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Ten Benefits of Joint Property Ownership in Nigeria by Dennis Isong

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.
News
VIDEO: Tears As Students’s Hostel Collapses

A building collapse occurred at Pentagon Lodge near the Alex Ekwueme Federal University, Ndufu-Alike, Ikwo, Ebonyi State on Friday.
Students witnessed the incident, with one student captured on video expressing concern over the lodge’s collapse, saying, “See my lodge is falling, all my properties are inside.
”A video clip of the incident, seen by Naija News House , showed the moment the three-storey building collapsed.
As of the time of filing this report, it was not clear whether there were causalities as details of the collapse are still emerging.
A student, also said that students in that particular lodge had earlier noticed the cracks on the walls and some had already moved out of the facility before the collapse.
“Only properties inside the building are likely those of students that traveled out of the town,” the source said.
Recently there were reports of building collapses in Ebonyi State, including a three-storey building under construction near the Alex Ekwueme Federal University Teaching Hospital.
In the construction building collapse, two persons were trapped and later rescued, with one labourer escaping due to stepping out to wash his hands before the collapse.
Sequel to the building collapses, the Ebonyi State government had established a special investigative committee to determine the causes of such incidents and prevent future occurrences.
The committee’s findings and recommendations aim to improve building standards and enforcement in the state.
Click here to Watch Video:
News
FG denies 12 Years Minimum Entry Age Into JSS1
Boriowo urged the public and education stakeholders to disregard any contrary claims.

The Federal Government has debunked a report claiming that the minimum age for admission into Junior Secondary School 1 (JSS1) has been raised to 12 years.
The Ministry of Education Director of Press, Folasade Boriowo, made this known via a statement issued on Friday, July 25, 2025.
Boriowo said the report was inaccurate, noting that it did not come from any official source and did not reflect government policy.Boriowo stated: “For the avoidance of doubt, the minimum age for admission into JSS1 remains 10 years.
“No child should complete primary education below the age of 10.”
Boriowo urged the public and education stakeholders to disregard any contrary claims.
News
NGE Mandates Media Organizations to set up fact-check desks in the newsroom to Fight Fake News
During the workshop, the European Union Ambassador to Nigeria and ECOWAS, Mr Gautier Mignot and the NGE President, Mr. Eze Anaba, said that newsroom managers should acquire the skills and tools for fact-checking as a way to arrest fake news, misinformation and disinformation.

Editors under the Nigerian Guild of Editors (NGE) have resolved today to henceforth set up a fact-check desk in their various newsrooms as a measure to tackle fake news, misinformation and disinformation.
The decision was reached on the occasion of a one-day workshop organised by the European Union (EU) NGE in Lagos on Thursday.
The editors said that having a Fact-Check Desk would help media organisations verify news hints, with the view to publishing only accurate information.
Other key decisions taken at the end of the workshop include:
Media organizations should organise trainings for their newsroom managers and line editors on fact-checking.
The Guild should set up disinformation counter groups across its zonal structures, ahead of the 2027 general election.
Media organizations should collaborate and reach out to each other to verify information.
Media organisations should look at the quality of their Online Editors to ensure that experienced and well-grounded journalists man the position.
The Guild should use other of its bigger platforms to address issues bordering on fake news, misinformation and disinformation.
During the workshop, the European Union Ambassador to Nigeria and ECOWAS, Mr Gautier Mignot and the NGE President, Mr. Eze Anaba, said that newsroom managers should acquire the skills and tools for fact-checking as a way to arrest fake news, misinformation and disinformation.
Mignot said that the EU was taking a multi-pronged approach to address the threats posed by misleading information, which he described as a “danger to democracy and public trust.
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