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Quote from: battleaxe on February 18, 2009, 12:23 PM
@lawyer
From your response, it almost looks like you need to get a governor's consent even if you have a C of O. I thought that the governor's consent is a document required for subsequent property transactions after a C of O had originally being issued on a land/house. As such, if i get a C of O on a land, develop it and don't sell it, there is no need to get a governor's consent. It will only come into place when i decide to sell and the buyer then has to secure a governor's consent subsequent to my earlier C of O granted. Please correct me if I'm wrong.
In that light then, I would think that a governor's consent would not necessarily always superceed a C of O , or what do you think?


A governors consent is the ultimate legal title you can have to get 100% legal backing for any property and it supercedes the C/O any day and time.

For example if there is a court dispute in respect of a particular land between You and I. If you have the governors consent for that land and i have a C/O of that same land, your governor's consent supercedes any title i have to that land because the governor personally has aceeded to you being the true and rightful owner to that land.

In short a C/O is a prelude to getting the Governors consent but has a much greater value over someone that just bought a land with only a deed of assignment and survey plan in case a dispute crops up with you two in respect of that land.

Even if your property has a governors consent on that land and you decide to sell to me using the governors consent as a veritable bargaining chip to value the worth of your house, if i buy it from you, i will still have to apply for the governors consent in my own name for it to reflect. The only good thing is that i wont have to go through the process of obtaining a certificate of occupancy again since you have already done it before to get the governors consent.

Now to the Governor's consent

Now lets break it down simply (Abeg carry your calculator as you de read am o! I can't shout anymore):

Tip 1: Every area in lagos state has its own separate fees to pay for the governor's consent. I will illustrate with 5 real examples.

a. If you have a property in AKOWONJO / SHASHA Local Government, it is N1,500 per m2 (Square meter)

b. If you have a property in LEKKI PHASE 2, it is N4,500 per m2 (Square meter)

C. If you have a property in GBAGADA/ANTHONY, it is N6,000 per m2 (Square meter)

d. If you have a property in ILUPEJU RESIDENTIAL, it is N10,000 per m2 (Square meter)

e. If you have a property in PARK VIEW/OSBORNE 1, it is N40,000 per m2 (Square meter)

So if you bought the land for N1,000,000 (One Million Naira), and you know from the survey plan that your land is probably for example 160m2 by 56 m2, you have to calculate your area multiplied by the square meters.

E.G if we use AKOWONJO / ISHERI which is N1,500 per m2 (Square meter), the calculation will go like this:

N1,500 X 160 M2 = N240,000.

This N240,000 is the assessment Price.


Secondly, we have what is being called CAPITAL GAIN TAX which is 2% of the Assessment Price.

That is 2% of N240,000 =N4,800


Thirdly we have what is being called STAMP DUTY which is also 2% of the Assessment Price

That is 2% of N240,000 =N4,800


Fourthly we have what is being called REGISTRATION FEES which is now 3% of the Assessment Price

That is 3% of N240,000 =N7,200

Fifthly we have what is being called CONSENT FEES which is 8% of the Assessment Price

That is 8% of N240,000 =N19,200

The total price you would pay for the governor's consent for just AKOWONJO/SHASHA local government area for a property or land bought is

N240,000 + N19,200 +N4,800 +N4,800 + N7,200 = N276,000.

So if you bought the land for N1,000,000 (One Million Naira), and you know from the survey plan that your land is probably for example 160m2 by 56 m2, you have to calculate your area multiplied by the square meters.

E.G if we use AKOWONJO / ISHERI which is N1,500 per m2 (Square meter), the calculation will go like this:

N1,500 X 160 M2 = N240,000.

moneytalk: @Lawyer,
Hello Sir,
May God invest in you as you have iinvested time,energy and your expertise on this issue.Please I would like to know if ownership of C of O are transferable.I bought a farm land that came witn c/o but I want to know if I must change it to bear my name or I should just leave it like that.And secondly, the procedures you highlighted for processing C/O, are they the same for farm lands C/O processing?

Good job keep it up do you have the same informations for Ogun state on how to obtain there C/O or is it the same because most of some area fall into Ogun State and if its the same can some one use Lagos state C/O to stand for Ogun State Property need the info asap.

Thanks.

moneytalk: @Lawyer,
Hello Sir,
May God invest in you as you have invested time,energy and your expertise on this issue.Please I would like to know if ownership of C of O are transferable.I bought a farm land that came with c/o but I want to know if I must change it to bear my name or I should just leave it like that.And secondly, the procedures you highlighted for processing C/O, are they the same for farm lands C/O processing?

Good job keep it up do you have the same informations for Ogun state on how to obtain there C/O or is it the same because most of some area fall into Ogun State and if its the same can some one use Lagos state C/O to stand for Ogun State Property need the info asap.

Thanks.