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Ten Benefits of Joint Property Ownership in Nigeria by Dennis Isong

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Owning property together with someone else can be a smart move in Nigeria. This is called joint property ownership.

Let’s look at ten good reasons why people choose to own property together in Nigeria.

  1. Sharing the Cost Buying property in Nigeria can be very expensive. When you own property jointly with someone else, you can split the cost.

This makes it easier for many people to become property owners.  

Imagine you want to buy a house that costs 20 million Naira. If you buy it alone, you need to pay the full 20 million. But if you buy it with a friend, you might only need to pay 10 million each. This makes it much easier to afford the house.  

Sharing the cost doesn’t just help when you’re buying the property. It also helps with other expenses like: – Repairs and maintenance – Property taxes – Insurance  

When you share these costs, owning property becomes less of a financial burden.  

2. Easier to Get Loans Banks and other lenders often prefer giving loans to joint property owners. This is because there’s less risk for the bank when there’s more than one person responsible for paying back the loan.  

If you apply for a mortgage loan alone, the bank might worry about your ability to pay it back. But if you apply with a co-owner, the bank sees that there are two incomes to rely on for repayment. This can make it easier to get approved for a loan and might even help you get better loan terms.  

3. Sharing Responsibilities Owning property comes with many responsibilities. When you own property jointly, you can share these tasks with your co-owner. This can make property ownership less stressful and time-consuming.  

For example, if the property needs repairs, one owner might handle finding a good contractor while the other deals with the paperwork.

If it’s a rental property, one owner could handle finding tenants while the other manages the finances.  

Sharing responsibilities can lead to better property management because each owner can focus on what they’re best at.  

4. Potential for Higher Returns When you pool resources with a co-owner, you might be able to invest in better properties.

These properties often have the potential for higher returns, either through rental income or when you sell the property later.  

For instance, you and your co-owner might be able to afford a property in a prime location that you couldn’t buy alone. Properties in good locations often increase in value faster than those in less desirable areas.

  5. Risk Sharing Property ownership always comes with some risks. These might include: – The property losing value – Unexpected repair costs – Legal issues   When you own property jointly, you share these risks with your co-owner. This can make the risks feel less overwhelming. If something goes wrong, you’re not facing the problem alone.  

When you own property jointly, you can share these tasks with your co-owner. This can make property ownership less stressful and time-consuming.  

6. Tax Benefits In Nigeria, there can be tax advantages to joint property ownership.

For example, if the property generates income (like rent from tenants), the tax burden is split between the owners.

This might put each owner in a lower tax bracket than if they owned the property alone.  

It’s important to note that tax laws can be complicated and change over time.

It’s always a good idea to talk to a tax expert about your specific situation.

  7. Estate Planning Advantages

Joint property ownership can make things easier when it comes to inheritance. In many cases, when one owner dies, their share of the property automatically goes to the other owner(s). This is called the “right of survivorship.”  

This can simplify the process of passing on property to heirs. It can help avoid some of the complications and delays that often come with settling an estate.  

8. Flexibility in Ownership Structure There are different ways to structure joint property ownership in Nigeria. You can choose the structure that works best for your situation.

Some common options include:   – Joint Tenancy: All owners have equal rights to the property. – Tenancy in Common: Owners can have unequal shares of the property. – Partnership: Often used for business properties.  

This flexibility allows you to set up the ownership in a way that’s fair and makes sense for everyone involved.  

9. Learning Opportunities When you own property with someone else, you have the chance to learn from each other. Your co-owner might have skills or knowledge that you don’t have.  

For example, one owner might be good at negotiating with contractors, while the other is skilled at budgeting and financial planning.

By working together, both owners can learn new skills and become better property managers.  

10. Social and Emotional Benefits Owning property together can strengthen relationships. Whether you’re co-owning with a family member, friend, or business partner, working towards a common goal can bring people closer together.  

There’s also an emotional benefit to knowing that you’re not alone in this big financial decision. Having someone to share the ups and downs of property ownership with can make the experience more enjoyable.  

Things to Keep in Mind   While joint property ownership has many benefits, it’s important to be careful when choosing this option.

Here are a few things to consider:   – Choose your co-owner wisely. Make sure it’s someone you trust and can work well with. – Have a clear agreement.

Write down how you’ll share costs, responsibilities, and profits. – Plan for the future. Discuss what will happen if one owner wants to sell their share or can’t pay their part. – Get legal advice.

A lawyer can help you understand all the legal aspects of joint ownership.  

Joint property ownership in Nigeria can be a great way to get into the property market, share costs and responsibilities, and potentially earn better returns.

It offers financial benefits, practical advantages, and even social and emotional rewards.   However, it’s not a decision to be taken lightly.

It’s important to carefully consider your options, choose your co-owner wisely and set up a clear agreement.

With the right preparation and partner, joint property ownership can be a rewarding experience that helps you achieve your property ownership goals in Nigeria.  

Remember, every situation is unique.

What works well for one group of co-owners might not be the best choice for another.

Always consider your own circumstances and goals when deciding whether joint property ownership is right for you.

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JUST IN: Filling stations shut after Dangote Refinery’s petrol price drop

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Some filling stations and petroleum products marketers, partners of Dangote Refinery’s petrol, temporarily shut down for the past five days after the latest premium motor spirit price drop by the 650,000 barrels per day refinery.

Recall that for the past five days, MRS filling stations in Abuja, along Kubwa Expressway, and others have not dispensed fuel since Dangote Refinery announced its ex-depot fuel price reduction to N835 per litre on Tuesday, 16 April, 2025.

An official of MRS filling station, who preferred anonymity because he is not authorised to speak said the filling station is grappling with the loss incurred after Dangote’s latest price adjustment.

“It is because of Dangote’s latest price drop. The filling station had old stock, which it couldn’t sell at a loss.

“This is the reason we have shut down since Tuesday. We may reopen on Tuesday,” he said.

Meanwhile, another official at the filling station said the retail outlet is billed to reopen on Tuesday, noting that it has been undergoing minor maintenance.

“We have been on maintenance for the past few days, which is the reason the station was shut. We will reopen on Tuesday,” he said.

According to him, the filling station would commence dispensing at the new price of N910 per litre from Tuesday.

Other partners of Dangote Refinery, such as AP, Ardova, and Optima, are dispensing fuel between N910 and 920 per litre in parts of Abuja as of Monday, 21st April 2025.

Reacting to the development, the National President of Petroleum Retailers Outlets Owners Association of Nigeria, Billy Gillis-Harry, said the latest fuel price drop affected the purchasing power of petrol retailers and marketers.

According to him, indiscriminate price adjustment, whether downward or upward, is not good for the petroleum downstream sector and the Nigerian economy.

At every point, if prices of petrol are indiscriminately changed without any clearly defined economic reason, the chances that it will impact on the buying power of retailers and marketers are there.

“It is not good for business, the economy, and Nigerians.

“Prices of petrol change for reasons that are understandable with proper information to retailers,” he said.

Recall that Gillis-Harry had earlier called for a six-month fuel price stability plan to halt fluctuations.

Earlier, the spokesperson for the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, had hinted that marketers having old stocks of fuel will incur billions of losses following Dangote’s latest fuel price drop.

Last week became the second time the $20 billion refinery reduced its fuel price nationwide. This indicates a combined downward ex-depot price drop of N45 per litre.

Dangote Refinery had, on 10 April, reduced its gantry price of petrol to N865 per litre.

However, the ex-depot fuel price had further dropped to N835 per litre.

This comes after the federal government’s renewed commitment to the indefinite continuation of the naira-for-crude deal with other local refiners and the drop in global crude prices to around $66 per barrel.

The Nigerian National Petroleum Company Limited recently reduced its retail price to N935 per litre for customers in Abuja in response to Dangote Refinery’s latest price cut.

This means that Nigerians currently buy petrol at between N890 and N950 per litre, depending on the location nationwide.

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NNPC’s Olufemi Soneye Emerges NIPR Spokesperson for 2025

Responding, Soneye attributed his recognition by the NIPR with its most exalted spokesperson’s award to the dedication of the entire team at the NNPC.

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Soneye (middle) receive NIPR’s prestigious award .

The Chief Corporate Communications Officer, Nigerian National Petroleum Company Limited (NNPC), Mr. Olufemi Soneye, has emerged the Nigerian Institute of Public Relations (NIPR) spokesperson of 2025.Announcing the award, the NIPR described Soneye as a “diligent” spokesperson, characterising him as “a strategist.” Soneye’s capacity to shape public opinion, also stood him out of the crowd of spokespersons, according to the Adjudication Committee, Chairman, Dr. Shaibu Hussein.

Represented by a member of the committee chairman, Lami Tuiaka, the chairman said the moment to the conclusion of the award was rigorous and demanding. He also predicated Soneye’s victory on his communication skills, crisis management and overall impact.

“Our committee comprising communication scholars, Public Relations practitioners, and media personalities worked tirelessly to review the nomination, assess performances and deliberate on the winner.

I must report that we carefully examined each nomination, considering factors such as communication skills, crisis management and overall impact,” he said.

Presenting him the plaque at the National Spokespersons Award 2025, chairman of the event Deputy Chairman, House Committee on Power, Hon. Joshua Audu, said the institute would celebrate Soneye throughout 2025 as the current NIPR spokesperson award winner.

He said: ” On behalf of the NIPR Award Night 2025, I have the honour and privilege to present the Spokesperson of the year 2025. Please join me to celebrate our latest spokesperson that we will celebrate throughout 2025 in the person of Olufemi Soneye.”

Responding, Soneye attributed his recognition by the NIPR with its most exalted spokesperson’s award to the dedication of the entire team at the NNPC.

Amid a standing ovation, he said: “We are all happy and I am deeply honoured to receive this award tonight from NIPR. This award reflects the dedication of our entire team and we want to thank NIPR for all they have been doing.”

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Mission to boldly grow food in space labs blasts off

ESA is funding the research to explore new ways of reducing the cost of feeding an astronaut, which can cost up to £20,000 per day.

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Artwork: The experiment will orbit the Earth for three hours before returning to Earth and splashing down off the coast of Portugal.

(BBC): Steak, mashed potatoes and deserts for astronauts could soon be grown from individual cells in space if an experiment launched into orbit today is successful.

A European Space Agency (ESA) project is assessing the viability of growing so-called lab-grown food in the low gravity and higher radiation in orbit and on other worlds.

ESA is funding the research to explore new ways of reducing the cost of feeding an astronaut, which can cost up to £20,000 per day.

The team involved say the experiment is a first step to developing a small pilot food production plant on the International Space Station in two years’ time.

Lab-grown food will be essential if Nasa’s objective of making humanity a multi-planetary species were to be realised, claims Dr Aqeel Shamsul, CEO and founder of Bedford-based Frontier Space, which is developing the concept with researchers at Imperial College, London.

“Our dream is to have factories in orbit and on the Moon,” he told BBC News.

“We need to build manufacturing facilities off world if we are to provide the infrastructure to enable humans to live and work in space”.

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