Last year was a very challenging year for lots of Nigerians. Due to the Covid-19 pandemic, not a few people lost their sources of income. Jobs were cut short, and unemployment soared, businesses got shut downed, stock prices fell as shareholders count their losses, the value of bitcoins took a 50% hit at some point, the naira was devalued, oil prices fell to a record decade low, and the National economy wobbled with mounting debts.
What intrigued me most was the continues rise in Ponzi schemes groups, fronting themselves as legit corporations, and organizations, claiming to be the best investment solution for Nigerians in these trying times.
Desperate times they say calls for desperate measures. This will not be the first time that Ponzi scheme groups would invade the nation ( remember MMM, and the wonder Banks of the late 2000s?), and it will not be the last either. You see, the biting economic situation as made most Nigerians blind to the risk these Ponzi schemes poses.
Recently, I was told a real life story of a gentleman who just retired, and decided to invest his pension fund in an investment company that claims to be into forex trading, and are prepared to give a 20% return on investment every month, for as long as your money is invested with them. The company folded up after just six months, and with our gentleman’s pension fund, N25 million in all.
I do not wish to find you in this situation ever, but why consider this type of investment, when there is a way better investment option? An investment option that was not affected by the Covid-19 pandemic in anyway throughout the last year. Real estate investment is the investment l advise investors to seriously consider they go into this new year. I will be giving you reasons on why you should invest in real estate this year.
INVESTING IN REAL ESTATE IS ABOUT THE SAFEST AND SECURED TYPE OF INVESTMENT YOU CAN GET
In spite of the recession we have just been through, despite the effect the Covid-19 pandemic as had on our economy, the value of lands/properties hasn’t stopped, but continue to increase. I seriously don’t know many investments that comes close in terms of safety and security. When you consider the risk, and returns linked with buying a property, and compare them with those for buying shares, you would realize that acquiring a property is the better option.
Though with shares, you can get a quicker return on investment, with a tendency for your capital to grow faster but, and this is a big but. You can lose your money just as fast. A capital accumulation growth of one year, can be wiped out within a week with shares investment. This is to show you just how huge the risks are.
You don’t have to worry about such risk with real estate investment. Though the growth is not as quick as with shares, you don’t have to worry about losing your money overnight. Hence investing in real estate is a stable, safe and secured investment to grow your revenue overtime.
WITH REAL ESTATE INVESTMENT YOU GET PASSIVE INCOME
The number one reason why most investors invest is to generate passive income. They wish to have more time to pursue other activities they feel are important to them. They wish for money to work for them, and not the other way round (they slaving for money), they wish to get out of the “rat race”. What better way to achieve all these than with real estate investment? As a property investor, you can generate revenue from the rents of your properties. Your properties earns for you while you sleep, without working round the clock, or taking unnecessary risks.
YOU CAN RETIRE WITH YOUR REAL ESTATE INVESTMENT
I have written extensively on this previously. Planning on retirement with real estate investment in mind, his definitely one of the best business decisions you will ever make.
This is so, because overtime your property value keeps increasing, and so does your net worth. After a period of years, you can literally live off your real estate investment.
My friend’s father was gifted a piece of land in a choice area of Ikeja, Lagos, when he was born. The value of the land at the time was about 565 naira. Presently the property is worth hundreds of millions. Need I say more?
YOU ARE JUST A STEP AWAY FROM YOUR FIRST REAL ESTATE INVESTMENT.
You don’t need to have a PhD in real estate management, or some specialized skill or knowledge to begin your real estate career. As a matter of fact, it is just as simple as knowing a trusted realtor to guide you in your journey. This might surprise you, but a lot of Nigerian real estate investors did not intentionally start out to become property investors. They were just interested in buying a land, and building their homes, simple as that. The afterthought came about when they realized how fast the value of their homes kept increasing at, and with just a simple calculation, how much of a goldmine the real estate industry was. Then many decided to take a leap of faith, and become real estate investors in the real estate industry.
A lot of Nigerians still don’t know how lucrative the real estate industry can be, so they don’t invest, and don’t realize they can generate passive income of between 30-100% within a year. Like I keep on saying, you don’t have to be a billionaire to kick start your real estate career. With a budget of N1 million, and proper guidance from us, you are good to go.
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Risks And Strategies To Consider When Buying A Land For Nigerians Abroad.
I remember distinctively the year I moved with my parents to our newly built home in Lagos, in the early 2000s. It was one of the proudest days in the life of my family.
We had not lived up to a year in our new home when the revelations and dramas started unfolding. I was just a little boy, but I got all the details. You see, the very land on which our home was built, had been sold by land grabbers ( popularly known as “omonile”, in Lagos) at least three times before we bought it.
We were able to settle all our disputes out of court though, and I gained my first experience in the real estate industry. I see people of all ages, and social stratifications fall for the same trap even still date
Buying a land while living in the country is tough, buying a land when you are based abroad is two times tougher.
Are you a Nigerian living outside the Country, and are interested in buying a land in the country, but are worried and scared of who to trust with your hard earned money? You certainly don’t what to be defrauded by scammers pretending to be your friends.
I can assure you that you are definitely not alone in your thoughts, and you are right to be concerned.
Most Nigerians who have aspirations for real estate investing in the country are certain to face this dilemma, and this concerns are not new, they have been around for ages.
I will be sharing with you the risk, and strategies to consider when buying a land as a Nigerian abroad. The aim of the this article is to remove the risk of you investing your money in bad properties, or being defrauded by fraudsters claiming to have your best intentions in mind. Here are some of the risk you should be aware of as a Nigerian abroad, buying a land in Nigeria.
PURCHASING A LAND/PROPERTY FROM THE WRONG PERSON
There are a lot of skilled fraudsters and scammers posing as real estate agents, and land owners around the country. They are willing to go any length to defraud their victims, you will be amazed at the extent of their deception, and the level of sophistication they put into it. They speak with lots of confidence and swagger, backing it up with fake or forged documents. They take no prisoners. When a person claims to own, a representative who claims to act in the interest of the owner presents documents to you, there is a need for you to review and verify these documents. The documents should include; power of Attorney, Certificate of ownership, Deed of assignment etc. These are very important documents.
PURCHASING A DEFECTIVE LAND/PROPERTY
Purchasing a defective property is a statement used to explain a situation whereby a land/property is bought without a proper research conducted on it, and is letter on found to be involved in a litigation battle, or on its way to one. Unfortunately this happens a lot, and it is as a result of you or your representative not conducting their due diligence.
Your representative should be willing, and able to carry out all necessary researches, study the appropriate documentation to make sure that the land/property is absolved from any encumbrance or awaiting litigation. You don’t need to use your hard earned money to buy litigation.
YOUR LAND GETTING ILLEGALLY RESOLD
The fact that you have purchased a land/property, does not prevent it from being resold again, by the owners as a result of greed. Unfortunately this also happens a lot, because in most parts of Nigeria, lands are owned by a family, and not an individual person, hence ownership is not clearly defined. You need to meet with all important members of the family to make sure there is a unified agreement regarding the sale of the land/property
After you purchase the land, it is necessary you take steps to physically secure the property, and this should be done without delay. This can be done by laying the foundation, or fencing the property. This are steps you must take to exercise ownership.
This way any potential buyer would be alert to the physical signs and take the necessary precautionary steps in finding out real ownership. This does not end the process though. You need to file all important documentations to the appropriate government agencies. This way you have legally fortified your ownership.
From the above you have realized that the risk in buying a land as a Nigerian abroad is definitely high. What do you do to prevent this risks? There are two ways I suggest you can adopt.
FIRST STRATEGY
Create a time out of your busy schedule, make a trip back home (Nigeria) to manage the project yourself, and when you are done, you travel back. This way you are in complete control all of your affairs. There is nobody that can handle your business better than you do. Certainly not your friends or relatives.
The cases of mistrust and deceit from friends and families I have seen, heard and witnessed are endless. The point of all this is you will be on ground to see what you are buying, from whom you are buying it, and you get to monitor and make payments yourself. No hidden charges or expenses. All these involves time, and not many Nigerians abroad can afford this time, which leads us to;
SECOND STRATEGY
This is a strategy I recommend because 90% of Nigerians abroad find the process of travelling back to manage their affairs daunting. There are highly reputable and experienced corporate organizations/bodies that have been created specifically to handle your challenges.
These Organizations are primed to be with you in every step you make in your real estate plans. You get all the information you need about the best Land/property available for your budget, without worrying about exorbitant charges or hidden expenses.
You can inspect the land/property you are interested in through online videos. The inspection videos are very detailed and informative, and you get to see what you are paying for before you pay. You can ask as many questions as you wish, and you will get updated as much as want. You also get a detailed survey plan, to help you verify the status of your land.
The niggling doubts with Nigerians abroad still remains trust issues, and this is completely understandable. These Companies are corporation with a reputation to protect. Their reputation precedes them
Dennis Isong helps individuals invest right in real estate. For questions on this article or enquiries about real estate, email dennis@Landproperty.ng or WhatsApp/Call +2348164741041 [quote]
Everything you Need to Know about Purchasing Land in Lagos State
The real estate sector is part of Nigeria’s thriving economy, and Lagos State residents can easily invest in such by purchasing land directly from the state government, however, individuals or organizations willing to purchase lands should be ready to adhere to the stipulated laws and regulations that guide residential leases and development, commercial and human habitation.
Whether you are purchasing land from individuals within the state or directly from the Lagos State Government, you should know that this activity is governed by Common Law, statutes, Customary Law, Case Law, and the 1978 Land Use Act. There are various schemes that the Lagos State Government uses in the allocation of land to residents and knowing them will help you make better decisions in terms of buying land.
Lagos State Government Schemes and Management Agencies Within the state, some agencies handle and design all of the state government schemes. The four major Ministry Department and Agencies (MDAs) include:
The General Office of the State Surveyor This MDA functions as the survey framework provider, facilitating the Certificate of Occupancy’s registration under the Land Use Act’s auspices. This task is its primary function within the state. As a department, they work with the other ministries to take up the “survey of government” state development schemes.
The Land Use and Allocation Committee The Land Use and Allocation Committee handles everything that has to do with the coordination of all issues related to land allocation and encompasses the management of many existing Lagos State schemes to the public members. Thus, the processing and issuance of the Certificate of Occupancy (C-of-O) is the duty of this MDA, and they handle all other duties that the state governor assigns.
New Town Development Authority (NTDA) The NTDA is an agency that takes up the duty of establishing new towns and develops the Lagos State Government Schemes. The ministry also provides the state government estates’ infrastructure and works with the Ministry of Physical Planning Development and Site Selection to monitor unauthorized state developments.
The Physical Planning and Urban Development State Ministry Working alongside the NTDA, this ministry takes control of all the state developments and prepare the layout plan for the Lagos State schemes. The layout provided by this ministry consists of varying land use on a zonal basis. A typical layout showcases plots for residential, recreational, and commercial uses, and you can find those that would serve the purpose of the neighbourhood garden.
Kindly note that these MDAs works across the five divisions of Lagos States:
Ikorodu division Badagry division Ikeja division Epe division Lagos Island division How to Acquire Land from the State Schemes To acquire lands from the Lagos State Government, you must submit the following documents to commence the land acquisition process:
A letter to the land use and allocation committee’s executive secretary. The standard form and receipt of the land allocation. White background passports (4). Income tax payment evidence. Your development levy. Note that companies would be required to provide evidence supporting two director’s income tax payment. Land charges and payment receipt. Survey plan. The processes of acquiring land from the Lagos State Government involve:
Approaching the Land Bureau Finance Department
To obtain land from the Lagos State Government schemes, you must first visit this office to obtain and fill a form that needs to get to the LUAC (Land Use Allocation Committee) within the same collection day. You must have half of the amount for purchasing the land and be willing to pay on collecting this form.
Collecting the Land Allocation Letter
After submitting the letter to the LUAC, you have to pay to get the offer of allocation letter. After the land’s full payment, you would receive a confirmation letter that provides the plot number and block number.
Processing the Certificate of Occupancy
The next step is to process the Certificate of Occupancy. The scheme officer is the one in charge of performing this task, he/she sends the Certificate of Occupancy file to the LUAC executive secretary.
You can find the LUAC executive secretary at the secretariat in the Lands Bureau Office at Alausa, Ikeja. After submission, the LUAC executive secretary conducts all checks on the file and presents the concluded file to the land governor’s senior special assistant. Within this process, the scheme officer already has the digitized survey provided by the survey general.
The land governor’s SSA would then work on the file settings before forwarding a memo to the lands bureau’s permanent secretary to go through the file. Once there’s no query from the permanent secretary, the memo gets signed, and the governor gets the file in two days. There would be an electronic signing of the file as the governor receives it, and the signed Certificate of Occupancy moves further to the deputy registrar’s office.
The deputy registrar acts on the received file and signs it before sending it off to the registrar of titles’ table. Once this file gets to the point, the Certificate of Occupancy gets signed and printed.
After purchasing the land, all developments on that piece of land must be in line with the validations and regularizations of the Lagos State Ministry of Physical Planning and Urban Development. Based on the law enacted in 2010, individuals or organizations must have a development permit before erecting any purchased land structures. Purchasing land from Lagos State depends on the regulation covering land use within the state, governed by the MDAs and their schemes.
Now that you are armed with the knowledge of purchasing government-owned land in Lagos State, go ahead and make those purchases!
Dennis Isong helps individuals invest right in real estate. For questions on this article or enquiries about real estate, email dennis@Landproperty.ng or WhatsApp/Call +2348164741041
The real estate sector is part of Nigeria's thriving economy, and Lagos State residence can easily invest in such by purchasing land directly from the State Government.
However, individuals or organizations willing to purchase lands should be ready to adhere to the stipulated laws, and these regulations play some vital role that guides residential leases and development, commercial and human habitation.
Whether you are purchasing land from individuals within the State or directly from the Lagos State Government, you should know that this activity is governed by Common Law, Statutes, Customary Law, Case Law, and the 1978 Land use Act.
There are various schemes that the Lagos State Government uses in the allocation of land to residents. Knowing these schemes are the basics of how to buy land from the Lagos State Government.
Lagos State Government Schemes: Management Agencies Within the State, some agencies handle and design all of the State Government schemes. The four major Ministry Department and Agencies (MDA) include:
The General Office of the State Surveyor This MDA functions as the Survey Framework provider, facilitating the Certificate of Occupancy's registration under the Land Use Act's auspices. This task is its primary function within the State. As a department, they work with the other ministries to take up the "Survey of Government" state development schemes.
The Land Use and Allocation Committee The Land Use and Allocation Committee handles everything that has to do with the coordination of all issues related to land allocation and encompasses the management of many existing Lagos State schemes to the public members.
Thus, the processing and issuance of the Certificate of Occupancy is the duty of this MDA, and they handle all other duties that the State Governor assigns.
New Town Development Authority (NTDA) The NTDA is an agency that takes up the duty of establishing New Towns and develops the Lagos State Government Schemes. The ministry also provides the State Government Estates' infrastructure and works with the Ministry of Physical Planning Development and Site Selection to monitor unauthorized state developments.
The "Physical Planning and Urban Development" State Ministry Working alongside the NTDA, this ministry takes control of all the state developments and prepare the Layout Plan for the Lagos State Schemes. The layout provided by this ministry consists of varying land use on a zonal basis. A typical layout showcases plots for residential, recreational, and commercial uses, and you can find those that would serve the purpose of the neighborhood garden.
Kindly note that these MDAs works across the five divisions of Lagos States:
How to Acquire Land from the State Schemes To acquire lands from the Lagos State Government, you must submit the following documents to commence the land acquisition process.
A letter to the Land Use and Allocation Committee's Executive Secretary The standard form and receipt of the land allocation White background passports (4) Income Tax payment evidence Your development levy; kindly note that companies would be required to provide evidence supporting two Director's Income Tax payment. Land charges and payment receipt Survey plan The process of acquiring land from the Lagos State Government involves the steps explained below:
Approaching the Land Bureau Finance Department
To obtain land from the Lagos State Government Schemes, you must first visit this office to obtain and fill a form that needs to get to the LUAC (Land Use Allocation Committee) within the same collection day. Please note that you must have half of the amount for purchasing the land and be willing to pay on collecting this form.
Collecting the Land Allocation Letter After submitting the letter to the LUAC, you have to pay and get the offer of allocation letter. After the land's full payment, you would receive a confirmation letter that provides the plot number and block number.
Processing the Certificate of Occupancy After concluding the steps explained above, the next step is the processing of the Certificate of Occupancy. However, the Scheme Officer is the one in charge of performing this task, and this personnel sends the Certificate of Occupancy file to the LUAC Executive Secretary.
You can find the LUAC Executive Secretary in the Secretariat in the Lands Bureau Office (Block 13, Room 4), Alausa, Ikeja. After submission, the LUAC Executive Secretary conducts all checks on the file and presents the concluded file to the Governor on Lands Senior Special Assistant. Within this process, the Scheme officer already has the digitized survey provided by the Survey General.
The Land Governor SSA would work on the file settings before forwarding a memo to the Lands Bureau Permanent Secretary to go through the file. Once there's no query from the PS, the memo gets signed, and the Governor gets the file in two days. There would be an electronic signing of the file as the Governor receives it, and the signed Certificate of Occupancy moves further to the Deputy Registrar's office.
The Deputy Registrar acts on the received file and signs it before sending it off to the Registrar of Titles' table. Once this file gets to the point, the Certificate of Occupancy gets signed and printed.
After purchasing the land, all developments on that piece of land must be in line with the validations and regularizations of the Lagos State Ministry of Physical Planning and Urban Development. Based on the law enacted in 2010, individuals or organizations must have a development permit before erecting any purchased land structures.
Conclusion The land is a significant aspect that brings in revenue within the country, as various activities occur. Purchasing land from Lagos State depends on the regulation covering land use within the State governed by the MDAs and their schemes.
These schemes cover the land purchasing activities across the five divisions of Lagos State. This article explains the steps and processes involved in acquiring land within these Schemes. Hence, you can go through them and successfully purchase and Government-owned land in the State.
Dennis Isong Helps Individuals Invest Right In Real Estate.
For Questions On This Article Or Enquiring About Real Estate Email: Dennis@Landproperty.ng or Whatsapp/Call +2348164741041
My Name Is *DENNIS ISONG* : I'm The 1st Realtor You Should Called To Help You Get Property With High Return On Investment & The Last Person You'll Need��. For Questions Whatsapp/Call +2348164741041 Talk to you soon
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Properties › Why You Should Invest In Real Estate In Nigeria In. By Dennis Isong by cbi24(op): 11:38am On Feb 20, 2021
