END RUMORS! FACT ABOUT THE LAND USE CHARGE LAW
PRESS RELEASE

Land Use Charge: Payment is only 0.076% of the 60% of the value of a Property – Real Estate Professionals
...it is a more scientific and standardised payment

Following the announcement of the re-enacted Land Use Charge Law (LUCL) 2018 of Lagos State, the Coalition of Real Estate Investors and Surveyors in Lagos State has revealed that after its thorough analysis of the LUCL 2018, Owners-Occupiers are expected to pay a token percentage of 0.076% of the value of the assessed property.

Mr. Ayokunle Gregory, the convener of Coalition of Real Estate Investors and Surveyors in Lagos, made this revelation through a press statement after a closed-door meeting of the Coalition held in Lagos on Friday, March 2, 2018. While also expressing dismay at the level of misinformation circulating about the law among the unsuspecting public, Mr. Gregory further stated that some mischief-makers were bent on exploiting the new law for their selfish purpose by confusing the entire populace through dissemination of half-truth.

"And as such, we feel obliged to address the falsehood from a professional perspective before the unsuspecting public is misguided to bewilderment and violation of the law".

The newly implemented LUCL 2018 is a repeal of the Land Use Charge Law 2001 (the LUCL 2001) that lacked clarity on the formula used to derive an accurate rate. Also, under the old law, the LUC rate was totally inaccurate and retrogressive which deprived the state of keeping track of all economic activities that relate land in Lagos State.

According to the coalition, the reviewed LUCL 2018 is to put in place a regulated and standardised system that enables clarity and self-assessment. It was reviewed by the Lagos State House of Assembly and signed into Law by the Lagos State Governor, Mr. Akinwunmi Ambode on February 8, 2018. Property owners in the state have gone ahead to pay their LUC following the flag off by the Lagos State Governor on February 19, 2018.

The law is a consolidation of Ground Rent, Tenement Rate, and Neighbourhood Improvement Levy. Thus, the Tenement Rates Law, the Land Based Rates Law, the Neighbourhood Improvement Charge and all other similar Property Rates or Charges, Laws or amendments to any such property Laws shall cease to apply to any property in the State as from February 2018.

Nonetheless, all pending invoices, orders, rules, regulations, etc. under the 2001 repealed Law shall continue to be in effect until such obligations are discharged.
The LUCL is payable annually by owners and occupiers holding a lease to a property for 10 years or more. Using the applicable formula provided by the reviewed law, owners and occupiers can now calculate their rate by multiplying the Market Value (MV) of a property by the Applicable Relief Rate (RR) and Annual Charge Rate (CR).

Providing detailed breakdown on the law, Ayokunle Gregory said, "For Owner-occupied residential property, the LUC per annum is at 0.076%. For instance, if the Market Value of an owner-occupied property is at N15, 000,000.00 it means that that the amount payable is N6,840 per annum only which amounts to N570.00 per month. For a property occupied by tenants, used for commercial purposes, at the same Market Value of N15, 000,000.00, the LUC rate of that property will be N68, 400 per annum".
It was made known that the state government has made available some reliefs applicable to the entire property owners and also some specific owners according to their status.

"These include a general 40% relief for all property liable to LUC payment, a 10% relief for owners and occupiers with persons with disabilities, a 10% relief for owners and occupiers of 70 years and above, a 10% relief for properties above 25 years, a 5% relief for properties occupied by their owners for over 12 years, a 20 % relief for non-revenue generating federal and state government property, and 20% partial relief for non-profit making organisations", he disclosed.

In addition, some properties are exempted from the LUC payment, such as properties used for public and religious activities, properties used as registered educational institutes and charitable activities, properties occupied and owned by pensioners of 60 years and above, public cemeteries and burial ground and all palaces of recognised Obas and Chiefs in the State.

According to the press statement, the state has provided professional services of registered Estate Surveyors and Values to get accurate data which will help in assessment and valuation of properties in the state.

"In order to clear the air of any misinformation, we implore all owners and occupiers of properties in Lagos to do a self-assessment using the formula provided, and also provide officials with valid documents to ensure a smooth run of the exercise for the benefits of all", the coalition concluded.

Signed
Mr. Ayokunle Gregory,
Convener - Coalition of Real Estate Investors and Surveyors

There is a need to understand land titles before investing in any landed properties.

EXCISION IN PROCESS WITH KL FILE NO
This means the process of getting excision for a land has been initiated evidence by the KL
File no.
Excision is the RIGHT of the community as the 1979 land use ACT recognizes ancestral
ownership of land.
This means there is high chances of approval than rejection.

EXCISION
Land Use Decree on the 28th of March, 1978 that vested all lands in every state of the
Federation under the control of the State Governors. The Land Use Act coupled with other
laws made it possible for the Governor who was now the owner of all lands in the state to
actually have the power to Acquire more lands compulsorily for its own public purpose to
provide amenities for the greater good of the citizens.
Fortunately, the government recognizes that indigenes of different sections of the country
have a right to existence . . . a right to the land of their birth. Hence, it is customary for
state government to cede a portion of land to the original owners (natives) of each area.

An Excision means basically taking a part from a whole and that part that has been excised,
will be recorded and documented in the official government record of the state called "GAZETTE”.

GAZETTE
Gazette means the official documentation of an already excised land in the Official Gazette
of the state.

CERTIFICATE OF OCCUPANCY
A Certificate of Occupancy (CofO) is the official government document indicating that the
Statutory right to parcel of land has been given to the first occupant for 99 years in
accordance to the Lagos Land use ACT of 1978

GOVERNOR'S CONSENT
A governor’s consent can only be processed on a land with either Gazette or an Existing
Certificate of Occupancy (C of O).
If a person with land with C of O decides to sell his land, the only documents that can give
the new buyer or every other subsequent buyers the right of occupancy or ownership is a
governor’s consent.
The powers of the Governor to consent to such transactions can be found in Section 22 of
the Land Use Act of 1978 which states thus 'It shall not be lawful for the holder of a
statutory right of occupancy granted by the governor to alienate his right of occupancy or
any part thereof by assignment, mortgage, transfer of possession, sublease or otherwise
howsoever without the consent of the Governor first had and obtained'' This simply means
therefore that even when a buyer has secured a land with a Certificate of Occupancy, he
shouldn't stop there.
He needs to begin the process of obtaining a Governor's consent to make that purchase
legal in the eyes of the government and be rest assured his land is safe.

7 Economic Indicators About Lekki Free Trade Zone Axis Ibeju Lekki by Abikoye
Emmanuel
1.The Lekki Free Trade Zone area is geographically located in Ibeju Lekki. This area cut
through Eleko Beach road to the free trade zone road to La Campagne Tropicana Beach
Resort.
2. The Master plan of the Lekki Free Trade Zone area is designed to be built as a satellite
city in Lagos for eco-city for residents, dynamic commerce and trade and modern industrial
business.
3. The Free Trade Zone is being developed as a multi-product and logistics hub for the
entire West African Region. Strategically located 60km east of Lagos, the zone is well
connected by road, sea and by air. When fully developed, it will be spread over an area of
805 hectares and will house a number of petroleum and petrochemical complexes, agro-
commodity and other manufacturing industries.
4. The Dangote Refinery and Petrochemical Industry is just 4 minutes drive from the Free
Trade Zone. Dangote Refinery is a $14 billion project set to be completed in 2016. On
completion, the refinery will have the capacity to refine 650,000 barrels of crude oil per day.
5. Opposite the Free Trade Zone is the Lekki Deep Seaport. The Deep Seaport is designed to
handle about 6 million Twenty-foot Equivalent Units (TEUs) of containers. The deep seaport
is proposed to be in full operation in 2019 and it is estimated to create 169,000 jobs directly
and indirectly.
6. Dangote Fertilizer Plant is 4 minutes drives from Dangote Refinery. The refinery and
fertilizer projects of Dangote Industries Limited were expected becomes it becomes
operational in the first quarter of 2019 and were estimated to create a minimum of 235,000
new jobs, both direct and indirect.
7. The La Campagne Tropicana Beach Resort is another landmark on the Lekki Free Trade
Zone axis. The Beach Resort is about 15km drives from the Dangote fertilizer plant.
With the above 7 economic indicators it is a clear fact that Returns on Real Estate
investment here will skyrocket comes 2019 when all this projects would have been
completed. Smart investors have started acquiring landed properties here in anticipation for
the capital appreciation that would soon hit the Free Trade Zone axis in Ibeju Lekki.
Why not join the Wise one and invest your money in any of our Estates in the Free Trade
Zone area of Ibeju Lekki? We’re just a call away.......!

To invest right please call or whatsapp +2348022659069

Our properties is free from omo onile issues or government acquisition.

BUY LAND FROM A GENUINE SOURCE.

BASIC TITLE DOCUMENTS THAT YOU NEED, RELEVANT TO LANDED PROPERTY OWNERSHIP IN NIGERIA
BUY LAND FROM A GENUINE SOURCE.

BASIC TITLE DOCUMENTS THAT YOU NEED, RELEVANT TO LANDED PROPERTY OWNERSHIP IN NIGERIA

SURVEY PLAN:This is another important title document that helps to reveal the true ownership status in any land and landed properties’ transactions. It also helps to reveal if such land is not under any government acquired or committed lands/area.



In a situation where the land to be purchased by the prospective buyer is just a bare land without any improvement or building on it, it is compulsory for the buyer to carry out a proper scrutiny on the authentication of the land survey plan at the appropriate survey ministry or agency so as to establish the rightful owner of the land and if the land to be purchased does not fall under any known government acquired or committed land.



Whatever title document that is presented during any land and landed property transaction by the owner/seller to the purchaser/buyer, it is compulsory for the parties involved in the transaction to obtain the governor’s consent as well as have the document duly registered with the appropriate government agency after completion of the transaction to make it legally binding on all parties involved in the transaction.

The land use act of 1978 makes it mandatory for a holder of right of occupancy (both actual grant or deemed grant) when carrying out subsequent transactions on the land, to obtain Governor’s consent, either by way of assignment, mortgage, transfer of possession, sublease or as otherwise applicable.

Always carry out a thorough search at the appropriate government lands registry to determine the true ownership status of any land and landed property prior to final completion of the real estate transaction.

TO GET MORE INFORMATION ABOUT BASIC TITLE DOCUMENTS THAT YOU NEED, RELEVANT TO LANDED PROPERTY OWNERSHIP IN NIGERIA please share & tag friends with this post.

To invest in genuine landed property please call the numbers +2349099580691, +2348022659069

BASIC TITLE DOCUMENTS THAT YOU NEED, RELEVANT TO LANDED PROPERTY OWNERSHIP IN NIGERIA

SURVEY PLAN:This is another important title document that helps to reveal the true ownership status in any land and landed properties’ transactions. It also helps to reveal if such land is not under any government acquired or committed lands/area.



In a situation where the land to be purchased by the prospective buyer is just a bare land without any improvement or building on it, it is compulsory for the buyer to carry out a proper scrutiny on the authentication of the land survey plan at the appropriate survey ministry or agency so as to establish the rightful owner of the land and if the land to be purchased does not fall under any known government acquired or committed land.



Whatever title document that is presented during any land and landed property transaction by the owner/seller to the purchaser/buyer, it is compulsory for the parties involved in the transaction to obtain the governor’s consent as well as have the document duly registered with the appropriate government agency after completion of the transaction to make it legally binding on all parties involved in the transaction.

The land use act of 1978 makes it mandatory for a holder of right of occupancy (both actual grant or deemed grant) when carrying out subsequent transactions on the land, to obtain Governor’s consent, either by way of assignment, mortgage, transfer of possession, sublease or as otherwise applicable.

Always carry out a thorough search at the appropriate government lands registry to determine the true ownership status of any land and landed property prior to final completion of the real estate transaction.


To invest in genuine landed property please call the numbers +2349099580691, +2348022659069

BASIC TITLE DOCUMENTS THAT YOU NEED, RELEVANT TO LANDED PROPERTY OWNERSHIP IN NIGERIA

SURVEY PLAN:This is another important title document that helps to reveal the true ownership status in any land and landed properties’ transactions. It also helps to reveal if such land is not under any government acquired or committed lands/area.



In a situation where the land to be purchased by the prospective buyer is just a bare land without any improvement or building on it, it is compulsory for the buyer to carry out a proper scrutiny on the authentication of the land survey plan at the appropriate survey ministry or agency so as to establish the rightful owner of the land and if the land to be purchased does not fall under any known government acquired or committed land.



Whatever title document that is presented during any land and landed property transaction by the owner/seller to the purchaser/buyer, it is compulsory for the parties involved in the transaction to obtain the governor’s consent as well as have the document duly registered with the appropriate government agency after completion of the transaction to make it legally binding on all parties involved in the transaction.

The land use act of 1978 makes it mandatory for a holder of right of occupancy (both actual grant or deemed grant) when carrying out subsequent transactions on the land, to obtain Governor’s consent, either by way of assignment, mortgage, transfer of possession, sublease or as otherwise applicable.

Always carry out a thorough search at the appropriate government lands registry to determine the true ownership status of any land and landed property prior to final completion of the real estate transaction.

TO GET MORE INFORMATION ABOUT BASIC TITLE DOCUMENTS THAT YOU NEED, RELEVANT TO LANDED PROPERTY OWNERSHIP IN NIGERIA please like, share & tag friends with this post.

To invest in genuine landed property please call the numbers +2349099580691, +2348022659069

BASIC TITLE DOCUMENTS THAT YOU NEED, RELEVANT TO LANDED PROPERTY OWNERSHIP IN NIGERIA

SURVEY PLAN:This is another important title document that helps to reveal the true ownership status in any land and landed properties’ transactions. It also helps to reveal if such land is not under any government acquired or committed lands/area.



In a situation where the land to be purchased by the prospective buyer is just a bare land without any improvement or building on it, it is compulsory for the buyer to carry out a proper scrutiny on the authentication of the land survey plan at the appropriate survey ministry or agency so as to establish the rightful owner of the land and if the land to be purchased does not fall under any known government acquired or committed land.



Whatever title document that is presented during any land and landed property transaction by the owner/seller to the purchaser/buyer, it is compulsory for the parties involved in the transaction to obtain the governor’s consent as well as have the document duly registered with the appropriate government agency after completion of the transaction to make it legally binding on all parties involved in the transaction.

The land use act of 1978 makes it mandatory for a holder of right of occupancy (both actual grant or deemed grant) when carrying out subsequent transactions on the land, to obtain Governor’s consent, either by way of assignment, mortgage, transfer of possession, sublease or as otherwise applicable.

Always carry out a thorough search at the appropriate government lands registry to determine the true ownership status of any land and landed property prior to final completion of the real estate transaction.

TO GET MORE INFORMATION ABOUT BASIC TITLE DOCUMENTS THAT YOU NEED, RELEVANT TO LANDED PROPERTY OWNERSHIP IN NIGERIA please like, share & tag friends with this post.

To invest in genuine landed property please call the numbers +2349099580691, +2348022659069