The Federal Capital Territory (FCT) Minister, Nyesom Wike, has revealed that the FCT Administration has signed 26,272 Certificates of Occupancy (C-of-O) since President Bola Ahmed Tinubu assumed office.
According to a statement issued on Sunday by Lere Olayinka, Senior Special Assistant on Public Communications and Social Media, the figure represents a sharp increase compared to previous administrations.
Between 2010 and 2023, only 8,697 Certificates of Occupancy were signed 5,500 under former President Goodluck Jonathan and 3,197 under former President Muhammadu Buhari.
Olayinka explained that many beneficiaries had waited over a decade for their land allocations to be formalized.
He emphasized that the issuance of Certificates of Occupancy is crucial for businesses, as the documents can serve as collateral for loans, mortgages, and expansion projects.
He noted that delays in the past had restricted access to funding for property owners and small businesses.
To address this, the FCT Administration has streamlined the process, enabling land allottees to receive their Certificates within two weeks of completing payments.
Automated notifications have also been introduced to alert beneficiaries when their documents are ready.
The statement further disclosed that the FCT Administration granted 2,521 Consents to Assign and 177 Consents to Mortgage during Tinubu’s first three years in office.
This compares with 753 Consents to Assign and 180 Consents to Mortgage under Jonathan, and 684 Consents to Assign and 164 Consents to Mortgage under Buhari.
A Consent to Assign is required for transferring property rights, while a Consent to Mortgage is needed before a property can be used as collateral for loans.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com