9jatriot:
800k de Benue? I will be surprise to learn there is

battleaxe:
@House, good evening.

I have been reading on the differences between a Sukuk bond and a regular bond.

One of the things that jumped at me was the possibility that if you hold till term, you may not necessarily have your full face value investment back due to the valuation of the asset at that future time e.g. 2027 in this case.

This is very different from the regular FGN bonds where my full face value is repaid on expiration of the Bond. I've read the propectus for the first FGN Sukuk which I could find online and it seems to lend credence to this thesis.

Can anyone pls help correborate this? Or I am mis interpreting the information?

Thank you.

pesty100:
our courts is something else ooo, It took them 3 years to determine whether someone was occupying another person's property illegally. Is it possible to include a clause in a rent contract that would attempt to penalize tenants that overstay or collecting security deposit from tenant that would be refunded to them when they pack out of the property?

Theconglomerate:
You won't see that income to be able to afford an 800k a year house in Benue state in the first place,reason why I don't think flats at that price even exist in Benue state to begin with.
Unless you want to work in Lagos and live in Benue and commute daily.
So to meet up with time schedule,you also need to buy a Buggati Chiron or a Chopper.
How does 4.8m a year afford this?
As for the bolded,there are a ton of people worth 10m naira that don't have 500k in their accounts,so if you ask me,liquidity Is a wrong way to judge riches.

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.

ahiboilandgas:
their are bank managers of teir 1 banks in benue that can earn those amount or more

XiaoLi:
Her tenancy expires today,infact she is coming up with another request this evening that we should give her one extra month to move out making it 3months in total since she will write an undertaken. The agent managing the house also said that citizen's mediation center will still ask us to grant her request if she wants to stay 3 months,so he advised we ask her to write an undertaken and grant her 3months request to avoid troubles.

Leezah:
what happened in court? And why can't you take tenants to court ever? Can you please share.

Satoshi2019:

Wonderful eye opener. Pls how can someone differentiate between an Agric c Of o and d genuine c Of o. Pls educate us. Thanks

Akin3891:


Hmm, mewa shele my sister,I no fit write all. I attended 2 court sections as regards to tenant troubles. Your lawyer will quote you the sweetest part of the law and make it seems there will be an express judgments, but once you are in, you will get tire n even pray the tenant hold on to the unpaid rent and all you want is your house. A mediocrity is the scene I saw in court, when after several seat a tenant finally appeared in court n promised his landlord he will vacate his apartment on a fixed date, then the judge asked him how about the unpaid rents, the landlord shouted I don't want oo, I just want my house back , the judge n everybody bursted to laugh. I saw frustrations on the landlord face, God knows how long it took for the guy to finally show in court, because it's one of their tactics to prolong judgement. Of course my own tenant didn't appear in court twice that I attended, I think the court depends on the property of a tenant to cover unpaid rent, but most time such tenant would have park out as the final judgement approaches, so how will you or the court get ahold of a run away tenant? it's even worst when you don't live in the said house to monitor things. The court process is so slow and normally take years, this way your lawyer would tap into ur finance, and you will have to wake up early to meet up court section, eventually justice may not be served n you will be at a loss.

Salliet:


Or you could share them here in a general thread and mention me so we are not found derailing...

https://www.nairaland.com/2550211/general-topic-thread-to-discuss-anything

Theconglomerate:
These are exceptions.
It's not a norm in Benue.You and I know this.
Majority is what counts.

OgogoroFreak:
4.8m a year in this Nigeria, is a rich man. Very, very few people make up to that yearly. Even 80% of graduates earn below 1.2m yearly.

Nigeria population is about 200m and 82m people live on less than $1 a day.

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.

Barrytone:
I grew up in the streets but I don't encourage this any longer but its inevitable where a tenant things you must suffer after the initial suffer to build a house. Go to court, pay the clerk and officials and get a notice, paste on his door in his absent and snap then take notice off. Make some other person appear in court in his stead as a proxy tenant he transferred tenantship to without your consent and get a verdict and evict him immediately as the unpreparedness will rock his life for ever. He can continue the fight from outside your house. The person that appeared is the person you have been seeing around the house and you don't know him. Simply put, he alone can provide that person.

MrMcJay:


Definitely. If you are paying by instalments, please ask your lawyer to prepare a Contract of Sale immediately you make the first payment.
If you are making an outright payment, ask your lawyer to prepare a Deed of Assignment for you to execute with the company.

Some real estate companies insist on their lawyers preparing the transaction documents but I believe if you're buying 10 plots, they should be flexible enough for your lawyer to prepare your documents. If they don't allow, ask your lawyer to proofread the document thoroughly and iron out all detrimental clauses before you sign.

unite4real:
This is a typical implication of unsecured bond

https://globalfinancialdigest.com/uba-moves-to-redeem-n30-5-bln-bond-earlier-than-maturing-date/

damilola1978:


What's the implication of this statement...."UBA issued the bond at 16.45 percent in 2014 while yields on fixed-income assets have declined to below 10 percent in recent time as government moves to cut borrowing cost and surging liquidity pushed down yields."....

Akin3891:


Hmm, mewa shele my sister,I no fit write all. I attended 2 court sections as regards to tenant troubles. Your lawyer will quote you the sweetest part of the law and make it seems there will be an express judgments, but once you are in, you will get tire n even pray the tenant hold on to the unpaid rent and all you want is your house. A mediocrity is the scene I saw in court, when after several seat a tenant finally appeared in court n promised his landlord he will vacate his apartment on a fixed date, then the judge asked him how about the unpaid rents, the landlord shouted I don't want oo, I just want my house back , the judge n everybody bursted to laugh. I saw frustrations on the landlord face, God knows how long it took for the guy to finally show in court, because it's one of their tactics to prolong judgement. Of course my own tenant didn't appear in court twice that I attended, I think the court depends on the property of a tenant to cover unpaid rent, but most time such tenant would have park out as the final judgement approaches, so how will you or the court get ahold of a run away tenant? it's even worst when you don't live in the said house to monitor things. The court process is so slow and normally take years, this way your lawyer would tap into ur finance, and you will have to wake up early to meet up court section, eventually justice may not be served n you will be at a loss.

MrMcJay:


Agric C of Os are also very much genuine, it's just that the purposes differ from that of Residential or Commercial C of Os. Once they tell a any property is covered by a CofO, try to check 4 things.

1. The propose of the CofO. It is usually written on the front page. Residential, Agricultural, Industrial, Mixed-use, Commercial or Utility.

2. The time span of the CofO. This is written inside the C of O, page 2 or 3. No CofO is issued for infinity and the longest time span is usually 99 years for Residential CofOs. While Agric C of Os have a short lifespan of about 15 to 25 years, others are for much longer.

3. Commencement. The time the CofO commences is very important. It is written on the front page of the C of O and determines when it starts and the remaining lease left on the land. If you get a C of O commencing from 1991 and to last for 99 years, it means it is to expire in 2090 and you have 70 years left on the lease.

4. Covenants. This is very important because these are the hidden clauses where the main terms of the grant are hidden. The conditions upon which the CofO are granted are written here and it is advised that you read them properly.

MrMcJay:


That tenant is not entitled to more than 7 days. Any extra time spent is just for you to cut your losses and move on. If you take it to the Citizens Mediation Centre, they won't force you to give her 3 months when you want to give her 2. Must likely, both parties would still settle for 2 months. And it would be duly recorded and sealed with the seal of the Attorney General of Lagos.

Leezah:
There is a motion you file in court where money in his account will be used to offset his unpaid rents.

here are few options every lay man can do

If you don't want to contact a lawyer.
Let me give you a summary of what you should do .Serve him the statutory notices ie 7 days and one month,then file a suit for recovery of premises at the nearest magistrate court.

Once the case comes up tell the court you are handling the case yourself,enter witness box and tell the court what the man did and the order you are seeking from them.The bailiff will then enter the box and tell the court that he served the man but he didn't come .The court will then grant you the order you are seeking.You will take the judgement copy and go to the bailiff and pay them for policemen.

The policemen and the bailiffs will go to the man's house one early morning, break his house and pack all his properties to the court premises. I hope you learnt something today from this. Goodluck


or

If you based in Lagos If its Lagos, go through the human right activist section or Mediation center of the State Government. They have many outlets in each local government in the state. They'll charge a fee of #8,000 and would handled the cases

Nakedman:


That's the summary. It's backed by the Federal Government with bullet payment upon maturity.

ojesymsym:
Apart from the three options available on lotus capital to complete the payment, can one go to the bank to do a transfer?

Sholapey:
https://www.cnbc.com/2020/05/31/early-retirement-millionaire-saved-70-percent-of-income-lives-by-basic-money-rules.html

freeman67:


There are lots of options there. They gave about 7 banks you can transfer, about 12 placement agents you can contact for enquiries on means of payment and 3 Financial Advisers' to the Sukuk 3.

Yes you can go to the bank and transfer of you do not do mobile/web transfer or if the amount you wish to transfer is more than what you can do on the internet.

Theconglomerate:
Tenant income is everything so far as property is concerned.
Even building shops is still not safe.
If you buy anyhow land and build shop,you will hardly have people to rent it,let alone be consistent with rent because of poor location leading to poor tenant that generates poor income
Poor is to poor is to poor ratio=better debt owed by tenant.
But if you buy better land weh dey for site and build shops there that the tenant make good sales and turnover,do you think the tenant will ever want to owe you?never!!
So that make you collect the shop from am give another person?lie lie.
I have a small shed where I sell up to 10 baskets of tomatoes in 2 days all retail that can make me 10k a week.
Do you think I will ever owe my landlord's 3k monthly rent?impossible.
What if i had a backwater located shed instead that i barely sell 2 baskets a week,do you think i will be prompt with rents?

Barrytone:
I grew up in the streets but I don't encourage this any longer but its inevitable where a tenant things you must suffer after the initial suffer to build a house. Go to court, pay the clerk and officials and get a notice, paste on his door in his absent and snap then take notice off. Make some other person appear in court in his stead as a proxy tenant he transferred tenantship to without your consent and get a verdict and evict him immediately as the unpreparedness will rock his life for ever. He can continue the fight from outside your house. The person that appeared is the person you have been seeing around the house and you don't know him. Simply put, he alone can provide that person.

Barrytone:
I grew up in the streets but I don't encourage this any longer but its inevitable where a tenant things you must suffer after the initial suffer to build a house. Go to court, pay the clerk and officials and get a notice, paste on his door in his absent and snap then take notice off. Make some other person appear in court in his stead as a proxy tenant he transferred tenantship to without your consent and get a verdict and evict him immediately as the unpreparedness will rock his life for ever. He can continue the fight from outside your house. The person that appeared is the person you have been seeing around the house and you don't know him. Simply put, he alone can provide that person.

Ibechris2:



Anytime I see ur write about tomatoes business here...I am always proud of u.

Keep it up.
May God bless u more.