realty Point Ltd is here to take the stress off you!

Acquisition of Land: Since 1978, the major legislation regulating the acquisition of land within the country has been the Land Use Act of 1978 which states that all land in a State is to be held in trust by the State Governor for the benefit of all Nigerians. By law, foreigners may also acquire land wherever it is located in the country from either the State governments or from other holders.

Consent: The issue of getting a property can sometimes be very daunting if you have to think about the stress and many processes involved. First, you have to be sure what you’re buying is genuine and will not be sold to anyone else after your payment except by you.

Deed: A deed, as defined in the dictionary is a signed document pertaining to the ownership or legal rights of landed property. Ownership, legal, rights, property, signed are some of the keywords that stand out here.

Land Titles: The Government of Lagos State headed by Gov. Babatunde Raji Fashola recently announced that land owners in Lagos who have no proper land title should make haste to regularise their title within 6months starting from August 1, 2012 or face the consequences of revocation.

Building Plan: I like to think of building plan thus: Every idea starts with the gift of imagination! However, it has been proven that even the shortest pencil is better than the longest memory. Imagination needs to be captured otherwise it becomes a thing of the past.

Why the Real Estate Market has Changed Forever

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Why the Real Estate Market has Changed Forever – The most difficult effort in real estate used to be getting the money to invest. Thereafter, you sat back to enjoy the capital gains if you bought land or rents with returns between 5% to 15% and to add icing on the cake, initial rents were paid two years in advance.  For owners of property in the high-end locations there was the additional comfort of hedging against inflation and currency fluctuations by receiving rents in foreign exchange. Tax? Paid for by the tenant. Fees? Settled by the tenant.  This was an investment with all the odds stacked in your favour.

Little wonder, investors piled into the market. There were the long term Landlords who sought good rental returns. The speculators, who held land and sold when the values moved high enough to warrant selling.  Also we had the developers, who conjured large estates from bare land, mini-estates within larger ones or single dwellings. In the last ten years, the term ‘ Estate developer’ has joined ‘Lawyer’, ‘Banker’, ‘Doctor’ as a profession or business. The new styled developers pushed the boundaries of real estate. They moved from the regular locations to areas like Yaba, Ebute Metta, Ijora etc. The came up with ‘towns’ with first class services like Northern Foreshore, NICON Town. They brought new marketing techniques like ‘buy one, get one free’ of Lekki Gardens. Even manufacturing companies like The Churchgate Group pivoted from textiles to real estate

The real estate boom covered all aspects of the built industry.  While residential estates were favoured, office blocks especially of the Grade A status, hotels and shopping malls also had a look in. Land , especially in the prime locations was not sufficient so massive sandfilling  was done not only on the placid Lagos Lagoon but the riotous waves of the Atlantic Ocean were tamed to create the Eko Atlantic City. But was there demand for all these properties?

Real estate has always been seen as immune from the ups and downs of the economy. Stockmarket crisis, banking upheavals,  currency fluctuations seemingly had no effect on the impervious market. There was always demand – if you built it, they will either buy or lease it. This was true…..as long as supply was restricted. Over the last ten years, we have seen land, which is ordinarily a finite resource, expanded. It was expanded physically by sandfilling to create new estates as pointed out. It was also expanded by the sale of restricted stock – Federal Government owned land in  GRAs like Ikoyi, Victoria Island, Ikeja GRA, Apapa GRA etc. Land which was restricted to Government use fell into the hands of the developers. Land was also extended by a liberalised Physical Planning regime which allowed low density locations like Ikoyi to become high density. Lack of enforcement of planning laws also ensured that  in locations like Lekki Phase 1, land was built up to the hilt and single residences converted to multiple units.

As far back as five years ago, strategic reviewers of real estate had started to point out that there was a problem of over supply. Many chose to ignore it, celebrating individual sales and lettings as though they were the norm rather than the exception.

Today it is generally accepted that there is a supply issue in the high end locations of Ikoyi and the upper middle class locations of Ikeja GRA and Lekki. This interestingly has not resulted in a slowdown of construction activity or a reduction of price. So is real estate truly impervious to economic rules?

A review of the corruption cases will show how ill gotten gains have fuelled the market with the resultant effect that the values do not reflect the true state of the market. From bank loans which were not to be repaid back and proceeds of corrupt activities, real estate found capital that was not responsive to the vagaries of the economy.

A triple whammy of the state of the economy, anti-corruption war and vigour of the Asset Management Corporation of Nigeria (AMCON) against the recalcitrant debtors will cure the market of the pervasive influence of the ‘hot’ money in real estate investment.  It also means that there will be even more supply of building stock when all the law suits of properties involved in the ant-corruption war and AMCON are concluded.

With corrupt money sources reduced, developers have come face to face with the reality of a very shallow market. According to the Director of Research and International Relations at the Nigeria Deposit Insurance Corporation, NDIC, Alhaji Mohammed Umar,  only two percent of bank accounts in the country have more than N500,000 credit balances. Speaking at the  2016 Businessday Capital Market Development Annual Conference in Abuja,  he said “indeed, Nigerians who have more than N500, 000 in their accounts are just two per cent. What we found is that this two per cent Nigerians have 90 per cent of banks’ total deposits. Look at that – two per cent Nigerians own 90 per cent of total banks deposits, while the remaining 98 per cent have just 10 per cent of total deposits.”

This reality has been felt by tenants in high end Shopping Malls that have been developed on the assumption that a 180million population and ‘growing’ middle class are available and willing and able to shop ‘until they dropped”. Mall tenants have found to their chagrin the brutal reality of these figures and have voted against the high rents of the mall by leaving. Faced with empty shops and high maintenance costs, the malls have turned to charging for parking and other fees as sources of income.

Like the mall owners, Developers and Landlords have changed the way they do business on the back of lowered expectations. It is now the norm to expect not only a deep discount on prices offered by developers but also a payment plan where the buyer can pay over several months as well. We expect the period for repayment to extend as developers virtually start to give ‘mortgages’ on their houses to sell their houses within reasonable periods. Landlords have also succumbed to the ‘buyers’ market by accepting one year’s rent instead of the customary two years. What legislation has been unable to do, economics has sorted out. In the high end locations, the topsy-turvy nature of the exchange rate has resulted in Naira being the currency of choice in determining the value of rents.

Also read: Has the 2011 Tenancy Law made any impact?

With the impact of the war against corruption yet to be fully felt, the onslaught against bank creditors and continuous supply of property, it should be expected that the market would go through even further changes. We expect to see smaller units in  terms of construction, aggressive marketing which may result in longer payment periods (and innovative legal documentation to cover the new arrangements)   and more ‘concessions’ given to tenants. For investors in real estate, expectations will have to be critically reassessed and there will be more to investment than simply raising the cash to buy the property.