Kukutenla:

You missed my point. Nigerians like you will cringe at the mention of mortgage while in Nigeria.
However, you fight any Nigerian who disparage mortgage in the UK and USA as not being financially savvy.
How does mortgage appeal to you in the UK but not in Nigeria?

A mortgage does not appeal to me in Nigeria because there is no reputable database that I can use to assess the market price of properties by different parameters, location, property size, price history etc.

Never mind omo onile issues and all that even after purchase. For that reason, why would I want to secure a loan to acquire an asset that may be problematic I.e high risk? Should issues arise, or I was scammed, the bank does not care. I must pay up somehow.

So if I'm going to be on the hook for a sizeable amount of money, I best make sure the underlying asset is sound and the UK provides that.

There is a reason why rich ARABs, Chinese and Russian oligarchs buy properties ( even when they remain largely empty most times) in London and not Banana Island or Lekki. I'll let you figure out why that is.

franchasofficia:
It's mostly married Nigerian ladies abroad that celebrate owning a mortgage house, Nigerian men, the sensible and wise ones don't celebrate it.


If you are a Nigerian man abroad, before you think of getting a mortgage house abroad, please make sure you have acquired two or three solid commercial buildings in a bubbling city in Nigeria. Don't be in a hurry to get a mortgage house as a Nigerian man.

Don't be deceived, houses and lands appreciate a lot in Nigeria too.

I know some properties and lands I bought some few years back how much they are today if I am to sell them.


1) But before you buy any land or property in Nigeria, especially in Lagos, please get a competent property lawyer to go to Alausa secretariat to check the status for you, dont be in a hurry to buy, check the status first.


2) If you are Igbo, focus more on buying lands and properties in Southeastern cities like; Owerri, Onitsha, Enugu, Aba (though lands don't appreciate fast here dunno why), and maybe Asaba.


Avoid Lagos and Portharcourt if you don't live in Nigeria. Buying land in Abuja as an Igbo person living abroad is even better than buying in Lagos and Portharcourt. This advice is mainly for Igbos living abroad because currently, with the Lagos state government policies of recent, buying land or properties in Lagos if you are not a Yoruba person or you don't live in Lagos is risky, avoid it if you can.


Botswana is another nice place to invest in.

Ivory Coast is also okay.

Avoid Ghana, Ghana used to be good but situation seems to be changing of recent, guys are selling off now.

I know a little about lands and real estate in Nigeria. First of all, private "ownership" of real property in Nigeria doesn't exist. Per the Land Use Act, all lands in Nigeria belong to the Government. While Section 34 allows ownership of property, in actual fact, the Land Use Act is the default operative law. Therefore at the very least, private ownership & control of real estate in Nigeria is legally controversial.

So while I personally own buildings in Nigeria AND the USA, my ownership is more secure and protected by law in the USA. This is the reason families of many of Nigerian government officials, politicians and wealthy businessmen buy houses in the USA, including President Tinubu's children and Cabinet Minister Festus Keyamo. They know their property is more secure in the USA than in Nigeria.

I know you will dispute my statement above, but your own comments above highlighted as (1) and (2) in bold CONFIRM or give some credence to my claims. Why should I have to know anyone, be connected to those in the know or whatever just to exercise my economic rights? Why should my tribe matter, why should it dictate where I choose to invest? The Igbo apparently have lost their rights in parts of Nigeria, your rights depend on your tribe and someone still thinks it's a good country to invest in. Hmmmm. The cognitive dissonance is simply amazing. And people come on Nairaland shouting racism in UK/US. Truly Nigeria is finished. For real. Moving on...

I and members of my family have owned, bought and sold several lands and buildings in Nigeria and the USA. We've had several issues with ownership disputes in Nigeria AND not one single controversy in the USA. In fact one of my siblings bought property in Abuja and lost it because the Federal Ministry of Lands disputed the C of O issued by the FCDA or vice versa. We've bought in the village and had dispute. I know people that have bought in Aba, Owerri and PH and had disputes or had their land or houses taken away by government or the community. I know Let me ask you directly - do you know of any such cases similar to what I've alluded to here?

This is my real name, I'm being as open as I can here. I can definitively state that by law, usual and customary everyday practice and by personal experience and observation, private ownership of real property doesn't exist in Nigeria. I can boldly state that property rights are not well protected in Nigeria. Those are facts.

Now as to the business proposition of real estate in Nigeria. You wrote this above:

If you are a Nigerian man abroad, before you think of getting a mortgage house abroad, please make sure you have acquired two or three solid commercial buildings in a bubbling city in Nigeria. Don't be in a hurry to get a mortgage house as a Nigerian man.

Don't be deceived, houses and lands appreciate a lot in Nigeria too.

I know some properties and lands I bought some few years back how much they are today if I am to sell them.

I know several people living in Nigeria AND abroad, who've incurred huge losses on Nigeria real estate over the years. So I want to know your opinion of the following story.

https://guardian.ng/property/foreign-real-estate-investors-record-huge-losses-amid-rise-in-exchange-rate/

Guardian Nigeria
Feb 19 2024
These are not the best of times for foreign real estate investors as ongoing currency devaluation is harming the property market by reducing rental income and prompting huge decrease in their return on investment due to higher cost of living.

The situation has reached a crisis point as investors are exiting the economy, especially the real estate sector because the investment climate is no longer attractive. The exchange rate since the end of last year 2023 till now has been quite unstable, with a dollar being exchanged close to N1, 500 in the black market. Exchange rate is one of the factors usually considered by the international real estate investors in their quest to build wealth from investment properties in a foreign country

“This heightened demand drives property prices up. However, if the currency depreciation continues, it poses a challenge for long-term investments, as it diminishes potential returns when repatriating profits to their home country. This erosion of returns discourages the enduring investment appeal traditionally associated with real estate,” he said.

Property investment in Nigeria is an almost guaranteed loss for any Nigerian based in US/UK in particular and it's more serious when compared to the potential returns the same Nigerian can get by buying a British or American house with a mortgage. Having personally experienced both sides of the coin, my personal decision now is to NEVER invest a penny in Nigerian real estate. It's not worth it, especially in the long term. And I'm an Igbo man, so....

Good Luck to Nigeria

IbeOkehie:


I know a little about lands and real estate in Nigeria. First of all, private "ownership" of real property in Nigeria doesn't exist. Per the Land Use Act, all lands in Nigeria belong to the Government. While Section 34 allows ownership of property, in actual fact, the Land Use Act is the default operative law. Therefore at the very least, private ownership & control of real estate in Nigeria is legally controversial.

So while I personally own buildings in Nigeria AND the USA, my ownership is more secure and protected by law in the USA. This is the reason families of many of Nigerian government officials, politicians and wealthy businessmen buy houses in the USA, including President Tinubu's children and Cabinet Minister Festus Keyamo. They know their property is more secure in the USA than in Nigeria.

I know you will dispute my statement above, but your own comments above highlighted as (1) and (2) in bold CONFIRM or give some credence to my claims. Why should I have to know anyone, be connected to those in the know or whatever just to exercise my economic rights? Why should my tribe matter, why should it dictate where I choose to invest? The Igbo apparently have lost their rights in parts of Nigeria, your rights depend on your tribe and someone still thinks it's a good country to invest in. Hmmmm. The cognitive dissonance is simply amazing. And people come on Nairaland shouting racism in UK/US. Truly Nigeria is finished. For real. Moving on...

I and members of my family have owned, bought and sold several lands and buildings in Nigeria and the USA. We've had several issues with ownership disputes in Nigeria AND not one single controversy in the USA. In fact one of my siblings bought property in Abuja and lost it because the Federal Ministry of Lands disputed the C of O issued by the FCDA or vice versa. We've bought in the village and had dispute. I know people that have bought in Aba, Owerri and PH and had disputes or had their land or houses taken away by government or the community. I know Let me ask you directly - do you know of any such cases similar to what I've alluded to here?

This is my real name, I'm being as open as I can here. I can definitively state that by law, usual and customary everyday practice and by personal experience and observation, private ownership of real property doesn't exist in Nigeria. I can boldly state that property rights are not well protected in Nigeria. Those are facts.

Now as to the business proposition of real estate in Nigeria. You wrote this above:



I know several people living in Nigeria AND abroad, who've incurred huge losses on Nigeria real estate over the years. So I want to know your opinion of the following story.

https://guardian.ng/property/foreign-real-estate-investors-record-huge-losses-amid-rise-in-exchange-rate/



Property investment in Nigeria is an almost guaranteed loss for any Nigerian based in US/UK in particular and it's more serious when compared to the potential returns the same Nigerian can get by buying a British or American house with a mortgage. Having personally experience both sides of the coin, my personal decision now is to NEVER invest a penny in Nigerian real estate. It's not worth it, especially in the long term. And I'm an Igbo man, so....

Good Luck to Nigeria

You are very correct that real estate property investments are safer in USA than in Nigeria, who would argue that? Only a mad man I guess


I am definitely going to own one in the US before year 2035, but it won't be through mortgage, I will buy outrightly.


I am only discouraging married Nigerian men abroad from rushing to get a mortgage house when they have not invested well back in Nigeria or in other secure African countries, I am never against owning a house in US please, get my point clear.


There are several reasons why owning a house in the US is safer than in Nigeria aside the Nigerian land use act.

Another reason is possibility of Nigeria breaking up as a country, which is still very possible with how some senseless Nigerians are governing Nigeria and sowing seeds of tribal and regional division just to have a grip on federal power for long without knowing the long term implication.



So please I am not against Nigerians buying house abroad, I support it, but when you just acquire a mortgage house, don't go about lying to people back in Nigeria that you now own a house when you haven't finished paying off the loan, that is my point. Say it as it is always

Gerrard59:


You made great points. Thank you.

- Regarding Lagos, compared to the East which you have been advocating (we know why), recouping one's investments in Lagos is faster than the East.

- Which are the fast growing cities in the South East and South South?

Regarding your friend's story, someone else narrated a similar experience, which makes sense as rents are paid annually or two years rather than monthly. So, yes, that is a good model by leveraging being in the abroad and Nigeria.

Oga Gerrard, I don't know which Nigeria and abroad you guys are on about. For example regarding this:

I have had a relative got his property foreclosed by bank after he died and wife couldn't meet up, so where is the generational wealth? Mortgage is mortgage you guys should stop painting it otherwise. Abi the various news of foreclosure and stuffs abroad, na ghosts them get those mortgaged houses being foreclosed by banks and lenders abroad? I don't like anything loan; be it house mortgage, car loan, anything loan.

That's what LIFE INSURANCE is for.

Regarding so called fast profits in Lagos & Abuja, this story is more like what I've observed and experienced:

https://guardian.ng/property/foreign-real-estate-investors-record-huge-losses-amid-rise-in-exchange-rate/

About getting mortgage abroad. The person who can get mortgage but chooses not to do so, will still pay rent.

Sorry but @franchasofficia isn't making much sense to me. Again, anonymity affords all kind of license on Nairaland. But to each his own.

Good Luck to Nigeria.

IbeOkehie:


Oga Gerrard, I don't know which Nigeria and abroad you guys are on about. For example regarding this:



That's what LIFE INSURANCE is for.

Regarding so called fast profits in Lagos & Abuja, this story is more like what I've observed and experienced:

https://guardian.ng/property/foreign-real-estate-investors-record-huge-losses-amid-rise-in-exchange-rate/

About getting mortgage abroad. The person who can get mortgage but chooses not to do so, will still pay rent.

Sorry but @franchasofficia isn't making much sense to me. Again, anonymity affords all kind of license on Nairaland. But to each his own.

Good Luck to Nigeria.

Life insurance hahahaha


How many Nigerians do life insurance both in Nigeria and abroad? How many Nigerians below the age of 50 do life insurance?

You guys will just come online and be telling us fables


Oga if you are below 50 years, I can bet with you that you do not have a life insurance anywhere, are you ready to bet?


No be only life insurance, na life increment. Even Bola Tinubu does not have life insurance


And please I do not live permanently abroad, my life has been an open book on this forum, right from when I was struggling okay.


This is my second moniker cos the main one is under ban

franchasofficia:


You are very correct that real estate property investments are safer in USA than in Nigeria, who would argue that? Only a mad man I guess
I am definitely going to own one in the US before year 2035, but it won't be through mortgage, I will buy outrightly.

I am only discouraging married Nigerian men abroad from rushing to get a mortgage house when they have not invested well back in Nigeria or in other secure African countries, I am never against owning a house in US please, get my point clear.

So please I am not against Nigerians buying house abroad, I support it, but when you just acquire a mortgage house, don't go about lying to people back in Nigeria that you now own a house when you haven't finished paying off the loan, that is my point. Say it as it is always

Owning a house is owning a house, whether mortgaged or not. There's no lie there. This is the USA, not some 3rd World backwater. We have legal protections here for both lender and borrower.

I truly don't understand why ANYONE would prioritize "investing well" in Nigeria above investing in the USA. Well, I do because I used to do the same till I learned from bitter experience, so I kinda get it. I sense you're concerned about losing property in divorce and you've already stated the risk of death for a breadwinner.

DIVORCE - Get a prenuptial agreement.

DEATH - Get life insurance.

Case closed.

Good Luck to Nigerians.

IbeOkehie:


Owning a house is owning a house, whether mortgaged or not. There's no lie there. This is the USA, not some 3rd World backwater. We have legal protections here for both lender and borrower.

I truly don't understand why ANYONE would prioritize "investing well" in Nigeria above investing in the USA. I sense you're concerned about losing property in divorce and you've already stated the risk of death for a breadwinner.

DIVORCE - Get a prenuptial agreement.

DEATH - Get life insurance.

Case closed.

Good Luck to Nigerians.

The way you are throwing these words up and down as if they are as easy as you typed them, continue sha, I no argue anybody oh, I only made my point and as you no like am, continue with your style, I am doing super amazing with my style. I say what I do, not what I heard

franchasofficia:
Life insurance hahahaha

Oga if you are below 50 years, I can bet with you that you do not have a life insurance anywhere, are you ready to bet?

This is my second moniker cos the main one is under ban

Sir I have life insurance. Even BEFORE I got married. What is so special about life insurance? If you're willing to put down some money on a bet, I can send you my life insurance paperwork. If I'm lying, I pay you $1K, if not you pay me. Deal? Let's do it.

I will agree with you on this though - I have have three friends who confided in me that their spouses REFUSED to let them or anyone in their family have life insurance. I just don't understand why. There's a story I'd like to tell about this issue, but I can't.

One of them also refused to buy house on mortgage and rented for over 20 years, only to realize recently he's not going back to Nigeria and now he's bought. Very interesting mindset.

By the way, one of my acquintances, born in the USA to Nigerian parents, became wealthy by means of life insurance benefit.

franchasofficia:
The way you are throwing these words up and down as if they are as easy as you typed them, continue sha, I no argue anybody oh, I only made my point and as you no like am, continue with your style, I am doing super amazing with my style. I say what I do, not what I heard

I think I have more credibility than you. At least I'm not anonymous. Have a good day.

Good Luck to Nigerians.

IbeOkehie:


Sir I have life insurance. Even BEFORE I got married. What is so special about life insurance? If you're willing to put down some money on a bet, I can send you my life insurance paperwork. If I'm lying, I pay you $1K, if not you pay me. Deal? Let's do it.

I will agree with you on this though - I've have three friends who confided in me that their spouses REFUSED to let them or anyone in their family have life insurance. I just don't understand why. There's a story I'd like to tell about this issue, but I can't.

One of them also refused to buy house on mortgage and rented for over 20 years, only to realize recently he's not going back to Nigeria and now he's bought. Very interesting mindset.

By the way, one of my acquintances, born in the USA to Nigerian parents, became wealthy by means of life insurance benefit.



I think I have more credibility than you. At least I'm not anonymous. Have a good day.

Good Luck to Nigerians.

I wouldn't go into the betting anymore since you acknowledged the fact that Nigerians generally don't like doing life insurance, so we are good.


I know your type; we have plenty of Una in my community, we go soon demolish and clear off una family compound to build village Town Hall cos Una don loss for America already

[quote author=IbeOkehie post=129663965]

I know a little about lands and real estate in Nigeria. First of all, private "ownership" of real property in Nigeria doesn't exist. Per the Land Use Act, all lands in Nigeria belong to the Government. While Section 34 allows ownership of property, in actual fact, the Land Use Act is the default operative law. Therefore at the very least, private ownership & control of real estate in Nigeria is legally controversial.

So while I personally own buildings in Nigeria AND the USA, my ownership is more secure and protected by law in the USA. This is the reason families of many of Nigerian government officials, politicians and wealthy businessmen buy houses in the USA, including President Tinubu's children and Cabinet Minister Festus Keyamo. They know their property is more secure in the USA than in Nigeria.

I know you will dispute my statement above, but your own comments above highlighted as (1) and (2) in bold CONFIRM or give some credence to my claims. Why should I have to know anyone, be connected to those in the know or whatever just to exercise my economic rights? Why should my tribe matter, why should it dictate where I choose to invest? The Igbo apparently have lost their rights in parts of Nigeria, your rights depend on your tribe and someone still thinks it's a good country to invest in. Hmmmm. The cognitive dissonance is simply amazing. And people come on Nairaland shouting racism in UK/US. Truly Nigeria is finished. For real. Moving on...

I and members of my family have owned, bought and sold several lands and buildings in Nigeria and the USA. We've had several issues with ownership disputes in Nigeria AND not one single controversy in the USA. In fact one of my siblings bought property in Abuja and lost it because the Federal Ministry of Lands disputed the C of O issued by the FCDA or vice versa. We've bought in the village and had dispute. I know people that have bought in Aba, Owerri and PH and had disputes or had their land or houses taken away by government or the community. I know Let me ask you directly - do you know of any such cases similar to what I've alluded to here?

This is my real name, I'm being as open as I can here. I can definitively state that by law, usual and customary everyday practice and by personal experience and observation, private ownership of real property doesn't exist in Nigeria. I can boldly state that property rights are not well protected in Nigeria. Those are facts.

Now as to the business proposition of real estate in Nigeria. You wrote this above:



I know several people living in Nigeria AND abroad, who've incurred huge losses on Nigeria real estate over the years. So I want to know your opinion of the following story.

https://guardian.ng/property/foreign-real-estate-investors-record-huge-losses-amid-rise-in-exchange-rate/



Property investment in Nigeria is an almost guaranteed loss for any Nigerian based in US/UK in particular and it's more serious when compared to the potential returns the same Nigerian can get by buying a British or American house with a mortgage. Having personally experience both sides of the coin, my personal decision now is to NEVER invest a penny in Nigerian real estate. It's not worth it, especially in the long term. And I'm an Igbo man, so....

Good Luck to Nigeria






[/quote

here we have mortgage also and people can buy now and pay later but it is just madness

franchasofficia:
The only thing I would say is that our culture and system of buying anything we need; from cars to houses through one-off payment put Nigerians under pressure to make plenty money because there is no room to acquire anything in Nigeria through installment payment spread over a period of time.


This I can agree may have contributed to our high level of corruption, especially among civil servants, politicians and officials.


But as for who is richer? It is the person that buys and pay outrightly of course.


That mortgage system favors the poor and the average people abroad, but our people are making it seem like it is a measure of success, no Sirs and Mas, it is not, oyimbo put that credit system in place to reduce pressure on their citizens and to discourage people from indulging in financial crimes to afford the basic things they need in life.

High monthly payments: Mortgages typically come with long-term repayment periods, which can result in high monthly payments. If you have limited income or a high debt-to-income ratio, paying a high monthly mortgage payment can be a financial strain.

One significant disadvantage of taking out a mortgage is the long-term financial commitment involved. Depending on the length of your mortgage term, you may be making monthly payments for decades, tying up a significant portion of your income.

Debt – By taking out a mortgage, you're taking on a commitment to pay back a lot of money within a certain time period, including interest. Even over 25 years, you'll be paying a lot more back than you borrowed.

The longer the term of your mortgage, the higher an interest rate you might end up with. That could mean spending extra money on interest -- and taking longer to build equity in your home. In the early stages of paying off a mortgage, much of the money you put in goes toward interest on your loan, not principal.

franchasofficia:
I wouldn't go into the betting anymore since you acknowledged the fact that Nigerians generally don't like doing life insurance, so we are good.


I know your type; we have plenty of Una in my community, we go soon demolish and clear off una family compound to build village Town Hall cos Una don loss for America already

I'm not like other Nigerians, so my wife and I made sure to protect our family with life insurance. It's the simplest thing. Only ignorant, backward and unenlightened people neglect doing something so simple.

Village tradition? As I've written before, I've grown beyond that cultural intimidation. Social Capital in Nigeria is worthless on the global scale of things. You can have all of Nigeria, me and my family are building a new village for ourselves right here in the USA. Nigeria is a Zoo.

Good Luck to Nigerians.

Interesting. So real estate investment is safer in USA than Nigeria eh.

I am glad a couple of you made a distinction of where to invest in Nigeria but falsely claim it is all safe abroad. I laugh laffu laffu so tey, ai becomu taya.

Be careful where you buy a house in the US. Even in "good" areas usually referred to as white areas, your white neighbors can desert the area until the value of houses in the area go down.

Luckily, Africans hardly buy in Black neighborhoods or in the ghetto as they call it. Despite whites flights when Blacks move in, there are some very good Black neighborhoods like Texas. If you do not cut your grass or keep the house up, your Black neighbors will visit you.

In short if you buy house in Nigeria where you know well and where you are known, you do not have issues with Omo Onile.

I can understand the fear about Port Harcourt from the days of the War.

IbeOkehie:


I'm not like other Nigerians, so my wife and I made sure to protect our family with life insurance. It's the simplest thing. Only ignorant, backward and unenlightened people neglect doing something so simple.

Village tradition? As I've written before, I've grown beyond that cultural intimidation. Social Capital in Nigeria is worthless on the global scale of things. You can have all of Nigeria, me and my family are building a new village for ourselves right here in the USA. Nigeria is a Zoo.

Good Luck to Nigerians.

Nwanne wereya nwayo biko, no loss abeg, we no de like lose umu afor, I understand Nigeria is at its lowest of low right now, things will later turnaround after peaceful breakup in future.


Abeg make u no loss for America you hear? The loss of an older uncle to America really broke our hearts back then, I no de like hear say another Igbo son and family wan loss for abroad abeg


If na my comments make u wan loss for America, abeg I withdraw them all, Igbo bu otu, remember Jews no matter where they are, they don't despise their ancestral home of Israel

[quote author=Rapitex post=129664624][/quote]

Do you think we are daft, owning a buliding in USA isnt your, State owns the land, you guys should stop all these petty lies.

Do you own your land in America?

In our legal system you can only own rights to land, you can't directly own (that is, have complete claim to) the land itself. You can't even own all the rights since the state always retains the right of eminent domain.

When the government takes private land for public use, it is known as eminent domain. This process typically involves compensating the landowner for the fair market value of the property.


In the USA it is called the Right of Eminent Domain. The usual compensation is somewhat over fair market value, perhaps 120%. While it is possible to sue to block this such lawsuits are seldom successful


As per power vested in government for Acquisition of land under different land reforms laws is given in USA constitution.

Government is competent to acquire your land for making roads but will give you handsome compensation as per the update rule prevailing in the said area. The rate will be taken from land registry office of the concerned district.

So stop telling people lies

Also even in UK

In the UK the government has various statutory powers to “take” land including buildings but the list given below is wider in concept..?

The terms used include:

Compulsory purchase - The term means procedures used when land owned by a private individual, private body or another public body is required for public purposes by a public body authorised to acquire it compulsorily and pay compensation
Confiscation - The term may be used when land and other property taken from you because they were gained as as proceeds of crime. Confiscation orders are made under the Proceeds of Crime Act 2005
Dispossession Edit 17/08/20 The government may dispossess occupiers of landed property in certain circumstances.
Expropriation - I have heard this to mean compulsory purchase.
Forfeiture The term is used when, as a landlord, the government takes back a lease of land when a tenant defaults on the terms and conditions of the lease.
Reparations Where a victorious government requires land (perhaps) and other property to replace resources it used in acting against an aggressor.
Requisition The term may describe the taking of land taken by a public body, eg the military in the event of war or an emergency. It is likely to be returned in due course.
Possession Edit 17/08/20 “Possession” is a term used in the Compensation (Defence) Act 1939 in connection with land occupied by the military, etc by requisition.
Seize a) A somewhat general term used to describe the taking of land, etc in any of the above, b) A term used when an enemy government takes private or public property for military purposes

franchasofficia:
The way you are throwing these words up and down as if they are as easy as you typed them, continue sha, I no argue anybody oh, I only made my point and as you no like am, continue with your style, I am doing super amazing with my style. I say what I do, not what I heard

There's even income protection, yes! You can insure your income incase you lose your job or are unable to work for a period of time.

There is critical illness cover as well to do what it says on the tin.

Most brokers will also offer you life insurance at the time getting the mortgage ( you can decline) and you get to choose who the beneficiary is.

To NOT have life insurance is carelessness.

@IbeOkehie , franchasofficia , Kukutenla, WhiteWood



GOVERNMENT CAN TAKE YOUR LAND IN USA AND MANY COUNTRIES OF THE WORLD, SO YOU PEOPLE SHOULD STOP ALL THESE LIES. IT IS CALLED EMINENT DOAMIN LAWS. ALSO YOU DONT CLAIM YOU OWN A MORTGAGE HOUSE UNTIL YOU FINISH PAYING IT, MORTGAGE IS LIKE LIVING ON BORROWED TIME, INTEREST CAN RAISE ANYTIME AND YOU MUST PAY, FAILURE TO DO SO, - FORECLOSURE LIKE IN CARS IT IS REPO!


Eminent domain (United States, Philippines), land acquisition (India, Malaysia,
Singapore), compulsory purchase (Ireland, United Kingdom), resumption (Hong Kong, Uganda), resumption/compulsory acquisition (Australia, Barbados, New Zealand, Ireland), or expropriation (Canada, South Africa) is the power to take private property for public use. It does not include the power to take and transfer ownership of private property from one property owner to another private property owner without a valid public purpose.
This power can be legislatively delegated by the state to municipalities, government subdivisions, or even to private persons or corporations, when they are authorized to exercise the functions of public character.


The most common uses of property taken by eminent domain have been for roads, government buildings and public utilities. Many railroads were given the right of eminent domain to obtain land or easements in order to build and connect rail networks. In the mid-20th century, a new application of eminent domain was pioneered, in which the government could take the property and transfer it to a private third party for redevelopment. This was initially done only to a property that has been deemed "blighted" or a "development impediment", on the principle that such properties had a negative impact upon surrounding property owners, but was later expanded to allow the taking of any private property when the new third-party owner could develop the property in such a way as to bring in increased tax revenues to the government.

Some jurisdictions require that the taker make an offer to purchase the subject property, before resorting to the use of eminent domain. However, once the property is taken and the judgment is final, the condemnor owns it in fee simple, and may put it to uses other than those specified in the eminent domain action.

Takings may be of the subject property in its entirety (total take) or in part (part take), either quantitatively or qualitatively (either partially in fee simple or, commonly, an easement, or any other interest less than the full fee simple title).

shaybebaby:

There's even income protection, yes! You can insure your income incase you lose your job or are unable to work for a period of time.

There is critical illness cover as well to do what it says on the tin.

Most brokers will also offer you life insurance at the time getting the mortgage ( you can decline) and you get to choose who the beneficiary is.

To NOT have life insurance is carelessness.

You and my other Igbo brother (IbeOkehie) seems to be the same, same whiteman mentality, if not that both of you are married to different people, una for fit each other; match made in paradise, who first die the other go hammer

https://www.youtube.com/watch?v=kCQiywN7pH4



https://www.youtube.com/watch?v=RNQ2yfyzOi4&pp=ygUqREVCVCBERVBSRVNTSU9OIE9GIEFNRVJJQ0FOIENJVElaRU5TIFRPREFZ



https://www.youtube.com/watch?v=nhSShx6JZRc

WHY INSURING YOUR INCOME INCASE YOU LOOSE YOUR JOB? WHY DON'T YOU THINK OF RESIGNING AND FLOATING YOUR OWN BUSINESS...MUST YOU WORK FOR PEOPLE ALL THROUGH YOUR LIFE? CANT PEOPLE WORTH FOR YOU? CANT YOU CREATE A JOB?

shaybebaby:

There's even income protection, yes! You can insure your income incase you lose your job or are unable to work for a period of time.

There is critical illness cover as well to do what it says on the tin.

Most brokers will also offer you life insurance at the time getting the mortgage ( you can decline) and you get to choose who the beneficiary is.

To NOT have life insurance is carelessness.

franchasofficia:
You and my other Igbo brother (IbeOkehie) seems to be the same, same whiteman mentality, if not that both of you are married to different people, una for fit each other; match made in paradise, who first die the other go hammer

You missed the part where I said you get to choose who the beneficiary is.

If you don't see anything wrong with having a will, then think of the proceeds from the life insurance as part of the property to be distributed in the event of demise.

Ultimately oga Okehie is thinking about his family should anything happen to him. I'd imagine that you want the same.

You said about the person who's wife lost the property after his demise, Life insurance would have paid out to redeem the mortgage.

christopher123:
WHY INSURING YOUR INCOME INCASE YOU LOOSE YOUR JOB? WHY DON'T YOU THINK OF RESIGNING AND FLOATING YOUR OWN BUSINESS...MUST YOU WORK FOR PEOPLE ALL THROUGH YOUR LIFE? CANT PEOPLE WORTH FOR YOU? CANT YOU CREATE A JOB?

Yes I could but I am risk averse.

christopher123:
@IbeOkehie , franchasofficia , Kukutenla, WhiteWood



GOVERNMENT CAN TAKE YOUR LAND IN USA AND MANY COUNTRIES OF THE WORLD, SO YOU PEOPLE SHOULD STOP ALL THESE LIES. IT IS CALLED EMINENT DOAMIN LAWS. ALSO YOU DONT CLAIM YOU OWN A MORTGAGE HOUSE UNTIL YOU FINISH PAYING IT, MORTGAGE IS LIKE LIVING ON BORROWED TIME, INTEREST CAN RAISE ANYTIME AND YOU MUST PAY, FAILURE TO DO SO, - FORECLOSURE LIKE IN CARS IT IS REPO!


Eminent domain (United States, Philippines), land acquisition (India, Malaysia,
Singapore), compulsory purchase (Ireland, United Kingdom), resumption (Hong Kong, Uganda), resumption/compulsory acquisition (Australia, Barbados, New Zealand, Ireland), or expropriation (Canada, South Africa) is the power to take private property for public use. It does not include the power to take and transfer ownership of private property from one property owner to another private property owner without a valid public purpose.
This power can be legislatively delegated by the state to municipalities, government subdivisions, or even to private persons or corporations, when they are authorized to exercise the functions of public character.


The most common uses of property taken by eminent domain have been for roads, government buildings and public utilities. Many railroads were given the right of eminent domain to obtain land or easements in order to build and connect rail networks. In the mid-20th century, a new application of eminent domain was pioneered, in which the government could take the property and transfer it to a private third party for redevelopment. This was initially done only to a property that has been deemed "blighted" or a "development impediment", on the principle that such properties had a negative impact upon surrounding property owners, but was later expanded to allow the taking of any private property when the new third-party owner could develop the property in such a way as to bring in increased tax revenues to the government.

Some jurisdictions require that the taker make an offer to purchase the subject property, before resorting to the use of eminent domain. However, once the property is taken and the judgment is final, the condemnor owns it in fee simple, and may put it to uses other than those specified in the eminent domain action.

Takings may be of the subject property in its entirety (total take) or in part (part take), either quantitatively or qualitatively (either partially in fee simple or, commonly, an easement, or any other interest less than the full fee simple title).

Me don tire to argue my brother, whatever method one prefers, he or she should follow, me I have adopted a lifestyle of never to take any loan.


When I started my small firm some years back, I was tempted to take a loan based on friend's advice, so I went for it and they gave me all the paper works, and I was to hand them over my only car then with the original documents, plus a land document lolz.


I got home and started rethinking and something told me not to take the loan, so I returned back to the bank the next day and told them I wasn't interested in the loan anymore. As God have it, I made some instant product sales that fetched me 30% of the loan I wanted to take, that was how I abandoned the loan and that was it. Today we are doing great, every single pin I own belongs to me, no single loan or debt, which gives me peace of mind.


The only time I will be taking loan is when I finally get a good political connection in Naija so that I can take loans in the billions like Aliko and co, which I will never pay back

descarado:

Who are the middle class abroad?
Middle class abroad are the rich in Nigeria. Know the difference.
Your drs, Pharmacists, nurses in some countries are Middle. Those in white collar jobs.
They are the millionnaires of Nigeria.

Well, in ratios of reality of each country a millionaire in the ghetto will even enjoy more than a millionaire in the city. If I have $1million dollars in Nigeria, aaI will enjoy pass someone who has the same amount living in say London. We don't tax here, you can own many properties here without paying a dime for tax. You can easily set up a business here compared to abroad. You can enjoy the best local food here with your millions. You can easily get a house help, mai guard, drivers here with your millions, you can have many cars here without much tax compared to abroad.

Harddiskng:


Exactly i have family members in UK. Me myself no even bother with Japa to UK of all place.

It just shows you have no knowledge of things you are talking. You think say you sabi work hard lol. Na UK you go know there are levels to working hard, just dey play

Ok, let me help you again. That your family is in the UK doesn't mean you know jack about UK or what my plans are. Meanwhile, my parent and sibling are in Manchester, I work remotely for a company in the UK... that's by the way.

Have you ever cared to ask what I do? Remember in my first post you quoted, I said ..."if you know your onions."

Let me go this way....

What if I have developed a fintech app that needs me to travel to the UK for the app to get the traction it needed to start raking in huge income?

What if I only need to be in the UK to register with a travel consolidator that'll integrate an amazing booking engine to my already profitable travel portal to boost my income massively?

What if I have this business that many Europeans are interested in but are afraid to make payment if not with PayPal or stripe payment gateway? I don't do stealth accounts.

There are over 20 what ifs I can put down for you, but then, let's leave it here. Not everyone is a doctor, nurse, pharmacist, or all those that want to travel and work for salary.

I'll say it again, your knowledge ends, where your exposure ends.

I'm not your regular guy that live to work, pay bills, eat, and die... We're here to disrupt the norms and effect changes

descarado:

Who are the middle class abroad?
Middle class abroad are the rich in Nigeria. Know the difference.
Your drs, Pharmacists, nurses in some countries are Middle. Those in white collar jobs.
They are the millionnaires of Nigeria.

I rather be a king in the village than be a slave in the City. I rather be a Nigeria millionaire than Obodo Oyinbo thousandnaire. Will have my total freedom , humble and less depressed lifestyle here, and go vacation there for some weeks enjoying world-class services. Simple.

SAME WITH ME...I HATE LOANS

franchasofficia:
Me don tire to argue my brother, whatever method one prefers, he or she should follow, me I have adopted a lifestyle of never to take any loan.


When I started my small firm some years back, I was tempted to take a loan based on friend's advice, so I went for it and they gave me all the paper works, and I was to hand them over my only car then with the original documents, plus a land document lolz.


I got home and started rethinking and something told me not to take the loan, so I returned back to the bank the next day and told them I wasn't interested in the loan anymore. As God have it, I made some instant product sales that fetched me 30% of the loan I wanted to take, that was how I abandoned the loan and that was it. Today we are doing great, every single pin I own belongs to me, no single loan or debt, which gives me peace of mind.


The only time I will be taking loan is when I finally get a good political connection in Naija so that I can take loans in the billions like Aliko and co, which I will never pay back

SMART THINKING MANY NIGERIANS IN USA AND UK ARE SUFFERING BUT SHAME NO GO LET THEM TALK

hansomb:

I rather be a king in the village than be a slave in the City. I rather be a Nigeria millionaire than Obodo Oyinbo thousandnaire. Will have my total freedom , humble and less depressed lifestyle here, and go vacation there for some weeks enjoying world-class services. Simple.

shaybebaby:

You missed the part where I said you get to choose who the beneficiary is.

If you don't see anything wrong with having a will, then think of the proceeds from the life insurance as part of the property to be distributed in the event of demise.

Ultimately oga Okehie is thinking about his family should anything happen to him. I'd imagine that you want the same.

You said about the person who's wife lost the property after his demise, Life insurance would have paid out to redeem the mortgage.

My sister I won't do any life insurance until I am 75yrs old


My small firm and few property investments are big enough life insurance for my kids to inherit, but I won't die until after I celebrate my 90th birthday, after that, anything can happen

femi4:
It's beyond onions, the system is govern by many unfavourable rules

Not when my ideas are beyond their unfavourable rules. I'm never going there to work for weekly pay.

franchasofficia:
Nwanne wereya nwayo biko, no loss abeg, we no de like lose umu afor, I understand Nigeria is at its lowest of low right now, things will later turnaround after peaceful breakup in future.


Abeg make u no loss for America you hear? The loss of an older uncle to America really broke our hearts back then, I no de like hear say another Igbo son and family wan loss for abroad abeg


If na my comments make u wan loss for America, abeg I withdraw them all, Igbo bu otu, remember Jews no matter where they are, they don't despise their ancestral home of Israel

I have over a CENTURY of family experience to draw on when it comes to the matter of Nigeria. I used to be diffident about these issues, not any more. Nigeria is a gonner, it's not going to break up and it's not going to get better. Like I continually state here, I've been in the USA over 30 years, moved back to Nigeria and back to USA. Wetin again? I know what is what.

By the way, you that are so much into IGBO TRADITION, are you a Christian OR Omenala adherent? That's a crucial query for anyone who starts banging the drum of tradition and custom.

Speaking of uncles, my great uncle (brother to my grandfather) Chukwunonye Maduike lived in London UK since 1955 or something like that, long before the Civil War. He was a telecoms engineer and right up to his last day he regularly sent money to Nigeria. He died 5 years ago. He only visited Nigeria ONCE after leaving. We got to visit him a few times. The little I gleaned from him was that Nigeria is a bad place, I got some older folks to educate me on family history and such and I think I know why he made the choices he did. He's buried in London, those who have a problem with that flouting of Igbo tradition can go knack their head on a brick wall, who cares.

By the way, one of Nnamdi Azikiwe's grand or great grand children lives here. One day I almost did what I usually do when I meet famous names from Nigeria, I usually go up to them and badger them till they tell me some things about questions I have about the country, what they heard from their parents, grand parents and high class circles, but I just jejely left them alone. They're with me here in the USA, what else do I need to know?

So I know better than you. I'm sure of that. You can have Nigeria or Igboland or whatever else. It means nothing in the modern world. Here's a quote from Things Fall Apart that can give you a glimpse of The Big Truth:

In the book which he planned to write he would stress that point. As he walked back to the court he thought about that book. Every day
brought him some new material. The story of this man who had killed a messenger and hanged himself would make interesting
reading. One could almost write a whole chapter on it. Perhaps not a whole chapter but a reasonable paragraph, at any rate. There was so much else to include, and one must be firm in cutting out details. He had already chosen the title of the book, after much thought: The Paciflcation of the Primitive Tribes of the Lower Niger

Just in case you still don't understand - the little bird nza dancing on top of a termite mound thinks it's on top of a mountain.

And given what started this discussion, it's curious you've chosen not to address this story:

https://guardian.ng/property/foreign-real-estate-investors-record-huge-losses-amid-rise-in-exchange-rate/

Good Luck to Nigerians.

franchasofficia:
My sister I won't do any life insurance until I am 75yrs old


My small firm and few property investments are big enough life insurance for my kids to inherit, but I won't die until after I celebrate my 90th birthday, after that, anything can happen

Then I wish you all that your heart desires for you and your family.

No different to what I wish for myself. Its how we approach it that differs. All that matters is that we achieve what we seek. Shalom.