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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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Ekiti Airport targets 24-hour flight operation, says Gov Oyebanji

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….Says Ekiti economy has improved significantly under his watch

Ekiti State Governor, Mr Biodun Oyebanji has revealed that efforts are in place to ensure the Ekiti Agro-Allied International Cargo Airport runs 24-hour operation, in a bid to make the route competitive.

The Governor also expressed delight that the economy of the state has recorded significant improvement in the past two-and-a-half years, promising to do more in order to ensure a more sustainable development of the state and better living standard for the people.

Governor Oyebanji who stated these on Monday night during the March edition of his monthly media chat, “Meet Your Governor”, said his government intends to make the Ekiti Airport a major hub, as well as a major driver of the economy, attracting more investors to the state and boosting the economic capacities of the citizens.

He explained that his administration has entered into discussions with three major airlines in the country to commence commercial flights at the airport, facilitate air travel, tourism development, more investment and transportation of cargoes and export of farm produce to local and international destinations.

While expressing optimism that at least two of the airlines would operate flights to and from the airport, Oyebanji said his administration also hopes to make the route competitive by working hard to install Instrument Landing System (ILS) that will enable the operation of 24-hour flights in the airport.

The Governor said: “The issue is to make the route profitable and competitive for airlines and if the route is profitable, they will bring their planes. Part of what we are doing is to make it an airport of choice and by next year, they will be able to run Hajj and (Christian) pilgrimage.

“To make it an airport of choice, we must put a structure that guarantees 24-hour landing.

There is what we call Instrument Landing System (ILS) which enables night operations and also enables planes to land in extreme weather.

ILS as at today will cost close to N4.6 billion but we are determined to get it done.

“We are determined that before the end of this year, we will install ILS at the Ado Airport.

If we are able to do that, it will be the second airport in Southwest after Lagos Airport that has such a facility so that aircraft can land at night. We are also talking to a vendor that will provide a hangar for airport services, so it’s a whole gamut of transaction that is going on.

“The Governor also disclosed that a cargo shed is being constructed at the airport to serve as storage facility for farm produce and cash crops. He commended the Senate Leader, Senator Opeyemi Bamidele for facilitating its inclusion in the budget.

The Ekiti Agro-Allied International Cargo Airport was given approval for non-scheduled flight operation for six months last December. Governor Oyebanji who said expressed optimism that the airport would be one of the most competitive by the time it commences commercial operations.

Speaking further, Governor Oyebanji identified some indices of economic growth witnessed under his administration to include springing up of more businesses in the state made possible by an enabling environment for them to flourish, improved internally generated revenue and receipts from the Federation Account, as well as adequate protection of lives and property.

The Governor who disclosed that the state’s Internally Generated Revenue (IGR) have moved from about N600 million monthly to over N2 billion monthly, attributed the feat partly to the fact that more residents are now encouraged to pay their taxes, having seen evidence of the government’s effective utilization of proceeds of the taxes in every part of the state.

He explained that his administration has not restricted development strides to only Ado-Ekiti, the state capital, as it is being speculated in some quarters, noting that virtually all parts of the state including the rural areas have been touched.

He also expressed readiness to keep on working for the people of the state till his last day in office, stressing that he wont be distracted by on going politicking.

Speaking on the state of the treasury, Oyebanji said what the state government and local governments receive monthly are not hidden as they are published by the office of the Accountant General noting that they vary from one month to the other.

He emphasized that his administration does not tamper with the local government funds as the State House of Assembly has an enabling law with established the Joint Account Allocation Committee (JAAC) with the monies for the councils coming directly into the account from the Central Bank of Nigeria (CBN).

While noting that he does not get involved in how the funds are shared, the Governor pointed out that he only monitors the projects the council chairmen execute with the funds to ensure that they are in line with the needs of the people and they such projects are satisfactory.

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Kogi State enforces ban on rallies, public gatherings amidst riding security concerns

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In view of the growing security concerns in Kogi State, the government has announced a ban on all forms of rallies or public gatherings that have the potential to disrupt public peace.

According to a statement on Monday by the Kogi State Commissioner for information and Communication Kingsley Fanwo, the decision comes after reports of planned violent rallies disguised as political and religious agitations surfaced.

The Commissioner averred that the state government has taken proactive measures to prevent any form of security breach that could destabilize the peace and security of the state.

Explaining further, Fanwo said “With recent incidents in various local government areas, including clashes in communities and tensions rising due to planned rallies, the government has deemed it necessary to implement stricter security measures.

“The ban on public gatherings includes suspending all fishing activities in Kogi Local Government Area until peace is completely restored after recent clashes resulted in the loss of lives.

Additionally, security operatives have been deployed to affected areas to restore calm and implement the directive.

“Furthermore, in Ankpa Local Government Area, communal clashes between Ika-Odele and Ika Ochala are threatening the peace in Kogi East. Security personnel have been deployed to the area to calm the situation and avert further loss of lives and property.

“The ban on rallies and public gatherings applies to all individuals, groups, or organizations within the state until further notice. The government acknowledges citizens’ constitutional rights to express themselves but emphasizes that security considerations must take precedence for public safety.

“The state government has also directed that any individual or group entering Kogi State with a convoy of security personnel must obtain prior clearance from state commands to prevent unauthorized movements and ensure the presence of duly accredited security agents.

“To ensure strict enforcement of these measures, the State Security Adviser has been tasked to work closely with all security agencies and maintain high alertness to prevent any breakdown of law and order”.

Fanwo added that the government urged residents to remain law-abiding, vigilant, and cooperative with security agencies to guarantee the safety and well-being of all citizens.

“With the Chief Servant of Kogi State leading efforts to protect lives and property and maintain peace and stability in the state, residents are encouraged to report any suspicious activities or movements to the appropriate security authorities.

The government reassures the public that any attempt to undermine the peace and security of Kogi State will be met with the full force of the law.

“By implementing these measures and collaborating with security agencies and community leaders, the Kogi State Government is committed to safeguarding the state and providing a safe environment for all residents” the statement added.

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President Tinubu congratulates Jim Ovia on admission to the freedom of the city of London

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President Bola Tinubu has congratulated the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, on his admission to the prestigious Freedom of the City of London.

Admission to the Freedom of the City of London is an honour bestowed on individuals for their service to the city or for their achievements.

In a press statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, President Tinubu described the honour as a fitting recognition for Mr Ovia’s exceptional contributions to business, innovation, and technology, as well as for his role in shaping Nigeria’s financial landscape and strengthening economic ties between Africa and the rest of the world.

“This honour is a testament to your unwavering commitment to excellence, your pioneering role in the growth of the financial services sector in Nigeria, and your visionary leadership that continues to inspire generations.

As an accomplished entrepreneur and advocate of innovation-driven development, your recognition in the City of London affirms the global relevance of Nigerian excellence and enterprise”, the President stated.

President Tinubu commended Mr Ovia for being a distinguished ambassador of the nation’s private sector and wished him continued success in his endeavours.

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