emmanuelewumi:


The Investors who bought Federal Secretariat Lagos should have keep another N20 billion for hidden charges, LASG and omonile fees, when they made the bid for the property

the Hidden Charges makes me to run away from Ibeju Lekki area ......for some they put it on their website e.g Andron Homes ....majority of them dont ...until i take a deep look and i later realise that the hidden charges is more than the amount u pay for the land which the buyer will not be inform as at the point of buying ......

And i also fear the Buy 5 and get 1 free plot of land hen.....cos this is Nigeria

abraolas1:
The OmoOnile issues is just a menace even with the Law by Ogun State Governement doesnt seems to checkmate them ....i recently argue over some payment i have been making concerning one landed property that i am developing ....imagine paying for Digging Soakaway, fence, foundation and recently for Flooring .....hearing that i will soon pay for Lintel and Roofing is currently given me an headache .....Just tired here seriously

When investments are protected by state governments, big time Investors who are capable of investing billions of dollars will come in

The land use act needs to be reviewed and made investment friendly for all stakeholders

arduino:

Bros I did all known checks from AMAC to AGIES to FCDA, everything seems perfect before committing my money.
Only to discover/told few weeks ago that the land papers were cloned and fake.
I dey fear some government MDAs now pass snakes.

how Amac cannot verify a genuine land paper with all the reform brought in by el rufai and ageis ...is like tell me cbn can verify a genuine naira from a forge or fake 1 ......land c/o has duplicate copy ware housed in land registry ....lawyers /banks tends to verify before buying or used as collateral.....if Amac/Agis/fcda cannot verify the authenticity of a lanf documents then 419 people will use same to collect billions

The problem with the current LASG scheme is greed on the part of the politicians and civil servants.

You will pay N1 million for a land scheme that will be ready for allocation in 2 years time. When the land is finally ready in 5 years time and now worth N3 million, and they will expect the investors to pay additional N2 million for the investment

Who does that

emmanuelewumi:



My father paid full payment twice for government land Adigbe Abeokuta. First payment was in 1985, second payment was in 1994 and was thrice of the initial payment. Land bought from the government oo

strange , after issuing c/o ? ....south west and land issues ...

ahiboilandgas:
strange , after issuing c/o ? ....south west and land issues ...

Forget it. Omo onile give returns to civil servants and politicians.

PresidentBuhari:
ok, the one that sold at Chevron was at N46 millionn, fully furnished, there are a lot of houses developing in Lekki now with very little buyers. It is more profitable to get returns in bonds now, with a N50 million investment in bond, you could be hitting N8m a year interest without moving to anywhere or chasing tenants.

Since you had 3 different tenants in 5 years, it demonstrates that the tenants can't afford the rent and they rather go for an affordable house or new evolving housing to enjoy newer facilities. In a climate where affordable housing is in demand, a tenant spends at least 3 years to 10 years there.
There are semi detached, terrace housing going for N40m in Ikota area right now, quite a competition.

What you decide to do is your choice.

whic bond is that currently 50m for 8m (16 percents)?

emmanuelewumi:



Forget it. Omo onile give returns to civil servants and politicians.

it now land racketeering....

ahiboilandgas:
it now land racketeering....

And it is very profitable for them, but affecting returns on investment
Like the guy who bought a property for N58 million in 2015, but struggling to get buyers for the property at N65 million in 2020

In Lagos you are expected to pay a levy to LASG and Omo onile before you can renovate your property.

If you buy a property from a seller, you still need to pay fees to Omo onile before you can take possession of the property

About 10 years ago you pay between 500k to N1 million to Omo onile as fees for each decking of a multi storey building in Mushin

Such a terrible behaviour. Before you know it news agencies will start calling him for his opinion, because the initial ideas are not his, he will start fumbling.

IyawoToBe:

Oyinbo people call it Plagiarism Lifting other people's words and posting on twitter as though they were his? Na wa o.

arduino:

Just about two weeks ago I lost 2.5Million to one of Abuja land scams.
Some Nigerians are corporate thieves and don't have conscience at all.

The situation is better in Abuja. The most important thing is that don't buy land allocated by Area council's, instead buy the ones allocated by FCDA
Secondly do a legal search on the allocation paper before paying the seller. Go to any Zenith bank, pay 10k for search and take the teller to AGIS with an application for Search. At AGIS, present the allocation paper for search. There and then you will be told if the paper is genuine or not. You will be given an official letter to that effect.
It takes just about 2 days. If you follow this procedure, you can't be scammed. Except you are buying from estate developers most of which don't have approval for the estate they are marketing especially those along Airport road

emmanuelewumi:
About 10 years ago you pay between 500k to N1 million to Omo onile as fees for each decking of a multi storey building in Mushin

no wonder Lagos is rated among world worst city ....and houses many slums probably the largest homeless and semi homless people .....investors dont want unnecessary hurdles..with poor returns.....come to ivory coast and see rents income ...those 3.5m duplex in lekki go fetch 2500 dollars monthly steady for abijan......ibo guys /labanese are making good money...one small 1 bedroom apartment go bring 200 dollars per months steady

shogbenga:


The situation is better in Abuja. The most important thing is that don't buy land allocated by Area council's, instead buy the ones allocated by FCDA
Secondly do a legal search on the allocation paper before paying the seller. Go to any Zenith bank, pay 10k for search and take the teller to AGIS with an application for Search. At AGIS, present the allocation paper for search. There and then you will be told if the paper is genuine or not. You will be given an official letter to that effect.
It takes just about 2 days. If you follow this procedure, you can't be scammed. Except you are buying from estate developers most of which don't have approval for the estate they are marketing especially those along Airport road

see person where sabi way ...unless u want to be scammed....u can buy 100 of plots in Abuja peacefully.......

From that guy's explanation, he had copy of papers for an original land, just that the papers were not for the land he was going to pay for. So in that case, if you do a search, the agencies will rightly say it is genuine but how does the buyer know it is not for the so called land he wants to pay for?

ahiboilandgas:
see person where sabi way ...unless u want to be scammed....u can buy 100 of plots in Abuja peacefully.......

Can you imagine, you cannot go to China and start crashing prices anyhow, this is one of the few advantages of union, to protect local traders, other times they are a nuisance.

Ibrahim505:

They were crashing the prices which made the traders union to influenced the state government to enacted the law that banned all non-Nigerians from operating shops in the market.

ojesymsym:
Such a terrible behaviour. Before you know it news agencies will start calling him for his opinion, because the initial ideas are not his, he will start fumbling.

might call him out on twitter..... I believe he is reading this...... it's high time u desist from that... at least add your source and acknowledge him that's not too much. if u want to lift things.....very irresponsible.

ojesymsym:
From that guy's explanation, he had copy of papers for an original land, just that the papers were not for the land he was going to pay for. So in that case, if you do a search, the agencies will rightly say it is genuine but how does the buyer know it is not for the so called land he wants to pay for?

Get a HONEST registered Surveyor to pick up the physical coordinates of the land and chart it to be sure it is the same with the one on the papers. It would tell you if there are discrepancies or not.

Nezzjnr:
Please guys are there Genuine real estate firms in Lagos... Seems most of them are scammers who just go to Ibeju Lekki and dump a signpost there giving it juicy names like Oriental Gardens and so on

How many of those who bought land from real estate companies in Ibeju-Lekki have built on those lands?

shogbenga:


The situation is better in Abuja. The most important thing is that don't buy land allocated by Area council's, instead buy the ones allocated by FCDA
Secondly do a legal search on the allocation paper before paying the seller. Go to any Zenith bank, pay 10k for search and take the teller to AGIS with an application for Search. At AGIS, present the allocation paper for search. There and then you will be told if the paper is genuine or not. You will be given an official letter to that effect.
It takes just about 2 days. If you follow this procedure, you can't be scammed. Except you are buying from estate developers most of which don't have approval for the estate they are marketing especially those along Airport road

How I wish it will be this simple in Lagos and Ogun States

shogbenga:

Confirmed sir, I applied 11 years ago and made all payments. Paper allocation was given. No physical allocation
The excuse by the govt was that omonile did not allow them to take possession of the land. We were advised to apply for refund. It's 5 years now, stories

Due to vested interests, they couldn't do the right and sensible thing. Corruption everywhere.

emmanuelewumi:



How I wish it will be this simple in Lagos and Ogun States

Very simple sir. You don't even need a lawyer.

NL1960:


Interesting. So omonile is now bigger than the government?. If the government is saying this, then it means it was a scam by the government from the beginning.

Present Head of Service is a former Secretary of the Land Use Allocation Ctte as well as PS Lands.

Late Sen. Sikiru Oshinowo (Pepperito) was former House Ctte Chairman on Lands.

Sen. Gbenga Ashafa was a former PS Lands. He was popularly called "King of Boys".

MrMcJay:


How many of those who bought land from real estate companies in Ibeju-Lekki have built on those lands?

Mainly for speculation by both the real estate companies and the buyers of the land

The real estate companies don't have the financial muscles to develop the land, everybody is doing the same thing. Trying to buy at N2 million and sell at N5 million in 5 years time

Oh okay, true, I should have thought of that.
We are firmly loyal sir to your expertise.

MrMcJay:


Get a HONEST registered Surveyor to pick up the physical coordinates of the land and chart it to be sure it is the same with the one on the papers. It would tell you if there are discrepancies or not.

MrMcJay:


How many of those who bought land from real estate companies in Ibeju-Lekki have built on those lands?

I thought it's a long term investment plan

Nigeria my country

abraolas1:


the Hidden Charges makes me to run away from Ibeju Lekki area ......for some they put it on their website e.g Andron Homes ....majority of them dont ...until i take a deep look and i later realise that the hidden charges is more than the amount u pay for the land which the buyer will not be inform as at the point of buying ......

And i also fear the Buy 5 and get 1 free plot of land hen.....cos this is Nigeria

Land 250k,
Extra charges 1.5M

Many real estate companies know you won't finish paying. They in fact are hoping buyer's won't finish paying so 3 people can pay for the same plot.

A certain Exec in a real estate company told me in confidence that their company paid Omoniles for about 10 Acres and sold more than 400 plots.

NL1960:


Interesting. So omonile is now bigger than the government?. If the government is saying this, then it means it was a scam by the government from the beginning.

LASG is Omo onile, Omo onile is LASG.

Investors are concerned with safety of Investments and sanctity of contracts or agreements

Nezzjnr:



I thought it's a long term investment plan

That is exactly what they told those who bought bushes inside Mowe Ofada 10 years ago.

When the Ogun State government got tired of the problems caused by the real estate companies, they acquired all the lands back.

ojesymsym:
From that guy's explanation, he had copy of papers for an original land, just that the papers were not for the land he was going to pay for. So in that case, if you do a search, the agencies will rightly say it is genuine but how does the buyer know it is not for the so called land he wants to pay for?

Once you are approached by a seller, get a surveyor that will identify the land for you to be sure you like the location and confirm size. Details of the land are on the allocation letter. The next is to confirm the allocation letter (R of O ) is genuine which you do at AGIS.