₦airaland Forum

ebukal67x:
Wike is doing the right thing. All those who have been allocated land in the FCT should go and settle in their respective states.

lilsmart:
Personal this is very frustrating to me the widespread cancellation of land titles by the FCT Minister has created massive uncertainty and fear in the Abuja real estate market. When highprofile individuals, including former presidents wives and ministers, are affected, it signals to every buyer and bank that no title is completely safe. This has directly caused the value of properties, personally I am being affected by this. And I am not a politician/ government worker.

My experience is a perfect example of the policy's real world impact. The fact that banks are now refusing land documents as collateral has frozen the market. Bank no dey give money again for Abuja even if you get house worth 1 billion naira. I was offer of 26 million on a property where I've invested 29 million is a significant loss, directly caused by this crisis. Until the government provides clear resolutions and restores confidence in the system, this damaging uncertainty for landowners like me and you is likely to continue.

WorldRichest:
.
Tell us another story Mr Man

lilsmart:
Personal this is very frustrating to me the widespread cancellation of land titles by the FCT Minister has created massive uncertainty and fear in the Abuja real estate market. When highprofile individuals, including former presidents wives and ministers, are affected, it signals to every buyer and bank that no title is completely safe. This has directly caused the value of properties, personally I am being affected by this. And I am not a politician/ government worker.

My experience is a perfect example of the policy's real world impact. The fact that banks are now refusing land documents as collateral has frozen the market. Bank no dey give money again for Abuja even if you get house worth 1 billion naira. I was offer of 26 million on a property where I've invested 29 million is a significant loss, directly caused by this crisis. Until the government provides clear resolutions and restores confidence in the system, this damaging uncertainty for landowners like me and you is likely to continue.

BondRiv:
You don't know what you are talking about. You want a certain class of people to be above the law? Nothing boosts the confidence of investors like equality under the law. You want the usual reign of corruption. Comply with the law and you have nothing to fear. Perfect your title.

lilsmart:
My brother, sorry to talk, but it look like you no even get the point at all. Nobody dey talk about making anybody above the law. We dey talk about the collateral damage wey this action cause.

Where you dey see "equality for law," we dey see economy for trouble. The anger wey dey your own comment, I no even know where e come from. This matter no be about "comply or no comply." E be about how government policy fit wound an entire market and scatter people wey just dey try to do their business.

You talk say "perfect your title," but the main problem na say BANKS DON DEY REFUSE LAND DOCUMENTS ALTOGETHER. Na so e serious! I go say the title even need upgrade

Abi you think say businesses na magic wey dem dey run? You think say people just get millions for pocket to do business? NO! Most business dey run on loan. And how you go get loan? Na to use your asset, like your land or your house, as collateral for bank. Na so the money dey enter the economy, business dey run, turnover dey happen, and loan dey pay back.

Now, if bank no dey collect land again, how business go survive? How person go expand? Where the money go come from? This policy just dey cut the oxygen wey the economy dey breathe. E dey take money comot from people pocket directly.

BondRiv:
The fear from the banks and this current reaction is due to people not having valid land titles. If people start perfecting their titles that will change. It also smacks of incompetence of the banks not to conduct due diligence. All banks ought to have having functioning legal units. Our banking system is a problem on its own.

lilsmart:
So businesses that Drive the economy should be on hold till the perfect their documentation

BondRiv:
A broken system must be fixed. Delusion is not reality.

lilsmart:
Personal this is very frustrating to me the widespread cancellation of land titles by the FCT Minister has created massive uncertainty and fear in the Abuja real estate market. When highprofile individuals, including former presidents wives and ministers, are affected, it signals to every buyer and bank that no title is completely safe. This has directly caused the value of properties, personally I am being affected by this. And I am not a politician/ government worker.

My experience is a perfect example of the policy's real world impact. The fact that banks are now refusing land documents as collateral has frozen the market. Bank no dey give money again for Abuja even if you get house worth 1 billion naira. I was offer of 26 million on a property where I've invested 29 million is a significant loss, directly caused by this crisis. Until the government provides clear resolutions and restores confidence in the system, this damaging uncertainty for landowners like me and you is likely to continue.

I get where you are coming from but cancelling land titles of politicians and power mongers who have created no jobs and done nothing to deserve their irrational wealth can never be a bad thing.

Unfortunately, it is another politician (who has done the same) that is going to steal it and benefit sha

lilsmart:
Personal this is very frustrating to me the widespread cancellation of land titles by the FCT Minister has created massive uncertainty and fear in the Abuja real estate market. When highprofile individuals, including former presidents wives and ministers, are affected, it signals to every buyer and bank that no title is completely safe. This has directly caused the value of properties, personally I am being affected by this. And I am not a politician/ government worker.

My experience is a perfect example of the policy's real world impact. The fact that banks are now refusing land documents as collateral has frozen the market. Bank no dey give money again for Abuja even if you get house worth 1 billion naira. I was offer of 26 million on a property where I've invested 29 million is a significant loss, directly caused by this crisis. Until the government provides clear resolutions and restores confidence in the system, this damaging uncertainty for landowners like me and you is likely to continue.