NEWS UPDATE: EMPIRE TEAM PREVENTS THE SALE OF A SUSPENDED C-OF-O LAND AT IBASA VILLAGE, ORIGANRIGAN TOWN, IBEJU – LEKKI.
We conducted due diligence for a client who wanted to buy an Acre of land to build a Courtyard Block of Flats for Lease and Shortlet to working – class clients in the future. The land is located around the Ibasa Village, Origanrigan Town, Ibeju Lekki (about 10 mins from Eleko area), Ibeju Lekki, Lagos. She was excited about the heavy discount
Our surface search at the lands registry showed that the Certificate of Occupancy has been issued and was not forged. However, further investigations revealed that the C-of-O covering the area has been suspended for non-compliance with Land Use Charge provisions.
The Seller and Family tried to convince the purchaser to buy the land and promised to take some money to the Lands Registry for payment and restoration. We advised the buyer to keep her money and to not pay a dime/anything until the suspension has been lifted.
It is very possible that one can apply for the suspension to be lifted upon furnishing the requisite fees and documentations but our instincts told us that the government may have some special interest in the area and hefty sums of money may need to pass hand. What remains paramount is that our client’s funds were protected.
As at our last enquiry, the suspension has not been lifted till date. The Family keeps promising that they are making efforts.
We also discovered that some other individuals and Real Estate Companies had bought some Hectares of the land from the same Family, this same area that has been suspended.