₦airaland Forum

More like can i still even remember Nigeria's National Anthem?

lol!

I have never been a fan of this Nigerian Mortagage Property System. Too many legal complexities and traps hidden for the Mortgagee and it takes a sharp eagle eyed lawyer to help his client out from the inherent difficulties due to the streneous and obnoxious clauses and demands inserted in the contract for sale and mortgage contracts. I have battled so many banks over these things and the worse part is always the fluctuating interest rate which always seems to hover around 18% to 22% and its quite difficult for the person to maintain that status quo for so many years especially if he has to continue servicing the interest payment over the principal loan.

In short i really don't advise it because if your source of income to pay dries up mysterious or due to no fault of yours, where do you start from? if your finding it difficult to service the interest, how do you cope with the principal that continues to overlap year in year out? In fact most mortgage debtors have more problems financing the interest than the principal sum.

I have always prefered Nigerians buying their own lands to build according to their financial power and resources. It might take long to build the house and the cost of building materials might blow up but at least, you are controlling how you spend and when you spend but a mortgage is something you have to go to bed worrying about and waking up worrying about.

Paying 22% interest for 22 years is not a sure banker thing. You might lose your job, lose your source of income, lose the flow of the cash cow you expect, higher payments of personal finances e.g school fees for your kids or other things and you still have to be worrying about the loan and interest rate to pay.

This isnt Europe or America where the banks can cut you some slacks and fight towards a lower interest rate. Its Nigeria, it always gets higher and the rules change arbitrarily.

Being a debtor is something no one should pray for whether it happened by chance, design or accident. Bottom line you are a debtor and the thought of you being the true owner and landlord of that house or home is never complete until you finish the mortgage payment. Even tenants have a better chance of sleeping peacefully than those with mortgage homes in Nigeria because once the tenure is up, they can move to a better place or according to their pocket but in a mortgage home, it will continue to haunt and frighten you because Money is something that is subjective and you really dont know how it comes and goes especially with the high interest rate payment.

I'll rather prefer the mowe/ibafo kind of mortgage system where you can pay little sums till you own the place interest free rather than the very high loans bank give from N20 Million upwards with 22% per year for the next 20 years.Foreclosure is not a good thing and so many individuals are victims of this practice every day in Nigeria but the banks will do everything possible to supress the news because it is against their interest if people have a very negative attitude to it.

God forbid bad thing!

A bank is in the business of lending money so that they make their money off the interest! So i'll rather encourage Nairalanders looking to start their lives with their little income to purchase lands or properties according to their financial Muscle. At least you and your wife can sleep peacefully at Night with out dreaming of the debt recovery team barging on your door in your dreams!

Not in this life or the Next!

While your explanation seems plausible, it is pertinent to know that an Omonile is not the one that gives you the correct or right title to own the land. An omonile's job is to harange you to settle them for coming unto their land and they are the host community. The form of settlement relates with regular juvenile requirements such as ogogoro money or money for building foundation to more serious things like providing borehole or bringing viable business to the environment.

The most important omoniles are the real traditional family that must provide you with an authentic reciept for the purchase of the land which must emanate from the FAMILY HEAD and CO-SIGNED by the FAMILY SECRETARY. Very Very Important

Failure to obtain their signatures in the reciept could lead to disastrous consequences in the following situations:

1. Who ever signs the deed of assignment and is not corresponding with the signatures of other deeds of assignment granted to other people by the Family Head and Family Secretary means your deed of assignment is fake and null and void because you cannot sell what you dont have.

2. The Family Head and Family Secretary must assent their signatures in the FORM 1c which a major requirement at the Land Registry for you to obtain your Governor's consent. A major default in that is that you will be stuck in limbo and your Governors consent will never be processed unless you pay through your nose to settle one big shot at the Land Registry!

The Omoniles are important people in every land transaction involving traditional or family land sale but you must learn to differentiate between who is the omonile that is collecting your money to drink paraga and run away and who is the Omonile that is necessary to help you perfect your documents.

Its not an easy thing and it requires streneous search and investigation to differentiate between who is who before you throw away money to the bush and lose your property for nothing because of one small error.

The Omonile's themselves know this is a huge market for them to decieve and con people because people fail to do the right thing and they will continue to decieve people until we all become wiser and follow due process!

This got me thinking and was sent to me via email. Dont cruxify me for the headline o! Na so them write am!



[size=18pt][center]A Nation of Idiots [/center] [/size]

www.compassnews.net


Monday, 25 May 2009 00:00

We are all damned stupid. Stupendously stupid. Stupid to the point of stupor. Stinking stupid swine. That’s what we all are. Not what we had always, been though. Not until 1979 anyway when this columnist cried out in the Nigerian Tribune that Nigeria harboured the largest collection of stupid men and women in the world.

And that stupid sting had stayed with us ever since. I mean ever since some stupid men imposed some stupid men on all the stupid people of this country in 1979. If you want to remember, it was that year that the leader of the stupid men announced to the larger community of stupid men that the best man would not be fit enough to lead the nation of Africa ’s most enlightened people. And the best man was rigged out of contest and was made to bow at the feet of the cabal of stupid men.

That idiocy which captured the body and soul of the nation has refused to go, and I am told it will never go voluntarily.

You wonder how a nation can continue to stomach the horrible things that assail it every day. How a people have become so helpless that they allow themselves to be bedraggled by less than 3,000 heartless men. Those who hold this country by the jugular are less than 3000 nationwide. All former political [mis]rulers and their collaborators. And the present crop of day light robbers who have infected Abuja with a plague.

Every day, newspapers and television screens and radio airwaves are awash with news of billions of Naira ‘missing’, ‘misappropriated’, ‘embezzled’, ‘stolen’, and so on and so forth. At the end of the day, all of us idiots merely leave our mouths ajar, mumble some curses at beer parlour joints and resign ourselves to suffering unending.

Roads were meant to be built, contracts were awarded, adequate fees paid, and all we get in return are the death traps on Ibadan-Lagos expressway, Lagos-Benin human body-parts supermarket, gorges on motor ways across the land. In some cases whole vehicles are swallowed up by deep gaps in the middle of the road.

And how do the idiots who populate the country react? They rain curses and move on. And their tormentors are grinning from ear to ear in their ill-gotten military contraption called Hummer.

You see councillors who were mere truck pushers yesterday now donating brand new jeeps to their wives or girl friends as birthday gifts and no questions are asked. Why? In a nation of idiots, everything goes. Idiots all over the world are known to be timid people. Nigerian brand of idiots are worse than timid. They are zombies made worse by collective spell heaped on them by the day-light robbers who have imposed themselves on them.

But this nation had not always been like this. This had been a country of brave men and women who fought the colonial masters to a standstill. This was the country of Queen Amina. This was the land of Jaja of Opobo. This was the territory of Bashorun Ogunmola Olodogbo-keri-keri. The land of Lisabi Ogbongbo-akala. The land of Queen Orisamuro Eriwo . This was the country of Herbert Macaulay. The land of Raji Abdllah . The land of Aminu Kano . This was the country of Joseph Sarwuan Tarka. The land of Isaac Adaka Boro . The land of fiery Josiah Olawoyin. This land produced the great Nnamdi Azikiwe. The legendary Sir Ahmadu Bello came, saw and conquered. The Kiniwun Onibudo, the Olumoko, Agbola’ya bi aara Obafemi Awolowo was a nationalist of this same country now overgrown with timid weeds.

Perhaps all of us idiots now suffering in inexplicable silence are waiting for the one-man suicide squad Tai Solarin, Bala Usman, Omorogie Ohonbamu, Bros Kanmi Ishola Osobu, SLB Labanji Bolaji, Comrade Ola Oni, Comrade Niyi Oniororo, Wahab Goodluck, Pa Imoudu, Genius Ayodele Awojobi to come from their current places of abode to free us from this suffocating slavery on our soil.

It was in this country that the inimitable Fela Anikulapo Kuti carried coffin to harass Obasanjo at Dodan Barracks. The same Fela carried loads of ‘shit’ to block MKO Abiola’s house to protest ‘unfair treatment’ by Decca. Dr Beko Ransom Kuti led hundreds of thousands in protest to confront the fierce military tanks of Abacha in protest against the annulment of June 12 elections.

Now the generation suffering the most are still waiting for Ebenezer Babatope, Yemi Farounmbi, Gbolabo Ogunsanwo, Felix Adenaike, Arthur Nwankwo, Haroun Adamu, Tola Adeniyi, Rasheed Gbadamosi, our revered Dr Frederick Fasehun, our respected Gani Fawehimi, literary icons Soyinka and Achebe….men in their late sixties and mid seventies already shopping for travel agents for the best ticket out of planet earth, to fight for them.

I should remind the people in their 20s and 30s that they are the ones whose present and future are being trampled upon. It is they, more than any other idiots in the idiots’ country, that are having their lives and the lives of their children ruined by the massive stealing going on in the country today. And they should know that throughout history it is only people under age 35 who initiate and lead revolutions.

How is a country the size of Nigeria with all her resources not able to supply ordinary electricity to her citizens? Imagine the billions of Naira lost daily because of lack of power. Imagine the number of industries that have closed down. Imagine the multiplying effects of lack of electricity on the nation’s security and social/economic well being. How is a country with all God has given her unable to provide drinking water? Why should Nigeria fail in providing gainful employment to her teeming population? Why should over 20 million children be out of school nationwide?

And yet all of us idiots watch in helpless resignation the men who led us into this mess living in vulgar opulence, feeding fat on our stolen money, sentencing our daughters to prostitution, and we do nothing.

This nonsense cannot continue.

Imprisonment is not the answer. Imprisonment did not work in Ghana . It did not work in China . It did not solve the problem in Louis X1V’s France . It did not solve the problem in Russia before the Bolsheviks came with their chopping axe. No, Romania did not yield to imprisonment. Ask them in Ethiopia ; Meriam Mengistu led all to the chopping block.

If I am one of the 3,000 men who have brought Nigeria into this mess, come for me today, take me to the Bar Beach and chop my head off!



I feel like an idiot already but i am totally helpless Is it possible to change this country with a revolution with all the greed and corrupt practices being practised by our youths today?

The good thing about the win is that more FIFA top 20 teams will want to start playing friendly matches with us unlike the previous era whereby we only play 4th rate countries during friendlies. I beckon the English FA and Argentine FA will want to start playing friendlies with us since we can adequately test their teams too. Our FIFA ranking should also jump sky high after this result!

Well done!!!

Yours is even better! What about those mid night creeps who continue to flash your phones with a hidden number all night?

Very Very Annoying! I wont even allow my girlfriend to call me anything outside 10.30pm except for an emergency! Person need to sleep to work well the next day!

Please stay on topic and stop placing classified ads in this thread. You can create your own thread to promote your business.

Any classified advert i see here will be moved away or probably sent to the trash bin! The topic is about property crash price in Lagos and not for you to derail it with links to websites or property adverts!

Please lets allow decorum to reign!

Cheers

http://news.uk.msn.com/world/article.aspx?cp-documentid=147619487

'Man Utd fan kills four in Nigeria'

ITN 2009
A Manchester United fan in Nigeria has allegedly killed four people when he drove into a crowd of Barcelona supporters after his team's Champions League defeat.
Police said the crowd in the town of Ogba were celebrating Barcelona's victory when the minibus drove into them.
A police spokeswoman said ten people were injured and the driver was arrested.
She said: "The driver had passed the crowd then made a U-turn and ran into them."
Barcelona beat Manchester United 2-0 in what has been hailed as a "dream final" between two of Europe's best clubs.
Both teams have large fan bases in Nigeria, Africa's most populous nation.

https://estb.msn.com/i/DD/8FF02787AEFB5450597F9AE3FCEFC6.jpg

Na wah o!

Na so the defeat wound Manunited fans so? Messi take time o! see what you caused?

May their souls rest in perfect peace! What a shame

Abeg what is hardship allowance? I am confused? Do the senators experience any form of hardship or what compared to the common man?

@chuckbass

Stupid Topic

Are they not naturally born as maids?

Who delievers the children?

Who breasts feeds them?

Who is perpertually doomed to be in the kitchen till death do you part?

Who cleans the house 24/7?

Who washes the clothes and Dishes most of the time?

Who nannies the kids 24/7?

At the end of the month, dont men or husbands give them money for the week or month to buy more food stuffs and cleaning utensils which in other wards serves as their monthly wages for being a housemaid only that she wears a wedding ring?

How many house husbands do you know? Rathe there are millions of house wives. Is that not a glorified title for a House maid?

Abeg make una go siddon jare!

Psssf. . . .

Does this make sense?

C me o:
I would say my questions are simple and straight forward:

I have a registered Limited Company but what happened was that an inferno (fire) happened and burnt the Certificate of Incorporation, form 2 & 7, CTC of memo and article of association, FIRS Receipt and all the document given after registration. The questions are:
1. Is it possible to get a replacement of all these documents?
2. What are the processes involved in getting them back?
3. How long would it take to get them back and possibly the cost?
4. The company was registered a year ago , would I need tax clearance since all company registered in Nigeria have 5 year tax hoilday?

Thank you so much as i hope to see your post soon answering these questions

Ouch!

Sorry i havent gotten to you back for a while, i have been a little busy but i'll try to answer your questions as best as possible:

Generally all your documents have been burnt and the only way you can get them back is by applying for a certified true copy of all of them except the tax clearance and i am afraid its going to cost you a hell of a lot of money because this is what CAC prays for:

1. Firstly, you have to pay for company search to trace the name and certificate exists and you have to buy the forms and pay for search fees

2. To get the certified true copy of the CAC 2 and CAC 7, You have to purchase the forms, complete it, pay the prescribed filing fees and show evidence of your payment of Annual Returns

3.To get a certified True copy of your Certificate of Incorporation, you have to swear an Affidavit signed by a commissioner of oaths deposed to by one of the Directors

b. Write a formal application to the CAC to retrieve your certificate

c. Pay for the filing fees

d. Show evidence of your payment of your Annual Returns up to date

4. If you dont have a copy of your FIRS reciept, you have to pay N8,500 to procure a new one

5. To get the Memo or CTC of it, you have to show evidence of your annual returns, pay the filing fees.

To be frank, your going to spend nothing less than NN40,000-N50000 to get everything back into shape and thats including the proof of Annual Returns.

I am sorry mate but those are the rules

Its better to register a new one than go through these hassles because their fees fluctuate everyday. If you have a photocopy of it, it will make life better a bit but if you didnt make copies of it, you cannot escape these fees and procedures!

Cheers

Lets be realistic here. This is Nigeria. We have a lot of married men with egos larger than the African Continent. They will see it as an affront to their marriage and status but there are ways out of it to suit the women to eat her cake and have it.

Generally being in the property business, i see these issues every now and then and what i advise my female clients to do is thus:

1. Yes you can build a house but to keep the family together, you need to make it a commercial building i.e a 4 bedroom flat to collect rent and make the husband happy that you are collecting income to support the family. The deed should be written in HER name alone or better still in the names of her children because thats the second best legacy she can leave for them after education.

2. Secondly, she can pool resources with her husband to build a house and makes sure the deed is written as Mr and Mrs Lagbaja, so that in case the husband gets nasty tomorrow, he cannot sell the house without her consent since two of them jointly own it and the worst case scenario is that they sell the house and split the money and everyone is happy.

The only snag about this is that the woman usually suffers the brunt from an abusive husband who will do anything to cajole her to sell it or sign her name to give away the property hence when such a situation happens, she should consult a lawyer to adequately protect her interests and she shouldnt be ashamed to look for one or be scared because the husband would have also consulted his lawyer to make sure things go smoothly in his favour.

These are the 2 major ways a woman can become a landlady and be stable in her marriage in Nigeria and loads of women follow this style.

Cheers

lol

Is it a flat mate your finding or a future wife

Better go to nairalist dating and seek your true love there instead of disgusing under the banner of flat mate to help you cook!

Hi Guys,

Nice debate going on here and it really depends how persuasive you are in convincing the moderator and admin to sway to your corner to coerce sellers to post pictures.

I have read your criticisms in my last reply and while i see your frustrations, you guys havent really hit the nail on the head to convince them to post pictures. Besides i dont see any comment or reply from the agents themselves to either defend or support the argument and you need to bring them in to share their own views. I know they are quite a few popular agents here like hakir who handles the abuja zone, lifetdone, H$l broker, cnnnigeria, props1,dayo, smafolabi etc who can shed more light on why they havent done so and till we have a balanced view of the situation, i cannot willingly force them but i am still open to suggestions from other people and if you can really clamour for it through other posters or collect signatures or whatever, you can tilt it to yor favour to make it a standing rule.

Remember i have also being an active campaigner for this and you can see it in this post https://www.nairaland.com/nigeria/topic-204425.0.html but so far so good, nobody has really given the admin concrete reasons to act otherwise. Its really in your hands and the quality of debate, reasonable arguments and reasons should be brought forward. It is really a top priority but if you dont profer concrete reasons, i dont think it will fly.

More especially, i impore users who are based abroad to really be actively involved to state why they need it because i realise it affects you the most but keeping silent means it doesnt bother you and we can only follow the wishes of the members at the end of the day. So far so good, the sellers outrank the buyers through their postings thats why they are in the majority and doing what pleases them by not posting anything but then again, its your duty to make your voices heards before any revolution can occur.

I look forward to your debates, arguments, criticisms and comments in good faith from both parties before we take our final decision.

Cheers

Truely wonderful and educational. I am glad you are assisting me in educating people on how to avoid property pitfalls especially in the mowe/ofada axis.

I am truely grateful! Well done!

Subscribed****

The truth is that i have read all your complains and i have forwarded it to the Adminstrator. We had a lenghty chat over it and we realised one or 2 things which i would like to clarify regarding this picture issue:

1. Unlike the autos section where pictures of cars are posted every now and then, properties cannot be forced upon the seller to post them because truthfully its their own loss if they dont post pictures and you as the buyer has a right to ignore such postings. Forcing will only mean that they wouldnt have any right to advertise a property because most of these properties dont belong to the agents for sale and they are usually 3rd or 4th party agents.

What it means is that the original agent may not necessarily be the one advertising the property on nairaland and he had to tell a colleague to market it for him and the news spreads till it gets to nairaland. That agent posting on nairaland might not even know the direct owner or the agent and is just playing his own role as a marketer to sell a property before he introduces you to the real/direct agent when you come one on one with them. The agent is only entitled to his commission as a Finder and not as an agent entitled to the full commission.

The dangers of a third party agent is that if he pastes pictures of a property he really doesnt have the right to sell or market, he could be held liable for misrepresentation and would prefer to deal with you one on one before he introduces you to the real owners or agents.

Also the Nigerian factor of Armed robbers is a major factor because if i post a property for sale going for N50MILLION and i state the address and area, the present occupants would be scared. I know this argument sounds weak but we live in a deeply spiritual and emotional society that takes issues like this seriously and you hear people complaining that they shouldnt take pictures of their houses because they dont know who is who and prefer you to come and deal with them directly.

2. A major issue is the issue of fraud: Pasting a picture of a property that doesnt belong to you directly could be the beginning and end of you. I have seen so many properties posted on websites and people claiming to be the direct agent but upon investigation, the agent doesnt know the direct agent, talkless of the owner and during negotiations he is dumbfounded and quiet because he doesnt know the issues surrounding the houses or lands except as a marketer.
Take for instance the Mowe/Ofada axis, most of the agents on nairaland dont have a direct affiliation with the real estate developers that own them but act as third party agents to the direct agent. What if the picture being posted is not an authorized one by the owner but the agent claims that it is for sale but he has no direct link to that property, who will you hold responsible? The agent or the owner?

While i 100% support the notion that pictures should be posted to help buyers especially those abroad seeking to own a land or property and these pictures will really assist them in making their choices, we have to also understand that we live in a very fraudulent society where agents cheat people at will and misrepresent facts hence the latin Maxim "CAVEAT EMPTOR. . . BUYERS BEWARE". The only solution i see is to see the advert, call the agent, ask someone you know to go and verify it for you physically to take pictures and explain the description, ask a lawyer to go and trace the owners and know the true title or documents before you even venture into any kind of property sale.

Even if you see the pictures, you will still have to involve professionals to investigate because pictures lie and land purchase cannot be compared with a car sale that takes less than a day compared to all the bureaucracies, investigations, searches, negotiations etc that accompany land or property purchases that could take months.

Truely i understand your pains and arguments and the nairaland moderators have discussed about this issue extensively before we came to this decision. We cannot force them but you can also play your own part by reminding them and rebuking them to honour that path of posting pictures to enhance their sales or you ignore them completely. Its your choice or right.

As an added bonus, after reading your complains, very soon i would be visiting some of these sights at your requests to verify it myself and take pictures to give you my own analysis so as to make this forum more balanced . Every problem has a solution and i hope my own solutin would be a small stepping stone to help educate agents to start listening to potential buying clients. 

Cheers!

@Ayo,

Please what do you mean by serviced plots? Please clarify for others to know what you are selling!

Cheers

Generally Agency Fees for tenancy agreements is 10% of the tenancy rates X how many years they collect from you e.g if the property is going for N100,000 per annum, the agency fee is 10% of N100,000 which amounts to N10,000 for one year and if the agent is collecting 2 years rent, that's N10,000 x 2 Years which is N20,000. So you calculate it by the years and 10%

For property sales, it is usually 5% of the total price paid for the property (Negotiable in some instances if you have a skilled lawyer in pointing out the reasons it should be less than 5%)

All agency fees are usually borne by the buyer or tenant and not the landlord or seller? Strange system in my opinion

@My fellow Property Forum Members and Users

I have been getting all sorts of mails regarding buying and selling lands especially in Lagos and the pros and cons or dos or donts including what to buy and what to avoid and whom to avoid. While these questions are the same ones in various forms, it will be better to address it one forum where others both agents, buyers, sellers, mortgagors, estate surveyors and those involved both in the buying and sale of property can come together to help each other so as to buy properties that we are all happy about and advise each other on the pitfalls.

If you have any question whatsoever regarding property for sale, lease, rent or mortgage or how to process documents i.e C/O, governor's consent etc, just drop them here and anyone who has a meaniful contribution or information to help others out will be highly appreciated.

For once let's help each other out and not hoard vital information which could be beneficial to our families and friends. So it will be advisable to check this thread every now and then to see whether something viable relating to property issues is being discussed that could affect you either positively or negatively and please dont forget to add your own questions and assist others when your knowledgable about something.

Even i dont know everything and i learn alot from you guys everyday, so lets give it a shot.

The only thing i will beg agents is that they shouldnt post property bulletins for sale or lease here because you can open a new thread to advertise on your own. Let's keep this civil and educate each other!

Cheers

zicco84:
Thanks Lawyer, you have saved us all a lot of hassles trying to get accurate information and explained in a very simplistic manner. I was at CAC Abuja recently trying to find out some of these Informations you just gave freely and it was frustrating, i ended up collecting the number of a lawyer i met there and we have been talking on phone. He keeps confusing me over the registration of a company and a sole proprietorship. Pls, you can you clarify that for us. What those it take to register a Sole Proprietorship?
Thanks for the time, money and effort you are putting into this! Your cup shall never run dry. Amen.

-Zicco

lol

I agree that some lawyers can be very confusing atimes and tend to mislead people by over inflating the prices and not giving a valid break down of the fees but then again,its the perogative of that lawyer to tell you his own fees. We are all different in our approaches, so bear with him

Anyway you asked the difference between a sole proprietorship and company registration. I will break it down as simply as i can

A sole proprietorship is a one man business and basically put, you handle the whole business your self and you get all the losses and all the profits. The advantage of it is that you control everything yourself and you can use your limited funds to achieve what you want, when you want.

The most commonly used way of starting a sole proprietorship business is by registering a business name and that business name usually ends with Ventures, & Sons, & Co, Enterprises etc. It is quite cheap to register and if possible, you can go to the CAC yourself to register it because its very very cheap but i wont state the price.

Most businesses that engage in business name registeration include hairdressers, caterers, artisans, dealers in import and export etc. In short it is a one man show.

The disadvantages of a business name or sole proprietorship far outweighs a company registration or a company limited by shares because:

1. You have that disadvantage of not competing with the big boys i.e, if there is a big business deal and you are quite knowledgeable in it and need to be involved, your business name registration wont help you because they will only deal with people who have their companies registered.

2. Sometimes in life, 2 heads are better than one, so having 2 or more partners can help the business grow both in terms of continuity and finance

3. Also sometimes, you need other people's money to invest in your business to make it larger and no one would invest in a business that isnt registered as a company.

4. Sometimes the banks can be very nasty when you want to open an account and demand explicitly for you to present your company certificate before you open an account.

5. Also securing loans with a business name could be very cumbersome because the banks or lender needs to know that your company is viable and in the event of it failing, there are other people to hold, but if it is a sole proprietorship, if there is a default, they will hold only that person liable but as a company, the bank cannot start pursuing the directors to seize their personal assets only the assets of the company and if your personal asset is worth 50 million Naira and the company's asset is worth N100,000 they cannot touch your N50Million except they go through the courts to start filing this motion or that law to pierce the corporate veil to hold you liable personally which is very very difficult for the banks to do in most cases.


6. People would want to buy shares in the business as the business makes money and thats the only way you can reap triple the money with you over pricing your shares and making more money. Can you imagine First Bank & Sons or Zenon Oil Ventures making that kind of money?

In short there are so many numerous advantages of a registered company over forming a business name and the ultimate example is when you register the business name for cheap today and tomorrow you are in a desperate need to have a company, you will still have to register that company again hereby wasting money when you ought to have done it earlier and with the rising cost of inflation, you can never tell how much it is going to increase when you are finally ready.

So in summary, if you want to start small and remain within that cubicle of success, a business name registration is good for you, but if you want to be the next Dangote, Folawiyo, doyin Abiola etc, a company registration is what you need to set you in the right parametre.

Its a choice! Cheers!

Congrats Segun Oni!

Now i can buy my popcorns, sit down, cross my feet and watch Ekiti state implode into extinction with this result because i trust AC to cause katakata in Ekiti to make life unbearable for all parties. Dont be suprised a state of emergency might occur in the nearest future to stop the future madness that will occur there!

Rubbish! Do you think i am going to get bullied by you guys just because you have one week to make jest and mockery of arsenal fans. . pssff!

I am a proud gunner and have been one since 1991 and not because today is one of those bad days  i would switch coats to support manutd or chelsea because i want to be part of the bandwagon of prostituting fans that jump ship whenever mockery or a defeat is in sight!

Yes so far Manutd has been the better side in the 2 legs and i am not going to profer any reasons for it because they have been far superior than us and capitalized on our mistakes but then again, i a remember when Man utd fans were swearing for ferguson when you were trumped 4-1 at hom by liverpool 4 weeks ago or when you lost 2-1 to the emirates. Shit happens.  Everyboy loves to blame and criticize. Its a game. You move on count your losses and restrategized.

You might have won this duel but you havent dampened everybody's spirit and i look forward to the best team winning the champs league so the cycle can start all over again next season.

I am a proud gunners for life, win or lose but men, the first goal distabilized them any way next season we will win it

Nonsense!

I will neither vote for Fashola nor Saraki because they are non performers but i will definately vote for Fayose as President and Ibrahim Mantu as his Vice. He is the best Presdent Nigeria would ever have because he is just too much. Imagine Obama winning an argument over our future President. Impossible!!!

But on a more serious note, Fashola would wholesomely get my support. The man doesnt have time to think of political calculations like Tinubu. He is more interested in Getting the job done in a very civil and mordern way which i think Nigeria deserves now.

Posted by: charlisco
Insert Quote
i was wondering about that too,
i think the best advise shud be from those that are married

Very Funny

As if married pastors and pastresses dont have relationship problems too? So tell me what i have to learn from a pastor okotie with regards to marriage? That i can divorce my wife and marry a new one with all the fan fare and glamour?

Priests are in a better position to offer good relationship counsel because they are not involved in any kind of relationship blues which wouldconflict their stance when profering advice. Hypocrisy wont be their watch word because they are acting as neutrals and while they cannot fully grasp what a relationship means intoto, they can at least provide for a neutral way of doing things instead of taking a stand supporting one gender alone!

You can also get me on 08077943514. Sorry for that. I guess it was network problems.

Cheers

Fuel scarcity has started again in Lagos Big Time. Just under One week after they called off the last Fuel Strike that paralysed the whole nation for 4 days, these people are at it again. All the petrol stations are shut and those that are selling are selling at double the rate.

I dont even know what the reason is again this time but it's going to be more horrific than the last one just last week?

Which kin country be this?

Latest Rules and Requirements to get Your Governor's Consent yourself. They are extremely Strict on it so be alert and follow every requirement and complete payment unless Big Query. I just came back from the land registry and it was quite tedious to get all these information but it's worth sharing because the number of people that i saw that their jobs were queried and money lost due to bad or mishandling of the process is quite shocking and pitiful because money is hard to come by, so be very careful when you want to do yours and make sure you get everything complete before you venture into it. These people in Alausa take their money upfront for everything after the calculation so be very very meticulous and aware with the costs and requirements:

So get your Pens, Paper and Calculator and Start Calculating Diligently:

They include the following:


1. Get 4 copies of the deed of Assignment

2. 4 copies of the survey plan.

(The survey plan must be attached to each of the deed of Assignment)

The deed of Assignment must be duly signed by each party i.e the assignor and assignee and the deed of assignment must state the history how the property devolved or has been transfered from the original owners to you the new owner

3. Purchase and Sign Form 1c = N10,000*

4. Obtain Certified True Copy of the Certificate of Occupancy From he land registry in Alausa =N15,000*

5. Picture of the Property

6. Application letter written by your lawyer stating that you want to perfect the title

7. Administrative Charges=N3,000

8. Charting and Endorsing=N10,500

9. Tax Clearance of the Assignor ie the person who sold it to you must have his tax clearance to show

10. Tax Clearance of the Assignee ie, You the owner of the property or land must have your tax clearance to show

11. Development Levy Reciepts

(If you dont have your tax clearance, it costs N60,000 as a tax clearance to Alausa land registry which only covers the tax for the purchasing that land and cannot be used else where as a valid tax clearance, so if the Person or assignor who sold it to you doesnt have his own tax clearance, you have to pay N120,000 to cover both of you)

12. Evidence of payment of  Ground rent/Land use charge? (Unknown Yet)

13. If your land is in or within the Lekki Pennisular, there must be an Original Letter of Confirmation of Payment of Capital Contribution from NTDA in respect of the Lekki Pennisular scheme

14. Copy of Building plan

15. Payment of Assesment fees which includes:

a. Capital Gain Tax. . . . 2% of the Assesment

b. Stamp Duty. . . . . . . 2% of the Assesment

c. Registration Fees. . . .3% of the Assesment

d. Consent Fees. . . . . . 8%of the Assesment

(If your property or land you bought is direct state land Allocation and the right of occupancy has run for less than 10 years, instead of 8% consent fees, you pay 16%)

( If your property is a mortgage or loan, the consent fee is fixed at 2% of the loan ie, if the loan is N20,000,000 (Twenty Million Naira) you pay 2% of the loan which comes to N20,000 as the consent fees)

e. Neighbourhood Improvement Fees. . .N100,000 Flat.


Generally i have been asked how the Assesment fees are being calculated and how to determine it your self. It is simple and it goes like this;


1. Every plot of land is being calculated at 700 square metres in Alausa and if your property is less than that, it is still being calculated at the minimum 700 square meters. Now every area in Lagos state has being divided into zones and the type of fees/rates that should be paid per area. Some areas have low rates while some areas have very high rates, depending on the level of development of the place.

For example, i will mention just 12 areas to make you understand it:


a. Ajao Estate; N3,000 per square meters

b. Badore/ langbasa/Ado and its environs: N1,500 PER Square metres

c.Gbagada Phase 1: N6,000 PER Square metres

d. Ibeju Lekki beyond Abijo Gra: N500 PER Square metres

e. Ikorodu Central/ Lagso Road: N750 per square metres

f. Ikotun/ Egbe/ Ijegun/ Isheri Oshun/ Igando/ Iba/ Igbo Elerin: N1,000  per Square metres

g. Ogba Residential: N10,000

h. Oko Oba 1,2,3,4: N1,500

I.Surulere: N6,000

J. Ajiran/Igbo-Efon/ Ikota: N2,500

k. Oniru/ Dideolu Court: N10,000

L. Park View/ OSBORNE1: N40,000   


Now lets take the first one Ajao estate as our mathmatical guide to get the assesment of Ajao Estate:


700 square metres (The size of one regualar plot) X N3000 = N2100000

so N2,100,000 is the General Assesment fee but that doesnt mean its this amount your paying.

Now you divide 8% of N2,100,000 = N168,000 to get the consent fee Assesment for Ajao Estate

Now you divide 3% of N2,100,000 = N63,000 to get the Registration fee Assessment for Ajao Estate

Now you divide 2% of N2,100,000 = N42,000 to get the Capital Gain Tax Assesment fee for Ajao Estate

Now you divide 2% of N2,100,000 = N42,000 to get the Stamp Duty Tax Assesment fee for Ajao Estate

Which equals = N315,000 for the Assesment fee of Ajao Estate alone.

When you calculate all the other fees listed above including the minor ones like development levy etc that i dont know the price, it is easier for you to know how much you are to pay for the governor's consent of your area.


Generally the larger your plot or square meters of your land, the more you pay. The above illustration is just for 700 Square meters, so all of you that have over 1000 square metres or 2 plots or 3 plots or 50 plots, just calculate the sqaure metres on the survey plan X the applicable rate.

Finally Solicitors fees: This is subjective and open for negotiation per lawyer but putting into consideration the whole wahala of running around to get those reciepts and bureaucracy abeg please be lenient with my fellow legal brothers!!!

To get the consent minus the bureaucracy takes at least 4 months and add money to tip the Alausa workers unless your file will just sitdown on one table till Yaradua is ready to recontest in 2011.


Last but not the least be advised that these fees and Assesments example are subject to change and ratification at the land registry at anytime and they could just unilaterally review it and their own calculation could be slightly higher.

Dont forget Alausa Brown Envelope o! Dont ask me the cost because i dont know how much settlement costs per table but its left to your own descretion!


For more Info mail me or call 08077943514.( I dont know the assesment fees of the whole of lagos o! so if you ask me, its what i know from Alausa i will tell you. I m not a magician or working in Alausa o! This is just free consultation)

I am tired, i am going to eat my Eba. . . lol 

Next Time The new Lagos Fees and requirements to get your C/O!

Of course they are loads of lands there free from government acquisition. All you need to do is to get your prefered location and budget and i'll hook you up with some reputable agents that ploy that axis for you to be in touch with or better still send me a private mail and we take it up from there but its commendable that you did your searches in advance to save you the future wahala that could crop up. . .Kudos

Cheers