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The Role of Certificate of Occupancy in Property Valuation Method in Nigeria by Dennis Isong

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The Role of Certificate of Occupancy in Property Valuation Method in Nigeria by Dennis Isong

In Nigeria’s real estate landscape, property valuation serves as a crucial process that determines the worth of a property for various purposes, including buying, selling, and securing loans. One significant document that plays a pivotal role in this process is the Certificate of Occupancy (C of O). This legal document, issued by the state government, confirms an individual’s right to use and occupy land for a specified period.
Understanding the interplay between the C of O and property valuation is essential for investors, developers, and homeowners alike, as it can significantly influence market perceptions and property prices.
Understanding the Certificate of Occupancy
The Certificate of Occupancy is a legal document that signifies ownership and the right to occupy land. In Nigeria, land ownership is primarily governed by statutory laws, customary laws, and the Land Use Act of 1978, which mandates that all land in urban areas is owned by the government. Thus, the issuance of a C of O is necessary to establish a legal claim over any parcel of land.
Obtaining a C of O is a comprehensive process that involves several steps, including land survey, payment of necessary fees, and completion of relevant documentation. Once issued, the C of O provides security to the landowner by guaranteeing their rights against unlawful eviction or encroachment. This security is a significant factor in property valuation. Properties with a valid C of O are generally seen as more valuable and less risky compared to those without, as the certificate signifies legal recognition and ownership rights.
C of O and Market Perception
The presence of a C of O can significantly influence market perception and the demand for a property. Properties with a valid Certificate of Occupancy are typically viewed as more desirable by potential buyers and investors. This perception stems from the legal security that a C of O provides. Buyers are more likely to invest in properties with a C of O because they have assurance that their rights are protected, and the likelihood of disputes regarding ownership is minimized.
Moreover, lenders and financial institutions often require a C of O before approving loans for property purchases or developments. A valid C of O enhances the credibility of the property, making it easier for buyers to secure financing. This accessibility to finance, in turn, can lead to increased property demand, thereby driving up its valuation. Conversely, properties lacking a C of O may be perceived as risky investments, resulting in lower valuations and reduced buyer interest. Thus, the C of O serves as a critical indicator of a property’s reliability and marketability.
C of O in the Property Valuation Process
In the property valuation process, a valuer considers various factors to determine the value of a property. These factors typically include location, size, condition, and comparable sales in the area. However, the existence of a C of O is often a prominent consideration. During the valuation process, valuers will assess the C of O to ascertain the legal standing of the property. A valid C of O not only confirms ownership but also indicates compliance with local land use regulations, zoning laws, and building codes.
Valuers may also take into account the duration of the C of O. In Nigeria, a C of O is usually granted for 99 years, and this long tenure can positively influence a property’s valuation. The security provided by a long-term C of O assures potential buyers of their rights over the property for an extended period, making it a more attractive investment. Conversely, properties without a C of O, or those with expired or disputed certificates, may be valued lower due to the inherent risks associated with such properties.
Furthermore, a C of O can impact future development potential, which is a crucial aspect of property valuation. Properties with a valid C of O are more likely to receive the necessary approvals for development or alteration, while those without may face legal hurdles. This potential for development can enhance the property’s value, as it indicates future income generation possibilities. Consequently, valuers consider the C of O as a critical factor that influences the overall worth of the property in the market.
Challenges and Implications of C of O in Property Valuation
Despite its importance, the C of O is not without challenges. The process of obtaining a C of O can be lengthy and complex, leading to delays in property transactions. In some cases, disputes over land ownership can arise, particularly in areas where customary land tenure systems are prevalent. These disputes can complicate the valuation process, as properties with contentious C of Os may be difficult to sell and consequently valued lower.
Additionally, the presence of a C of O does not automatically guarantee a problem-free investment. Factors such as environmental issues, development restrictions, or changes in land use policies can affect property value. Valuers must therefore conduct thorough due diligence, considering not only the existence of a C of O but also any associated risks or liabilities.
In conclusion, the Certificate of Occupancy plays a crucial role in property valuation methods in Nigeria. As a legal document that signifies ownership and security, it significantly influences market perception and property demand. Valuers must consider the C of O when assessing a property’s value, as it reflects the legal standing and development potential of the land. However, challenges associated with the C of O, such as ownership disputes and regulatory complexities, must also be navigated to ensure accurate valuations. For stakeholders in the Nigerian real estate market, understanding the importance of the C of O is vital for making informed investment decisions and maximizing property value.
Dennis Isong is a TOP REALTOR IN LAGOS.He Helps Nigerians in Diaspora to Own Property In Lagos Nigeria STRESS-FREE. For Questions WhatsApp/Call 2348164741041

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NCS, JBPT Intercept Six Pump-Action Rifles and 1,125 Live Cartridges in Oyo State By Ifeoma Ikem

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NCS, JBPT Intercept Six Pump-Action Rifles and 1,125 Live Cartridges in Oyo State

By Ifeoma Ikem

 

The Joint Border Patrol Team (JBPT), Sector 2, South West Zone of the Nigeria Customs Service (NCS), has intercepted six pump-action rifles and 1,125 live cartridges in Oyo State.

Addressing journalists, the Coordinator of JBPT Sector 2, Mohammed Shuaibu, stated that the unit also arrested 1,507 irregular immigrants between 2019 and 2024. He noted that the briefing marked the conclusion of the ad-hoc unit’s operations since its inception. During this period, the unit seized contraband goods valued at N36.7 billion.

Shuaibu disclosed that the live cartridges were concealed inside sacks containing cassava flakes.

“On December 3, 2024, a patrol team spotted a man fleeing from a stationary Toyota Camry along the Okerete-Odo bush path in Oyo State. The suspicious behavior led to an inspection of the abandoned vehicle. Upon searching the car, six pump-action rifles with the following serial numbers were discovered: 602-H22YT-641, 602-H22YT-397, 602-H22YT-623, 22-MT-0238, P537916, and T051084. Additionally, 1,125 live cartridges were found concealed in sacks containing cassava flakes,” Shuaibu said.

Seizures and Accomplishments

Other notable seizures made by JBPT Sector 2 between August 20, 2019, and December 2024 include:

  • 130,954 bags of foreign rice (50kg each): Equivalent to 218 truckloads.
  • 7,200 kilograms of pangolin scales.
  • 5,575,020 liters of Premium Motor Spirit (PMS).
  • 11,322 cartons of foreign frozen products.
  • 4,124 bales of used clothing.
  • 4,057 kegs of vegetable oil.
  • 15 pump-action rifles.
  • 280 suspected cases of human trafficking.
  • 480 vehicles.
  • 1,190 modes of conveyance used in smuggling activities.

Shuaibu emphasized that the sector’s efforts also bolstered the Federal Government’s revenue, with N1.140 billion remitted into the Federation Account through the auction of seized petroleum products.

Enhancing National Security

He highlighted that the unit’s activities disrupted the supply chains of illicit goods, thereby enhancing national security by addressing concerns linked to cross-border crimes. Shuaibu acknowledged that JBPT Sector 2 faced several operational challenges. However, he credited the successes to collaboration with critical stakeholders, innovative problem-solving approaches, and effective leadership.

Appreciation and Commendations

Shuaibu commended the dedication of JBPT Sector 2 officers, personnel from component security agencies, and patriotic citizens who contributed to combating cross-border crimes.

“I am privileged to lead a courageous and determined team committed to our nation’s safety and security. Your dedication, bravery, and perseverance have been instrumental to the successes recorded by the team. The tireless efforts towards securing our borders, suppressing smuggling, and intercepting illegal immigrants have not gone unnoticed,” he said.

He expressed gratitude to God, noting that no lives were lost during “Operation Swift Response.”

NCS, JBPT Intercept Six Pump-Action Rifles and 1,125 Live Cartridges in Oyo State
By Ifeoma Ikem

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Ewekoro Local Government Strengthens Ties with Community and Celebrates Unity at Recent Events

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Ewekoro Local Government Strengthens Ties with Community and Celebrates Unity at Recent Events

Ewekoro, Ogun State – December 7, 2024

 

In a series of significant events underscoring the commitment to community welfare and development, the Nigeria Security and Civil Defence Corps (NSCDC) Ewekoro Division, led by Division Officer Mrs. Oyebade Folukemi, paid a congratulatory visit to the newly elected Chairman of Ewekoro Local Government Council, Hon. Adesina Sikiru Adisa. This visit, which took place on December 2, 2024, marked a crucial step towards strengthening collaboration between the NSCDC and local government officials, aimed at enhancing the safety and security of the Ewekoro community.

Mrs. Oyebade expressed her congratulations to Hon. Adesina, emphasizing the NSCDC’s commitment to supporting local governance and ensuring a secure environment for residents. The visit served as a platform to discuss strategies for improving safety measures in the area, illustrating the proactive approach of the NSCDC in fostering a safe community for all.

In another notable event, market women from Ewekoro Local Government paid a visit to Hon. Adesina to express their gratitude for his administration’s efforts in empowering local traders. Under his leadership, significant projects have been implemented, including the construction of modern market facilities, such as the 183 lock-up shops at Arigbajo Market. These developments have greatly enhanced the socio-economic activities of market women, contributing positively to their livelihoods and the overall well-being of the community.

Led by Alhaja Ejire, the head of market women, the delegation thanked Hon. Adesina for his unwavering support and commitment to their cause. The discussions during the visit focused on exploring further collaboration to address the challenges faced by market women, reinforcing the administration’s dedication to people-oriented projects that uplift the community.

The strong presence of local leaders during this visit, including Vice-chairman Alhaja Abisola Nuratu Aliyu and other key administration officials, highlighted the unified effort to promote the welfare of Ewekoro’s residents. The Chairman’s administration has earned recognition for its initiatives that significantly impact the lives of market women and the broader community.

Additionally, the recent Obada Day 2024 celebration, held on December 1 at Owiwi Primary School in Obada Ward 10, showcased the unity and love within the communities of Obada Town. Hon. Sikiru Adesina joined dignitaries such as HRM Oba Olufemi Solaja, the Olu of Obada Town, and HRH Oba Kasimawo Ogundare, the Olu of Opelifa, to celebrate this significant event. The celebration emphasized the importance of love, unity, and progress in Ewekoro Local Government, Ogun State, and Nigeria as a whole.

In a related announcement, the Ewekoro Local Government has informed all revenue consultants that the 2025 Internally Generated Revenue (IGR) Sales of Form will commence on December 2 and close on December 13, 2024. Those interested in securing a position are encouraged to purchase the form during this period.

These recent engagements and celebrations reflect Hon. Adesina Sikiru Adisa’s commitment to fostering community spirit, enhancing local governance, and promoting economic growth in Ewekoro Local Government. As the administration continues to work hand-in-hand with various stakeholders, there is a renewed sense of optimism for the future development of the community.

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FG Issues Alert on New COVID-19 Variant XEC Found in 29 Countries

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FG Issues Alert on New COVID-19 Variant XEC Found in 29 Countries

FG Issues Alert on New COVID-19 Variant XEC Found in 29 Countries

 

The Federal Ministry of Health and Social Welfare has raised an alert on the new XEC COVID-19 variant, urging heightened surveillance across Nigeria’s healthcare facilities.

The XEC variant, first identified in Australia, has now been detected in 29 countries and is showing a growth advantage over existing strains. Health experts are concerned about its potential impact on public health.

The warning was conveyed in a letter dated December 5, addressed to the Committee of Chief Medical Directors and Medical Directors by the ministry’s Permanent Secretary, Dr. O.N. Anuma.

“I am directed to inform you of the newly detected XEC COVID-19 variant which has already spread to 29 countries globally. This variant has shown a growth advantage over other circulating strains, raising concerns about its potential impact on public health,” the letter read.

Call to Action

Dr. Anuma emphasized the need for immediate vigilance in hospitals nationwide.

“Alert systems should be activated immediately for a high index of suspicion in patients presenting with COVID-like symptoms,” he said.

The ministry also stressed the importance of collaboration among health institutions to monitor the variant and share critical data.

“We urge you to work with relevant stakeholders to implement enhanced monitoring protocols and ensure timely information sharing with the Federal Ministry of Health for effective response strategies.”

Global Spread and Implications

First identified in Germany in June, the XEC variant has since been reported in France, the United States, the UK, Denmark, and other countries. Over 600 cases have been recorded globally, with scientists noting that while the variant has mutations that may aid its spread, vaccines are expected to remain effective in preventing severe cases.

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