Wike Unveils Bold Move: C-of-O Charges Skyrocket to N5 Million! Are You Prepared?
In a surprising move, the Minister of the Federal Capital Territory (FCT), Nyesom Wike, dropped a bombshell on Tuesday, announcing a hefty price tag of N5 million for a Certificate of Occupancy (C-of-O). Hold on to your hats, folks; this change is happening right now!
The Big Announcement
Wike spilled the beans at a meeting with the Abuja estate developers, laying out the plan to revamp how land allocation and titling work in the FCT. According to him, this strategic decision is geared towards injecting a dose of transparency and efficiency into the system.
Fasten Your Seatbelts – Immediate Changes
Effective immediately, the new fee structure is set to rock the boat of land transactions in the FCT. No gradual phase-ins here; it’s happening now.
Behind the Curtain: Transparency and Efficiency
The Minister emphasized that this bold move aims to strip away any murkiness in the land allocation process. By setting a clear and standard fee, Wike is pushing for a system that runs smoother than a well-oiled machine.
Show Me the Money: Revenue for the FCT
But wait, there’s more to this than just a hefty price tag. Wike envisions this new fee becoming a cash cow for the FCT Administration. How? By funneling this money into improving the city’s infrastructure and services. It’s like paying a premium for a VIP pass to a better, more developed FCT.
Ripple Effect on Abuja’s Real Estate
Now, let’s talk impact. Abuja real estate will experience real changes in prices for those undergoing full property and off plans. With the C-of-O fee skyrocketing to N5 million, the hurdle for individuals and businesses eyeing a piece of Abuja land just got a whole lot higher.
Minister’s Defense
Anticipating the raised eyebrows, Minister Wike defended the move, stressing its necessity for ensuring a transparent and efficient land allocation process. He reiterated that the revenue generated will be the lifeblood for breathing new life into the city’s infrastructure and services.
The Big Picture
In the grand scheme of things, pegging the C-of-O charge at a hefty N5 million is a seismic shift in the FCT landscape. This has further
Did You Know? reinstated that the best time to be an investor in this sector was not yesterday or tomorrow but a decision to take now and be a partaker of our prices which will not be affected any time soon!
In conclusion, the real estate game just got a high-stakes upgrade, and only time will tell how this bold move will shape the future of the Federal Capital Territory.
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