What is this I thought nobody paid any property tax in Nigeria? It's called Land Use Charge in Lagos State and it sounds exactly as I thought it would...it's a charge for using the land!

So why would anyone in Lagos claim they don't pay anything to government for their property? I have some theories.

https://www.nairaland.com/4397271/n589.3m-house-omole-valued-lasg/5

Very interesting thread.

cc Gerrard

Good Luck to Nigeria.

Gerrard59:


cc: Kukutenla

What do you say about this thread and its headline?

Take it or leave it, no one owns land in Nigeria.

No one has tackled this one despite repeated mentions -

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

Ever since Nigeria was plunged into economic crisis around 2015 to 2017, I expected and predicted that LAND EXTORTION was going to be one of the next avenues for politicians to enrich themselves. In Imo it started around Orlu and the controversy over making it a Township. That status is one of the little known but important bits of land law.

Love800:
So no land can get c-of-o? From government?

I'd like to know more about that. Hmmmm.

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.

Those touting Lekki as a lucrative destination for real estate investment, this one is for you.

Good Luck to Nigeria.

omoredia:


America that stole by slavery nko? Talk another one make I respond to u and school you well

Who sold the slaves to the Americans? Just asking....I've always wondered how it happened

And what did the sellers achieve with all the profits they made

Good Luck to Nigeria

Bluntemperor:
Meaning?
Did they offer alternatives why they are not offering immigrants to their Countries,unlike the Americans?
Even Trump, the confused soul- has threatened to ensure that 2 to 5- Millions immigrants will be deported,if he wins!
Meanwhile,this is a Trump and Tesla CEO - who was brought to USA - from Germany and South Africa respectively,as immigrants,yet don't want to see any immigrants!
Shame!

Well even Yoruba people HATE the massive internal migration of Igbo people to Lagos...and these are both Black African tribes.

Do you have any EVIDENCE or record of President Trump deporting LEGAL immigrants? Or restricting LEGAL immigration? Just ONE instance will be sufficient for me. I'm patiently waiting for your response.

Meanwhile, if you want to understand the dangers of DIVERSITY which results from immigration or forced integration, try and get informed.

Swedish government website: https://sweden.se/culture/history/sweden-and-migration


https://www.youtube.com/watch?v=rUw4cs2MHwc


https://www.youtube.com/watch?v=3PXZxaKMl9Y

Remember, Sweden was the most crime free nation in Europe if not the world. Today it has the highest rate of gun crime in Europe.

Sweden used to be over 99% White race. Today at least 3% of those were born in Africa or Middle East. Just that small demographic change has wrought havoc on their society.

That's why Japan, China, India and other countries have restrictive immigration policies. Now many European countries suffering from damage wrought by immigration are also getting more restrictive, including Sweden, Denmark, UK and others.

I'm against any immigration that changes the character of any nation.

Slytiger:

There is a video currently circulating on social media of a Chinese man beating the hell out of his African workers.

And what has the Nigerian government done about it? Most likely taking bribes from the Chinese.

Good Luck to Nigerians.

This has been the situation for DECADES.

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

Good Luck to Nigerians.

It's still better than the UK.

Good Luck to Nigeria

He really said this.

What a FOOL, what an idiot. Fashola is a better Power Minister than this one.

Good Luck to Nigeria!

Gbadugbakun:
In my compound, we are 5 sharing the prepaid meter. We uses to contribute 5k per person to recharged it when it finishes. So since last week we have been contributing because the units were low and the meter was making noise. By Monday this week it went off around 10 pm. And only one man hasn't paid yet. And he wasn't around that night.

He sent me a WhatsApp message around 11 after he was contacted by the guy that does the recharge reminding him that he's the only person that have not pay. He told me that I should pay for him that he didn't deposit the sales he made into his account that when he comes the following morning he would give me cash.

I transferred the 5k to the guy and we recharged. Do you know that when this man come back the next morning he did as if nothing happens between us, the whole of Tuesday he didn't even tell me anything. Today is Wednesday I was outside when he come he just pass me and enter his house. am just holding myself because if I enter his house I will damage something. why is Nigerians like this. why do we like to cheat people at any given chance. Does he know if the 5k is my last card.

Honestly, for real, I've experienced this kind of BLATANT trickery, dishonesty and untrustworthiness too many times at the hands of Nigerians, in all sorts of relationships and at every level of society, at home and abroad. It's CRAZY, it's one of the reasons I abandoned Nigeria. At least here abroad there's more of a variety of people.

It's really, really sad. I don't understand how Nigerians got to be this way. Trust is the vital to economic progress by the way.

Good Luck to Nigerians.

Westves:


I respect most of what you share here but the last paragraph of this tirade is uncharacteristically shallow and myopic. That aside, I have a few questions:

1) why do you imprint all your posts with "good luck to Nigerians"? Aside the fact that it'd be more ergonomic to leave it in your signature, I wonder if it is intended as a genuine or sarcastic remark. I'm inclined to believe it's the latter, which brings me to my next question

2) why do you fretfully compose impassioned posts, stay abreast, and engage in lengthy arguments over a country you've repeatedly declared as doomed and a zoo? You have made boast about cutting off all ties, so I wonder why the fuss. Shouldn't all that energy be spent on forums discussing avenues to better your naturalized nationality?

3) personally, I've wondered the reason those of you in the diaspora, touted to constitute our brightest minds, would rather shove the white man's shit quite literally, abdicating the seemingly rudimentary responsibility of fixing their homeland once and for all. So in your opinion, what is the barrier? Why is it easier and less shameful to throw stones? I mean, I don't dispute the perfection of the life you've bought overseas, or that we are worse off. But I have so many questions. Isn't that cowardice and laziness what justifies whatever shabby manner you guys are being treated in foreign lands and even our embassies? Why are you comfortable with it but come to whine online as things continue to go awry?

4) if you had omnipotent powers, is there an actionable plan of things you'd do differently? I read where you admitted not to have a solution to the primary education and health challenges. But in a more holistic sense, we have proven a gross deficit at anything in general (not just governance). But it does start with governance and cascade down. So sequel to question 3, if you were to think in terms of solutions rather than criticisms, what would you change and where would you start?

Every question above I've answered in detail. My comment history is open.

1) I wish Nigerians Good Luck.
2) Nigeria is my ancestral origin. I also stay informed on other countries
3) Nigerians in diaspora are EXACTLY the same as all other Nigerians.
4) Free markets in both economics, culture and politics. I've written down the details previously.

Good Luck to Nigerians.

Fareke:
By Dare Olawin


https://punchng.com/petrol-hits-n800-as-240-million-litre-vessels-arrive/?amp

NNPC bought that fuel abroad at a cost of ₦1008 per liter.

As long as official, usual and regular prices are below that amount, the Federal Government is still paying subsidy on petrol. That's really no judgement on the wisdom or foolishness of subsidy, it's just the facts.

Good Luck to Nigeria.

CodeTemplar:
before you rant about what the masses enjoy and its crippling effect on economy or govt spendings, let's take a good look at what the elites enjoy. How can states sponsor pilgrims and think the masses they love to insight against themselves when seeking power with narratives of a rich country that can always feed them wont expect to be fed in someway(subsidy)?
The FG who sees the big picture too and is suppose to go two miles before suffering the masses to go one are more wasteful than the states. They rival the states in non viability of projects, wastage, leaks, and corruption.
So how will a sane Nigerian like myself accept we can't subsidize anything, but can pay our leaders more than US and China? Or that we can shell out N90Bn at federal level alone to assist pilgrims go stone a spirit being(the devil which already resides in most of them and functions through them) in a desert environment where alcohol is allowed?
How are the masses suppose to understand the harsh conditions will be aggregated in proceeds taxes bring and used work for them?
The major projects of this admin so far, a coastal highway and economic city, was any attempt made to carry the people along, even if it is just a poll contracted out ?
You want me to trust such a wasteful govt with all the money in the world right? Nigerians are not perfect but are smart enough to protect their self interest from available information and facts they are aware of.

The USA only started subsidies AFTER it became a rich country through applying free market principles. Now that the USA has been paying a lot of subsidies for decades, their economy is going stagnant. In fact the USA and Nigeria have EXACTLY the same problems but at different levels.

Elites everywhere NEVER lose. You can NEVER prevent them from enjoying "unfair" advantage...some get it by raw talent or effort, some via connections or inheritance, some by corruption. They can't be stopped. Trying to redistribute their wealth by taxes or subsidy simply creates POVERTY. It never works because of the human character.

Nigeria has STOLEN and distributed the wealth of the Niger Delta and other crude oil and natural gas producing communities for many decades. How far? RESULT....Poverty Capital of the World

Most importantly, Nigerians especially the university graduates, are very IGNORANT, unreasonable, entitled and hubristic. That's why they voted for a party whose leaders told them "there's nothing like fuel subsidy, fuel subsidy doesn't exist."

Fuel subsidy that has been paid since 1973!!! A subsidy that's always been one of the largest government expenditures, and people couldn't figure out the man was lying.

President Buhari that said fuel subsidy doesn't exist was Petroleum Minister in the 1970s and he negotiated fuel subsidy with the IMF as President in 1984. Just Google! And Nigerians still voted for him...very, very STUPID vote and they're getting exactly the suffering they deserve. The least Nigerians can do is NOT vote for bad leaders and then DEFEND their votes....that's democracy.

Good Luck to Nigerians

maxiuc:


It Will be a very rough road for Tinubu come 2027

Tinubu trying to put Nigeria in his Lagos bondage by the time he's done with some tribalistic mofos by then their eyes for don blind due to too garri and salt eyes no go dey for them to use check if you are Yoruba or not

The little gains PDP for 16yrs APC had reverse it on a steady for 12yrs foolish politicians dealing with us

We heard Buhari wouldn't be re-elected in 2019, what happened?

President Bola Tinubu will be re-elected in 2027 with a massive margin of victory and nobody is gonna do anything. That's the nature of socialist parties. They NEVER let go of political power. Back in 2015 my prediction was that APC will control the Federal Government for at least 25 years. I stand on it.

Good Luck to Nigeria.

Gerrard59:


While we are both capitalists, privatising health care and education does not sit right with me. That is something I have wanted to converse with you - your penchant for privatising health care and education. Nigerians don't even have the money to pay for these services at public hospitals. Would they be able to pay when it is privatised? The same holds true for education. Unlike the US, where there are equally good public universities, most countries' top universities are publicly owned. So, why advocate for privatisation?

Let's look at Brazil, where education is free till the university level. There ought to be subsidies in certain sectors, of which education and health care are paramount.

I know I've said it before - I have no solutions for healthcare and primary education. Healthcare in particular is an unavoidable risk and completely independent of voluntary demand. So they're not fit for the free market.

It's clear however that Black Africans, in this case Nigerians, can't organize a socialist healthcare system and the evidence is ALL of Nigeria's history since 1960. We just don't have what it takes and even the UK and Canada are having problems with their socialist healthcare system. So we have to try ANOTHER option, which is completely profit driven, capitalist and free market. What other option do we have? I'd like to read your take.

Good Luck to Nigerians

Gerrard59:
This is why people japa. When a doctor mentioned MRI here, I thought it would be a big deal, but he said it is available and the results would be issued in less than 30 minutes.

No wonder IbeOkehie said he trusts his life with the white man in the US. I seem to entrust my life to the Yamato people. Nigerian elites are cruel and unintelligent!

Black man get issue.

All this nonsense with healthcare in Nigeria would be greatly improved in about 10 to 25 years if government, especially the Federal Government, would simply get out of the sector. Just get out, exit, wash their hands of everything. Invite competent health standards organizations like JCAHO to do the regulation. Let the private sector take over and watch what will happen.

Nigerians love socialism so this is what they will always get.

Good Luck to Nigerians.

Wonderful project. I wish you a BOUNTIFUL harvest.

I love melons. cc Oga Gerrard

Good Luck to Nigeria.

anamo:


Lol. Whatever rocks your story sha

Your Glassdoor source is based on ONE input only from a person in the USA. Not reliable.

And we know for sure there's only 4,500 of them in Nigeria

Good Luck to Nigerians

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!

I've taken time to study this issue of eminent domain. Use of eminent domain in USA is NOT the same as the government exercise of ownership rights in Nigeria. Anyone can go read the relevant laws or scholarly articles online.

(1) The Land Use Act in Nigeria specifically allows government to unilaterally determine fair compensation when the occupier is forced to vacate. Have you ever read where anyone was given compensation for land taken by government in Nigeria? Even indigenes of Abuja and FCT are still in court trying to get compensation.

(2) The USA Constitution requires that government pay fair MARKET price as compensation to the owner of land that is taken for eminent domain.

That's the difference between Certificate of Occupancy and Title of Deed.

And then real estate taxes. Of course the land is taken if taxes aren't paid. What's the big deal? Taxes are paid so the government PROTECTS ownership of property. Without it anyone can just walk up to your house or land and take it as can happen in Nigeria.

Interest rate - most mortgages in the USA are fixed rate. Even the Adjustable Rate Mortgages can be fixed at any time by paying a fee depending on the value of the home.

By the way, I've lived in USA for over 30 years and I don't know a single Nigerian that has been forced out of their primary home because they couldn't pay mortgage. Not one.

I do know a few that had trouble paying during the 2007 financial crisis but guess what? The government helped them out and they kept their houses. People pay their mortgage the same way they pay their rent, it's a BASIC expense everywhere including Nigeria...most families in urban areas of Nigeria, say the largest cities in each State... DO NOT own their homes, they rent.

You're welcome.

Good Luck to Nigeria.

headboyprince:
mtcheew see this one. who earns $750 in toronto even beggers earn above that. you're comparing bank manager salary to a less than beggers salary. a city where teachers in toronto easily pocket $5k plus other employement benefits.

Chai...so bank branch managers earn less than $400/month in Nigeria? I'm assuming this is retail/consumer banking like First Bank, Access Bank and such. I actually suspected it was this low which is why I've always been wondering what the big deal is about a bank manager in Nigeria. But people argue so much I started doubting my own experience. Wow!!!

By the way I looked up some data and there's about 4500 commercial bank branches in Nigeria. Just so we know.

https://techpoint.africa/2023/07/12/banks-with-the-most-branches-in-nigeria/#:~:text=Nigeria%

Very few bank managers, that's why they're highly regarded. Remember PwC data shows 0.4% of Nigerian adults earn over ₦200K/month!!!

Better to migrate and restart as security guard or cook in US/UK abeg if one can't get an equivalent job in banking. Wow, hair braider in USA can make that money with just one customer and remit the money to Nigeria!!!!

Now my understanding is even deeper. No wonder demand for migration is so high. God Bless the King biko, God Bless USA , may we always work hard to uphold the good systems and standards we've inherited from those who built these countries.

Good Luck to Nigerians.

tensazangetsu20:


This. They will calculate the exchange rate as if the money is being spent in Nigeria lol.

Well, if you have dependents in Nigeria and you remit them Chilean pesos, guess what? You're sending naira for those dependents to spend. This is so clear it requires little explanation.

So I don't understand this mantra of "earning abroad isn't spending naira". The fact is that all money is fungible. What really matters is how easy is it to earn money wherever you are

I have a cousin age 27 who migrated to UK last year, graduated from Unizik, no job for years.
Yes he works in a factory in UK and sends money to his mother and siblings. Are you telling me the garri his mother buys in the market is not bought with naira?

You do know there's MANY Nigerian men that live and work in the USA and UK but their wives and children are in Nigeria?

A pharmacist friend of mine just arrived here from Nigeria. I've known this man since maybe 2010. Every year he comes to the USA in April and leaves in October and maybe one or two other trips. He works for a temp agency, covering for American workers who go on spring and summer holidays. As far as I know that is his major income and his family lives in Nigeria. He earns dollars and spends naira!

Guy please think about it. Like it or not, the fact TODAY is that $350 = ₦500K. See me trouble o...money is money and it's easier to earn it in some places than others.

tshtsh:

In my opinion, earning $2000 a month in lagos will offer a better quality life than $6000 in toronto. As for cities like Dar es salaam, nairobi and johannesburg the quality of life is much better than in all these western countries provided you are stable

It's not gonna be easy to earn monthly pay of $2K or ₦3 million in Nigeria. How and in what industry or business🤔. I bet you it's not up to 0.1% of Nigerian adults earning that.

Good Luck to Nigeria.

Kukutenla:

So taking mortgage to own a house in the US is not basically a business idea but a survival strategy. If most Nigerians who live in the USA had a choice, they won't take it.

This is more a stage of life question. At this point in my life my major consideration is ROI. I've run the numbers. Also I have the real life experience. Most people are better off investing $100K or any money in the USA than in Nigeria. This is why FDI into Nigeria is sinking like a rock. Just the facts.

In fact the major reason why diasporans invest into Nigerian real estate and sometimes other businesses is SOCIAL CAPITAL. To make name, earn respect from friends and relatives living in Nigeria. At some point in life you grow out of that. Nigeria is a Zoo, there's nothing to prove to anyone there.

Kukutenla:

Which American could afford $90k in 1979?

The fact that the land in Lekki was undeveloped also shows that the owner incurred minimal cost in terms of building, maintenance and associated taxes. Houses depreciate over time. It is land, a fixed asset that appreciates NOT the house built on it.

All this talk of omo onile is exaggerated. Omo onile can't do nada for a land with C of O and the right documents. The highest they can do is get money from you while building just to prevent cases of theft and arson.

You're not correct. Property tax is paid by the owner of the property not the tenant. Even undeveloped land in the US attracts property tax. Who pays that? The trees? US property laws makes tax payable by the deed owner not a tenant.

If naira could maintain same rate it had in the 70s and 80s against other currencies till now, no one, not even you will see acquiring properties overseas as a good thing.

Long and wrong argument.

In 1986 an immigrant Nigerian teacher and nurse could afford the property in Baltimore. Going by the salaries of my own parents who were teachers in Nigeria, they might not be able to afford that land in Lekki.

Omo nile is not exaggerated. Government seizing your land is a risk. Land Use Act is there. And most people would prefer not to deal with such threats and uncertainty. And it's equivalent to USA tax.

Renters pay the property tax in the USA as part of their rent. This is common sense. Also our comparison here is between empty land in Lekki and a house in Baltimore.

Houses go up in value in the USA, generally.

And your last point just made me . Naira value is part and parcel of the consideration that goes into making decisions about Nigeria. This is the MAIN reason investing in Nigeria is generally a loser for Nigerians living abroad.

In1979 naira was maybe 2/$, in 1990 it was 5/$, in 2014 it was 200/$ today it's 1400/$. By 2040 it might be 3000/$. Wetin again?

Dear Sir, just run the numbers.

According to you, ₦5,000 invested in Lekki land in 1979 would be worth ₦100 million today. This means ₦15,000 invested there would be have grown to ₦300 million. Lekki is one of the best places in Nigeria for real estate investment in Nigeria.

I provided a website with real, official data making a case that ₦15,000 invested in a Baltimore home in 1979 is worth ₦500 million today. Baltimore is one of the worst cities for real estate investment in the USA.

The percentage gain on capital is higher in Baltimore than in Lekki. Case closed.

snowland:
How much is the mortgage?

That's what's always lacking is this type of story.

These things aren't secret anymore, at least in the US and UK. Just use Zillow. Research government real estate records to find taxes paid. Look up current interest rates.

Not hard at all.

Good Luck to Nigerians.

Kukutenla:

You're fixated on dollar that's the problem. The dollar also suffers depreciation. $1 in 1979 is not same with $1 in 1999 and certainly not same with $1 in 2019. You're thinking like the average Nigerian big man who must dollarise everything. Naira for naira, dollar for dollar, the land in Lekki has appreciated better than the one you described. Less than 5k worth 100m compared to 79k worth 400k.

Meanwhile, the guy in Nigeria will pay less tax on his properties than in the US.

That said, I'm not aware of any Oba taking over properties arbitrarily. That's another imagination from you guys.
But I agree the depreciation of naira value against other currencies is a problem though

And which Nigerians could afford ₦5,000 in 1979? In 1990 my parents were teachers with University degrees. Their combined income was ₦1,000 per month. Meanwhile as I've said, a Nigerian teacher in the USA owns a near identical house on the same street since 1986.

Lagos may be the best place to buy real estate in Nigeria. Baltimore is one of the worst metro-areas to buy in the USA.

I added something else to my thesis...the investment in Lekki was undeveloped land abi? So it never earned any rent.

If the Nigerian had a chance to buy that home in Baltimore he could have rented it out and had the tenants pay for it. Think about that.

But the bolded. Nigerians pay lots of tax...to the local chief or Omonile. They pay vigilante people for security. They pay bribes to police at checkpoints.

Here in the USA if you rent out a house guess who pays the tax? It ends up on the tenant as long as it's rented.

There was a recent thread here on Nairaland where an Oba went around claiming peoples property. And it's not safe for an Igbo man to own property in Lagos State now.

So you don't know anyone that lost property they paid for in Nigeria? Well I know many such people. In all my time in the USA it has never happened. That's why Festus Keyamo and Tinubu's children own homes in the USA.

Just do the calculations. Numbers don't lie. They amply illustrate why Nigeria is the Poverty Capital of the World

Good Luck to Nigerians.

tensazangetsu20:
Exchange rate palava. Also immigration policies have become very stringent now.

Exactly. It's informative to go check out Nairaland Anti-Jakpa threads from 2007, 2012, 2015, 2019. It was much easier to migrate legally from Nigeria but some were deceived into thinking Nigeria will get better. Alas, the results are out and very clear.

Good Luck to Nigerians.

Kukutenla:

Are you now implying that landed properties only appreciate in the Western countries?

As at 1979, land in Lekki was less than 5k. Today, it is worth N100m. So what's your point exactly?

Land appreciates in Nigeria in naira terms.

All the while the same naira is depreciating in dollar terms.

My point is that when you do the calculations you find that investing in the US/UK gives better returns. I've done the calculations myself multiple times in many different situations and that is ALWAYS the case.

For example, given the naira rate back then, ₦15,000 may have been sufficient for a down payment on the $79K house in the USA. Today that same ₦15,000 will be worth ₦500 million naira if it had been invested in the USA house.

Also you're talking undeveloped land in Lekki right? Meaning leaving it empty earning very little rent. Or investing a good amount to build.

Compare to the USA house that served as a primary home or could have been rented out. Meaning the owner could have paid almost nothing in ongoing payments.

Now let's put it all together. Which is the better return? Carefully go through the calculations and see for yourself. THAT IS MY POINT, the USA has ALWAYS provided better real estate returns than Nigeria. It would have been better to invest that ₦5,000 into USA real estate.

Again do the math. Basically the astronomical depreciation of the naira DESTROYS all nominal gains.

Then add the risk. Whatever you think you own in Lekki could be taken by government tomorrow, one local Oba could wake up and start contesting the landed property you THINK you own. You might be an Igbo man and dispossessed solely on basis of your ethnicity.

Whatever man.

Good Luck to Nigeria.

shaybebaby:

Your ignorance is not my problem.

Please tell them. Facts speak for themselves. No need to look far in the age of internet. Here's one from Baltimore Maryland, one of the UNDESIRABLE cities in the USA. I chose this house because I know a Nigerian couple that bought on the same street back in 1986 for $90K.

https://www.zillow.com/homedetails/1127-Cowpens-Ave-Baltimore-MD-21286/36411353_zpid/

This house was bought for $79K in 1979. Today it's priced over $500K. The records as shown make it likely that it's owned by the same person/family that originally bought it in 1979 because it hasn't been bought or sold since then. It's very likely the mortgage is paid off. Ditto for the Nigerian family, they've lived there since I came to this country. The man is a high school teacher, wife is a nurse.

So what exactly is the problem with mortgage biko nu? Gain of $400K = ₦560 million at current exchange rate. As in, half a billion naira....this man and wife can sell their house and get half billion naira cash. And the kids are all grown, one is nurse, one engineer at Microsoft. When the parents do die, these kids will inherit this profit. Imagine how comfortable their grand children will be. Would this have been possible in Nigeria?

Another friend of mine, Asian Indian, all of his siblings are professionals. They lived together in their parents house for 7 years, including their spouses. Saving like crazy. In 2010 when my friend moved out he was able to buy a house in Washington DC for CASH. That house has gone up over $300K in value.

This is the power of cooperative inter-generational wealth in the USA. This is in no way rich by our standards here, these are middle class people because government tax data shows 99% of Americans earn less than $400K per year.

Anyway to each their own. Anyone who wants to experience, observe or interact with poverty should stay in Nigeria. Nigeria is the Poverty Capital of the World.

Good Luck to Nigerians.

Because Nigeria is a socialist state.

Good Luck to Nigeria

franchasofficia:
Kai, dike anaah

Kai Kai, shakes his head in total disbelief

Nwannem efue na mba


Nwaeze adighi efu na mba, abum nwaeze, I can never forget my ancestral home, mbanu, aru

Your ancestral home is occupied Nigerian territory, under the jackboot of the Nigerian Army. Sorry but that is the evolving truth of Nigeria with the spreading Islamist ascendancy in that country.

So are you a Christian or Omenala ? Dike anaaaagh abi? Abum dike, I have enough courage and spiritual fortitude to go my own way in life....but I'm not dead yet, I'm still alive and having a discussion with you. Maybe you think you're talking to a ghost?

Good Luck to Nigerians.

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:
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.

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.

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.

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.