Land in Abuja is a great asset. The FCT occupies about 8000 square kilometres, while the Abuja city covers about 250 square kilometres of this. From the city centre to the satellite towns and other parts of FCT; even in neighbouring towns like Suleja, New karu Mararaba, Masaka etc Land is an asset worth owning.
Land in Abuja has been appreciating greatly in value since the 90’s to date. Some plots of Land in Abuja have appreciated about 3 to 5 times their initial value in the past 5 years. Real estate in Abuja is therefore a boomimg business and one that hold much opportunitues. This trend most likely will continue in the years to come as the forces of demand and supply continues to push the prices of land and properties in Abuja high.
The demand for land in the FCT continues to increase as more people and business move to Abuja. Since officially becoming the capital of Nigeria in 1991, most ministries have moved from Lagos to Abuja. Even several private firms are striving to have a presence in Abuja given the central role the federal government plays in the economy.
Investing in Land in Abuja is therefore worthwhile venture. The Abuja Geographical Information System, AGIS an agency of the Federal Capital Territory Administration (FCTA) is in charge of Land administration in Abuja. AGIS is charged with the establishment of a computerized Geospatial data infrastructure and a one-stop shop for all land matters for the FCT.
– Things you need to know*
The Land Use Act (LUA) Cap.202 (Laws of the Federation of Nigeria), 1990, governs all land in Nigera (including the FCT). The law vests all land comprised in the territory of each State (except land vested in the Federal Government or its agencies) solely in the Governor of the State, who holds the land in trust for the use and common benefit of all Nigerians.
The FCT Act vests all the 8000sq. km. of the FCT landmass in the Federal Government. That means the powers to administer land in the FCT are powers of the President (who may delegate his powers to the F.C.T. Minister)
This is the right granted to an individual or corporate organization over a plot or parcel of land in an approved government layout. The right is for a period. Normally, a maximum of 99 years lease is granted for residential purpose, while other uses range from 35 to 70 years depending on the value of improvements.
The right granted is the right to use the land for a period of time stipulated in the offer. Upon expiration of the lease period, the land and the improvement on it revert to Government. It is expected that a holder of a right of occupancy might have enjoyed whatever investment he might have made on the plot of land at the expiration of the lease period (i.e. 35, 40, 50, 60, 70 or 99 years as the case may be.) There is however a provision for a re-grant. A holder may upon expiration of the initial grant/ lease term apply for a re-grant, of the Right of Occupancy and the Government has discretion in considering such applications.
A Certificate of Occupancy is an instrument prepared at the Land Registry, signed by the Minister (the Governor, in the case of any state of the Federation), registered in the Land Registry and given to the holder of a Right of Occupancy in evidence of a grant. The Land Use Act made provision for the issuance of a C of O over every grant.
It is the grant to an individual or corporate organization over a plot or parcel of land in an approved government layout. The right is normally granted by the Minister of in the case of the FCT, (the Governor, in the case of any state of the Federation). This right is different from a Customary Right of Occupancy, which is usually granted by Local Government Council.
Ground rent is a charge paid to Government for the use of the land. It is payable annually based on an approved rate. It is subject to periodic revision within the term of the lease.
It is a tax charge on a rented property and payable to a local council for services rendered by that council. It has to be a developed property and in full occupation by either a tenant or the owner of the property. In other words the charges are not normally imposed on unoccupied property.
It is an amount of rent paid at the commencement of tenancy on Land before the issuance of a C of O. It is paid only.
It is a charge paid to government over a plot of land for a particular purpose. In the FCT it is paid before the issuance of a C of O along with other bills known as initial bill. The FCT imposed the Development Levy in the year 2000 and the money is intended to be used for the provision of infrastructures, particularly in areas of the City that are yet to have such facilities.
It is the process of certification and capturing genuine land data, which necessitated changing the hard copy of the C of O. It is an exercise embarked upon by the FCT Administration in order to issue new and more secured Certificates of Occupancy evidencing each and every grant within the FCT. A title document or statutory Right of Occupancy can be revoked for overriding Public interest. It can be revoked on the account of contravention of any or all of the terms of the right of occupancy. A right of occupancy could also be liable for revocation for failure or neglect on the part of the Allottee to pay and obtain the new certificate of occupancy.
*culled from Abuja Geographic Information systems site
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