StubbornGENIUS:
Your honor,please don't mind the naysayers.We are all here to learn and improve no matter our status.

Not a problem sir. Knowledge is like water. We all don't stop learning. What I have learnt on this thread are what people pay heavily to learn and I'm very grateful. Ahib, Emma and others say some things sometimes and I just smile cos they constitute transactional advice that lawyers bill clients millions for.

Residential c/o they come with value of houses agreed to put of their.....example a c/o states u can build a minimum of 50m naira house of max 2 floors...i can choose to build a mansion or 2 bedroom of 8 flats for residential rents

for about 2 weeks now, you have been having a decent conversation here with everybody and lots of people have benefited from your wealth of experience and the diversity you bring, why resort back to insults again today just because people disagreed with you?
Non be so. Just take a chill pill, no one man knows it all especially when our connection, experiences and perspectives are different.

You are a good guy but just learn to be a little more accommodating of other people's opinion.

Theconglomerate:
I am beneath you in your little monopoly world or in your dreams.If only you knew
Now let me educate you on things you don't know instead.
A property can have a title of a residence on a C of O and still serve a commercial purpose to the landlord in the form of rent and it is perfectly legal,in so far as he does not go beyond the designation of the property.
That is why no one goes to demolish all those duplexes that serve as commercial property in lekki because it is legal to rent out a residence.
That is,if the property still serve the purpose of a residence as described,no one will come for it yet it is still commercial.
The nonsense you are saying will matter if someone use a residential property for another thing like a nightclub,beer parlour or poultry.
Educate yourself before you educate someone that might be clearly above you.

Theconglomerate:
What you should be asking the fool is if it is illegal to rent out a residential titled property,if it serves the purpose of a residence to a tenant.
Let him answer this and I will know whether to proceed with his stupid ass or not.

no need for insults...i have tenants on my residential c/o

wildchild1:
Hello guys, I need your help, I have about 500k - 1M that I want to invest for 12 months straight, what's the highest ROI I can get and is Tbills the best investment for this money?

Thank you.

Tlc sir
2 odds
Aja blue
Seju

ahiboilandgas:
no need for insults...i have tenants on my residential c/o

He started the insults first.
An idiot will come from nowhere to insult me?who born am?

This a sample of c/of that is 33 years old

9jatriot:
for about 2 weeks now, you have been having a decent conversation here with everybody and lots of people have benefited from your wealth of experience and the diversity you bring, why resort back to insults again today just because people disagreed with you?
Non be so. Just take a chill pill, no one man knows it all especially when our connection, experiences and perspectives are different.

You are a good guy but just learn to be a little more accommodating of other people's opinion.

He started throwing words and insults around first when he was clearly talking rubbish.
Check again.

Example not well grounded in property bought a commerical land in Apo area and built a twin bungalow for rent in 2000 but in 2004 elrufai demolished it that they viloted a section of the c/o ...and fcda/amac won the case against the landlords

Commercial land can be converted to residential too example an old industrial layout in ikejia or old big factories...u can apply to ministry of land for conversion....

Chief what you are saying is correct but tone down a lil bit.
Let me try to breakdown what you are saying, person fit build a duplex and rent am out in a residential area, to the landlord it is now a commercial building but to the government na still private building because na duplex e be and na person dey live there no be some supermarket or eatery.

Theconglomerate:
What you should be asking the fool is if it is illegal to rent out a residential titled property,if it serves the purpose of a residence to a tenant.
Let him answer this and I will know whether to proceed with his stupid ass or not.

Theconglomerate:
He started the insults first.
An idiot will come from nowhere to insult me?who born am?

Gee,what makes us unique and different from the rest is our ability to ignore irrelevant matters and move on.The fact that the forum is faceless is not an avenue for childish banters.Kindly let it go,please.

U can also buy a farmland and get it approved by govt issuing c/o ...u can even divide it to smaller portions to sell....this what all those estate along Lagos/ibadan are doing ..

Theconglomerate:
What you should be asking the fool is if it is illegal to rent out a residential titled property,if it serves the purpose of a residence to a tenant.
Let him answer this and I will know whether to proceed with his stupid ass or not.

If it's an apartment for residential purposes, it is residential and even if you rent it out, it is still residential and nothing commercial about it stop confusing people by trying to portray it as if when you rent a residential building it's considered commercial. Yes you are collecting rent but it's still residential.

XiaoLi:
Chief what you are saying is correct but tone down a lil bit.
Let me try to breakdown what you are saying, person fit build a duplex and rent am out in a residential area, to the landlord it is now a commercial building but to the government na still private building because na duplex e be and na person dey live there no be some supermarket or eatery.

Exactly.
Why everyone dey tell me to tone down whereas na the other guy start throw words around?

StubbornGENIUS:
Gee,what makes us unique and different from the rest is our ability to ignore irrelevant matters and move on.The fact that the forum is faceless is not an avenue for childish banters.Kindly let it go,please.

I did not understand the bolded clearly.
What do you mean?

Okay, just take a chill pill and not read too many meanings to jibes. Direct insults defeats the purpose of this thread.

Just breath in and breath out, it helps to let out the steam.

Theconglomerate:
He started throwing words and insults around first when he was clearly talking rubbish.
Check again.

Been residential dosent stop it from generating income via rents ..it can be a commercial allocation and not generate rents

Boyhood:

If it's an apartment for residential purposes, it is residential and even if you rent it out, it is still residential and nothing commercial about it stop confusing people by trying to portray it as if when you rent a residential building it's considered commercial. Yes you are collecting rent but it's still residential.

Thank you very much

Boyhood:

If it's an apartment for residential purposes, it is residential and even if you rent it out, it is still residential and nothing commercial about it stop confusing people by trying to portray it as if when you rent a residential building it's considered commercial. Yes you are collecting rent but it's still residential.

Not really.
I hope my screenshot helps.
A residence can still be a commercial property.

ahiboilandgas:
Example not well grounded in property bought a commerical land in Apo area and built a twin bungalow for rent in 2000 but in 2004 elrufai demolished it that they viloted a section of the c/o ...and fcda/amac won the case against the landlords

For those buying properties in that Lekki area, particularly between Ikota and Sangotedo, there are a lot of Agric C of Os given for 20 or 30 years which are close to termination. In fact, there is one Budo Farm C of O that faced something similar. The problem is that those who held the Agric C of Os have resold to other persons who have now built. Because they saw C of O, they just bought the land and built, not knowing the difference between Agric C of O and other types.

Unfortunately, the government is not renewing these Agric C of Os, instead they are giving the parcels of land to new allottees which would now be residential C of Os. The new allottees are not those who bought from those with Agric C of Os, but the original landowners who the holders of the Agric CofO bought from. Those who bought and built with Agric C of Os would now have to face those issued new C of Os by the government.

In the end, they would be forced to pay Ratification fees to the holders of the new C of O. Ratification which would run into Millions of Naira.

ahiboilandgas:
Been residential dosent stop it from generating income via rents ..it can be a commercial allocation and not generate rents

Abio.

If your tenant now convert your duplex to a Nursery and primary school or guest house, it is now a commercial property

To whom it may concern. From lotus

Theconglomerate:
Not really.
I hope my screenshot helps.
A residence can still be a commercial property.

Ok then tell us why the landlords lost this case to FCDA/AMAC?

ahiboilandgas:
Example not well grounded in property bought a commerical land in Apo area and built a twin bungalow for rent in 2000 but in 2004 elrufai demolished it that they viloted a section of the c/o ...and fcda/amac won the case against the landlords

This is a very important information. That means plenty wahala expected very soon?

MrMcJay:


For those buying properties in that Lekki area, particularly between Ikota and Sangotedo, there are a lot of Agric C of Os given for 20 or 30 years which are close to termination. In fact, there is one Budo Farm C of O that faced something similar. The problem is that those who held the Agric C of Os have resold to other persons who have now built. Because they saw C of O, they just bought the land and built, not knowing the difference between Agric C of O and other types.

Unfortunately, the government is not renewing these Agric C of Os, instead they are giving the parcels of land to new allottees which would now be residential C of Os. The new allottees are not those who bought from those with Agric C of Os, but the original landowners who the holders of the Agric CofO bought from. Those who bought and built with Agric C of Os would now have to face those issued new C of Os by the government.

In the end, they would be forced to pay Ratification fees to the holders of the new C of O. Ratification which would run into Millions of Naira.

Boyhood:

Ok then tell us why the landlords lost this case to FCDA/AMAC?

There are some clauses inside those Agric C of Os that stipulate that they can only construct farm houses and animal pens on the land, no permanent buildings. Some even state that you can't transfer title.

So, once you violate them inadvertently, there is a problem.

MrMcJay:


There are some clauses inside those Agric C of Os that stipulate that they can only construct farm houses and animal pens on the land, no permanent buildings. Some even state that you can't transfer title.

So, once you violate them inadvertently, there is a problem.

Correct.
That's what the other man failed to understand

9jatriot:
This is a very important information. That means plenty wahala expected very soon?

Well, depends on your risk appetite. It doesn't affect all lands on the axis, just those with Agric C of Os.

The thing is that once the new holders of the C of O get their hands on it, they would come and approach all those who built their houses on the land to "carry their houses". In the end, they would collect ratification fees and reissue a new Deed of Assignment with the details of the new C of O.

omicpet:



Tlc sir
2 odds
Aja blue
Seju

Hahaha you sef dey here lols.

wildchild1:
Hello guys, I need your help, I have about 500k - 1M that I want to invest for 12 months straight, what's the highest ROI I can get and is Tbills the best investment for this money?

Thank you.

Who's gonna help with this guys?

You should have ignored

Theconglomerate:
He started throwing words and insults around first when he was clearly talking rubbish.
Check again.

ozymes:
You should have ignored

Don't tell me what to do or how to react.
That authority is meant for people in your care or subordinates.
Maybe you will ignore,I wouldn't.