Land documentation

  Section 22 of the Land Use Act provides for the power of the Governor to give his consent in certain transactions and it states that: “It shall not be lawful for the holder of a statutory right of occupancy granted by the Governor to alienate his right of occupancy or any part thereof by assignment, mortgage, and transfer of possession, subleases or otherwise howsoever without the consent of the Governor first had and obtained”.   This power confers on the Governor the right to consent to any of the transactions stipulated in the Act provided that they are valid. However, if the initial consent has been obtained fraudulently, the Governor may revoke same immediately.   In essence, where a property owner has a valid right to occupy a property, making him/her the equitable interest holder of the property, when such owner decides to resell, mortgage, grant an interest in the property for long periods of time (3 years or more) or carry out other transactions ...

      One area of modern investments is investments done concerning real estates. An investor can purchase tracts of lands, whether several plots or acres or hectares of land at affordable price and wait for 2 or more years for capital appreciation. A plot of land purchased today with NGN 300,000.00 can escalate to NGN 500,000.00 within an average of 24 months. Similarly, where large expanse/tracts of lands are purchased, say at a very affordable rate, each part or plot can be sold thereafter at huge amount with guaranteed profits. Individuals, groups, entities, corporations, associations, churches, mosques, government, cooperative societies, NGOs can take advantage of real estate investments for their collective benefits.   For instance, cooperative societies can acquire real estate assets which thereafter can be sold at considerable amount to members of the cooperative, and this will engender further trusts and unity among members. Companies can with a cons...

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