Ogun deepens property market, distributes 5,000 C-of-O
Financial and property experts who converged in Abeokuta last week for the distribution of 5,000 Certificates of Occupancy (C of O) and other land title documents to 5,000 and property owners across the 20 Local Government Areas of the Ogun state, have declared that the easy and quick processing of land titles would further deepen the property market in the state.
The experts submitted that the distribution of C of O done by the Ogun State Homeowners’ Charter, would attract more real estate investors, going by the quick and easy access to land, property and land title documents as demonstrated by the state government.
Ranti Oshoko, the state’s Chairman, Nigerian Institution of Town Planners, said the programme marked a unique significance in creating access to land, property and land title documents which would provide a unique platform that boost land and property market in the state since access to land titles has been simplified by government.
Oshoko noted that though the policy which ensured the distribution of C of O to 5,000 home and property owners was strange in the country and people did not believe at first, the materialization of the State Homeowners’ Scheme as demonstrated by government would definitely bring investors and, in the long run, boost the state’s economy.
Adeniran Oladele, Business Manager, Public Manager, First Bank of Nigeria Plc disclosed that the distribution of C of O to 5,000 home and property owners would change the rhythm of home and property business in the state, saying that the project would go a long way in bridging housing deficit.
He however, said that the First Bank of Nigeria was doing a lot financially to ensure that residents benefit from the scheme. “The scheme is organised by the state government and our involvement is in bridging the gap between home owners and the state”, he said.
He continued: “Payment starts from N90,000, but there are people who cannot afford the money en bloc because of their earnings. So, what we are doing is to loan them and ask them to bring their salaries to us and give them credit facilities in order to benefit from the scheme.
“Some that are not civil servants that want to participate, we ask them about their cash flow and we have been attending to them. We give then soft loan to finance the scheme and we spread repayment over a period of time. And the state government is doing it in such a way that no administration will come tomorrow and revoke it. It is real”, he assured.
Also, Isiah Olatokunbo, state chairman, Community Development Council, commended the state government for proving doubting Thomases wrong with the presentation of C of O, adding that simplifying access to land in the state would deepen property business in the state .
Governor Ibikunle Amosun stated that the present administration had made positive impact in order to better the lot of the people through the regularization of title document and building plan approvals.
The governor added that without proper documentation of land titles, it would be impossible for government to make proper plans for the development of the state, adding that property owners that had no title document could apply to financial institutions for loans to boost their businesses.
Adewale Oshinowo, Special Adviser and Director General, Bureau of Lands and Survey, stated that the Homeowners’ Charter programme was borne out of governor’s love for the people of the state, pointing out that the programme was intended to assist numerous property owners in who had lost hope of titling their properties.
He said that government was well positioned with investment in technology to issue up to1,000 C of O per day in addition to the issuance of 500 C of O per week until all genuine applications have been processed.
RAZAQ AYINLA