We now see the reason why some Investors with 500k will rather invest their money in bonds and other portfolio assets and they grow the investment to about N10 million before deciding to use the fund for real estate investments that has the ability to generate cash flow.


But if you are a land surveyor or real estate lawyer or civil servants in ministry of lands, you can do well speculating on cheap land

emmanuelewumi:


UAC Property Development and Union Homes had similar problem when they bought 1004 estate from FG.

The issue with Federal Secretariat is that the godfather was interested in the property, but it was Babalakin SAN and his group bid that succeeded

Babalakin is PDP, LASG is APC.

I think both Federal and States government should be able to issue certificate of occupancy and building approvals.

Building approvals - States
C of Os - States (Federal can issue over Federal lands)

Lagos took the FG to court and won from the High Court up to the Supreme Court. Now, if you have a Federal C of O in Lagos, you have to take it to Alausa for ratification. Essentially, you reapply for Lagos state CofO.

ahiboilandgas:
how much ?have u visited the place ..how near to union homes...

its about 5 minutes drive from Union homes. Close to Kuje new market.

Nezzjnr:

Thanks boss

Please when I'm ready to get anyone... Can I contact you

Definitely. You can reach me anytime.

MrMcJay:


Building approvals - States
C of Os - States (Federal can issue over Federal lands)

Lagos took the FG to court and won from the High Court up to the Supreme Court. Now, if you have a Federal C of O in Lagos, you have to take it to Alausa for ratification. Essentially, you reapply for Lagos state CofO.

Festac Town and Satellite Town are FG lands and real estate projects.

Does that mean Investors or landlords in that locations need to reapply for LASG certificate of occupancy?


The land use act needs to be reviewed and updated

shogbenga:
i hope you personally conducted the Search.....and not through a third party

Through third party. I wasn't resident in Abuja then but visit from time to time.

ojesymsym:
Oga just to be clear, is it that the land in question was not the same as the one in the paper you did a search on, or that the land was the same but still the agencies gave you a false pass?

Same with the one in the paper oohs. At a point they said it's double allocation to first allottees then to cloned and fake papers. The case is still on as we speak.

emmanuelewumi:

Festac Town and Satellite Town are FG lands and real estate projects.

Does that mean Investors or landlords in that locations need to reapply for LASG certificate of occupancy?

The land use act needs to be reviewed and updated

Festac Town was developed by Federal Housing Authority. FHA got a lease of 99 years to develop Festac. Federal Ministry of Lands and Housing gave land to FHA to develop and gave them C of O. FHA in turn developed and issues letters of allocation and subleases to occupants.

Those buying properties in those areas called Festac Phase 2, Abule Ado, etc, need to be careful as the matter has been subject to litigation at the Court of Appeal between the FG and Omoniles.

Those who need to reapply to Lagos State Government are those who bought FG properties in Onikoyi part of Banana Island, FG properties in Ikoyi, Ikeja GRA and other parts of Lagos where the land falls under Federal acquisition eg parts of Ojodu, Oke-Ira in Ogba, etc.

ahiboilandgas:
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

Did you consider the cost price of such houses in Ivory Coast? Forex denominated luxury apartments investments generate rental income of between $30k to $40k per annum in Lagos. Although the investment is now saturated because of too many Investors in that space and rates are now being downgraded

emmanuelewumi:



Did you consider the cost price of such houses in Ivory Coast? Forex denominated luxury apartments investments generate rental income of between $30k to $40k per annum in Lagos. Although the investment is now saturated because of too many Investors in that space and rates are now being downgraded

I'd rather invest in real estate in Ivory Coast than anywhere in Nigeria

Especially in Lagos

There is more structure in Ivory Coast in general.

Nigeria needs to wake up ans start doing things right

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.

pls do u mind to call them out? Is it an estate? Where please? Thanks

DexterousOne:


I'd rather invest in real estate in Ivory Coast than anywhere in Nigeria

Especially in Lagos

There is more structure in Ivory Coast in general.

Nigeria needs to wake up ans start doing things right

You have really traveled. The decorum nd the serene environment alone in some other African countries will make you wonder why you a Nigerian.

Leezah:
You have really traveled. The decorum nd the serene environment alone in some other African countries will make you wonder why you a Nigerian.

no wonder the number of europeans staying there

Leezah:
You have really traveled. The decorum nd the serene environment alone in some other African countries will make you wonder why you a Nigerian.

I have never seen or heard of omo onile issue in Ivory Coast

You buy your house
Pay the requisite taxes and registration fees to the govt

That's it.


I wonder who cursed us in this country


Why our collective mentality as Nigerians is too bad and repulsive
And I'll add destructive too.

I know in Ivory Coast and Tunis
You build strictly according to codes
Failure to do that

Will result in unpalatable consequences


Nigerians on the other hand do anyhow and then complain when estates they buy land in insist they build according to code (I see that complaint a lot on NL)

It just seems Nigerians love doing what they like with no accountability whatsoever

As long as you think you have some money
You think the law does not apply to you again

Shame

ahiboilandgas:
no wonder the number of europeans staying there

The foreign born population in Ivory coast is higher than in Nigeria

That's a fact


And you see them on the street with no mopol or anything

Jogging freely

Moving as they like


Nigerians really need rehab and reorientation

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

Very unfortunate my brother


The govt seems complicit in this

DexterousOne:


Very unfortunate my brother


The govt seems complicit in this

Yes, Omo onile are too powerful in Lagos and Ogun.

emmanuelewumi:



Yes, Omo onile are too powerful in Lagos and Ogun.

Who and where do these thugs even come from?

We can't blame very big Investors who are not interested in the sector.

We can generate investible funds that can build up to 100,000 low cost housing units per annum.

DexterousOne:


Who and where do these thugs even come from?

They work for politicians. We also have educated Omo onile in the civil service, judiciary and government. It is almost impossible to defeat them.

One of the big real estate firm had to settle an Oba with a new Roll Royce, that was what he asked for as his birthday gift.

Union Homes has investment worth billion lying fallow at ikoyi because of this menace and vested interests

emmanuelewumi:



They work for politicians. We also have educated Omo onile in the civil service, judiciary and government. It is almost impossible to defeat them.

One of the big real estate firm had to settle an Oba with a new Roll Royce, that was what he asked for as his birthday gift.

Union Homes has investment worth billion lying fallow at ikoyi because of this menace and vested interests

So this validates my point
That the govt is complicit

emmanuelewumi:
We can't blame very big Investors who are not interested in the sector.

We can generate investible funds that can build up to 100,000 low cost housing units per annum.

It's a big shame on us as Nigerians


And the worst part is, for the most part, Nigerians are shameless.


How can we continue like this for goodness sakes?

But if FG or LASG should raise a real estate bond at 12.5%, these big Investors will invest. The corporate lawyers to such investments, SEC and other professional advisers to the deal would have gotten an irrevocable guarantee from government for such deals

DexterousOne:


Who and where do these thugs even come from?

They are 'son of the soil'. Born and bred in the place. They did not come from anywhere.

Does anyone know of kids banking. Like investment instruments that also pay interest for unborn kids?

cc Mr Emmanuel, Oga Ahib, Conglomerate

NL1960:


They are 'son of the soil'. Born and bred in the place. They did not come from anywhere.

So being a supposed "son of the soil" (which btw I consider to be a ridiculous construct) gives them the right to be harassing home owners and those who bought land?



Nigeria needs factory reset

DexterousOne:


So being a supposed "son of the soil" (which btw I consider to be a ridiculous construct) gives them the right to be harassing home owners and those who bought land?

Nigeria needs factory reset

Na so we see am o. The politicians are unwilling to tame them because they are used as tugs during elections.

DexterousOne:


The foreign born population in Ivory coast is higher than in Nigeria

That's a fact


And you see them on the street with no mopol or anything

Jogging freely

Moving as they like


Nigerians really need rehab and reorientation

if i sabi french well i for like the place......i wonder who coin the word gain of africa ..we are just ants.

ahiboilandgas:
if i sabi french well i for like the place......i wonder who coin the word gain of africa ..we are just ants.

I have a good command of French myself
No problem whatsoever with French



Once I organise myself and portfolio to a certain level that it can run without much of my active participation
.I'd be out for good


I've had enough of the madness here in Nigeria

DexterousOne:



I have a good command of French myself
No problem whatsoever with French



Once I organise myself and portfolio to a certain level that it can run without much of my active participation
.I'd be out for good


I've had enough of the madness here in Nigeria

please do , it total nonsense i have runing gen for over 14 hours cos one small rain fall no light for 3 days ,truck they queue since monday to load ago from rain oil ....took 4 days .....the country is mess...

Theconglomerate:
Nna still growing ooo.
I just dey go market to go sell like this.
I just hit the 100k capital mark yesterday.

Welldone.

Things are getting clearer now

Investing into Real Estate in Nigeria is a big gamble