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The Role of Certificate of Occupancy in Property Valuation Method in Nigeria by Dennis Isong
In Nigeria’s real estate landscape, property valuation serves as a crucial process that determines the worth of a property for various purposes, including buying, selling, and securing loans.
One significant document that plays a pivotal role in this process is the Certificate of Occupancy (C of O). This legal document, issued by the state government, confirms an individual’s right to use and occupy land for a specified period.
Understanding the interplay between the C of O and property valuation is essential for investors, developers, and homeowners alike, as it can significantly influence market perceptions and property prices.
Understanding the Certificate of Occupancy
The Certificate of Occupancy is a legal document that signifies ownership and the right to occupy land.
In Nigeria, land ownership is primarily governed by statutory laws, customary laws, and the Land Use Act of 1978, which mandates that all land in urban areas is owned by the government.
Thus, the issuance of a C of O is necessary to establish a legal claim over any parcel of land. Obtaining a C of O is a comprehensive process that involves several steps, including land survey, payment of necessary fees, and completion of relevant documentation.
Once issued, the C of O provides security to the landowner by guaranteeing their rights against unlawful eviction or encroachment.
This security is a significant factor in property valuation. Properties with a valid C of O are generally seen as more valuable and less risky compared to those without, as the certificate signifies legal recognition and ownership rights.
C of O and Market Perception
The presence of a C of O can significantly influence market perception and the demand for a property. Properties with a valid Certificate of Occupancy are typically viewed as more desirable by potential buyers and investors.
This perception stems from the legal security that a C of O provides. Buyers are more likely to invest in properties with a C of O because they have assurance that their rights are protected, and the likelihood of disputes regarding ownership is minimized.
Moreover, lenders and financial institutions often require a C of O before approving loans for property purchases or developments.
A valid C of O enhances the credibility of the property, making it easier for buyers to secure financing.
In Nigeria, a C of O is usually granted for 99 years, and this long tenure can positively influence a property’s valuation.
This accessibility to finance, in turn, can lead to increased property demand, thereby driving up its valuation.
Conversely, properties lacking a C of O may be perceived as risky investments, resulting in lower valuations and reduced buyer interest.
Thus, the C of O serves as a critical indicator of a property’s reliability and marketability.
C of O in the Property Valuation Process
In the property valuation process, a valuer considers various factors to determine the value of a property. These factors typically include location, size, condition, and comparable sales in the area. However, the existence of a C of O is often a prominent consideration.
During the valuation process, valuers will assess the C of O to ascertain the legal standing of the property.
A valid C of O not only confirms ownership but also indicates compliance with local land use regulations, zoning laws, and building codes. Valuers may also take into account the duration of the C of O.
In Nigeria, a C of O is usually granted for 99 years, and this long tenure can positively influence a property’s valuation.
The security provided by a long-term C of O assures potential buyers of their rights over the property for an extended period, making it a more attractive investment.
Conversely, properties without a C of O, or those with expired or disputed certificates, may be valued lower due to the inherent risks associated with such properties.
Furthermore, a C of O can impact future development potential, which is a crucial aspect of property valuation.
Properties with a valid C of O are more likely to receive the necessary approvals for development or alteration, while those without may face legal hurdles.
This potential for development can enhance the property’s value, as it indicates future income generation possibilities.
Consequently, valuers consider the C of O as a critical factor that influences the overall worth of the property in the market.
Challenges and Implications of C of O in Property Valuation
Despite its importance, the C of O is not without challenges. The process of obtaining a C of O can be lengthy and complex, leading to delays in property transactions.
In some cases, disputes over land ownership can arise, particularly in areas where customary land tenure systems are prevalent.
These disputes can complicate the valuation process, as properties with contentious C of Os may be difficult to sell and consequently valued lower.
Additionally, the presence of a C of O does not automatically guarantee a problem-free investment. Factors such as environmental issues, development restrictions, or changes in land use policies can affect property value.
Valuers must therefore conduct thorough due diligence, considering not only the existence of a C of O but also any associated risks or liabilities.
In conclusion, the Certificate of Occupancy plays a crucial role in property valuation methods in Nigeria.
As a legal document that signifies ownership and security, it significantly influences market perception and property demand.
Valuers must consider the C of O when assessing a property’s value, as it reflects the legal standing and development potential of the land.
However, challenges associated with the C of O, such as ownership disputes and regulatory complexities, must also be navigated to ensure accurate valuations.
For stakeholders in the Nigerian real estate market, understanding the importance of the C of O is vital for making informed investment decisions and maximizing property value.
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News
A Review of Akwa Ibom State Government’s July Delivery Meeting
Stakeholders at the meeting delivered goodwill messages, commending Governor Umo Eno for institutionalising the Delivery Meeting as a platform for transparency, accountability, and inclusive governance.
Image: Governor Umo Eno
- The Akwa Ibom State Government’s Monthly Delivery Meeting concluded its two-day July session, with Governor Umo Eno presiding over an extensive review of the administration’s strategic projects across key sectors.
- Hon. Aniekan UmanahCommissioner for Information, reported that the meeting forms part of ongoing efforts to monitor implementation, evaluate progress, and ensure the timely delivery of projects under the ARISE Agenda.
- In his opening remarks on Day Two, Governor Eno reiterated that the Delivery Meeting has become a vital accountability mechanism for tracking the performance of government projects and ensuring that every initiative delivers measurable value to the people of the State.
- He stressed that the sessions provide an opportunity for honest appraisal, collective problem-solving, and improved coordination among implementing agencies as the administration continues to deliver on its commitments under the ARISE Agenda. Quoting the Greek philosopher Socrates, the Governor said, “An unexamined life is not worth living.”
- Before the commencement of the Day Two session, Governor Eno paid an unscheduled visit to the ARISE Palm Resort, an audacious tourism project built on a 73-hectare gully reclamation site, to verify claims made during the previous day’s presentations and assess firsthand the level of progress on the facility, which is scheduled for commissioning later in the year.
- The meeting received comprehensive presentations on key projects across multiple sectors of the state’s development programme, including agriculture, trade and investment, maritime and transportation, health, internal security, housing, tourism, local government administration, direct labour projects, and other flagship initiatives.
- Under the agricultural sector, presentations were made on the Ibom Model Farm, Agric Equipment Leasing Company, Distribution of Oil Palm Seedlings Programme, Dakkada Global Oil Palm Project, and the Akwa Ibom Agricultural Development Programme (AKADEP), with emphasis on mechanised farming, food security, and job creation.
- The Ministry of Trade and Investment presented updates on the International Market, Ikot Ekpene, highlighting its role in boosting commerce, attracting investment, and strengthening regional trade.
- The meeting noted the significant progress recorded on the project and urged the contractors to sustain the pace of work.
- In the maritime and transport sector, updates were presented on the Oron Maritime Infrastructure Project, which is aimed at improving maritime transportation, boosting commerce, and stimulating economic growth as part of the administration’s broader Blue Economy development initiatives.
- The health sector presentation covered the Ibom International Hospital, General Hospitals in Ukanafun, Ibiono Ibom, Ikot Ekpene, Iquita-Oron, Ikot Ekpene Udo, and other State of Emergency Health Projects, reinforcing the government’s commitment to providing accessible, affordable, and quality healthcare services.
- The Ministry of Internal Security and Waterways presented progress on the Counter Terrorism Unit Base, aimed at strengthening security infrastructure and enhancing public safety across the state.
- The Ministry of Housing provided updates on the Doctors’ Residence and the Executive and Legislative Quarters, projects aimed at providing decent accommodation while supporting urban renewal and improving living standards.
- In the tourism sector, progress on the Ibom International Hotel at the Convention Arena was reviewed, with emphasis on repositioning the facility to boost tourism, hospitality, and investment opportunities.
- Updates from the Ministry of Local Government and Chieftaincy Affairs covered the Chairmen’s Lodges, with an assurance that all 31 lodges will be completed by December 2026 to strengthen administrative efficiency at the grassroots level.
- The Direct Labour Committee reported progress on the Youth Development Centres, the One Project Per Local Government Area (Phase II), the Judiciary Village, and the House of Assembly Complex, all aimed at strengthening governance infrastructure and promoting youth development.
- Other strategic projects reviewed included the ARISE Shopping City, ARISE Park Beach Villas, AKBC Project, Model Secondary School, Senior Citizens Centre, and the Nigeria Formr Women Project, reflecting the administration’s broad development agenda across multiple sectors.
- Stakeholders at the meeting delivered goodwill messages, commending Governor Umo Eno for institutionalising the Delivery Meeting as a platform for transparency, accountability, and inclusive governance.
- Senator Effiong Bob commended the Governor for consistently engaging stakeholders in the governance process, noting that the ARISE Agenda is making measurable progress while praising the administration’s openness and transparency. Senior Advocate of Nigeria, Assam Assam, described the meeting as the most impactful yet, citing visible progress across sectors, particularly in healthcare infrastructure and service delivery.
- The Speaker of the Akwa Ibom State House of Assembly, Rt. Hon. Udeme Otong, lauded the Governor’s leadership and assured him of the continued support and collaboration of the State House of Assembly.
- The Oku Ibom Ibibio and President-General of the Supreme Council of Traditional Rulers, His Eminence, Ntenyin Dr. Solomon Etuk, JP, expressed pride in the administration’s developmental strides and commended Governor Eno’s inclusive approach to governance.
- In his closing remarks, Governor Umo Eno appreciated all participants, Heads of Ministries, Departments and Agencies (MDAs), Delivery Advisors, stakeholders, and contractors for their contributions to the two-day review exercise, noting that the sessions were rigorous but necessary in strengthening governance and ensuring accountability.
- The Governor stated that the administration is entering its “harvest season” as it gradually winds down its first term, adding that observations from the meeting would be used to further improve service delivery and implementation efficiency.
- He reaffirmed the government’s commitment to completing all ongoing projects within set timelines and urged implementing agencies to sustain the momentum and maintain high standards in project execution for the benefit of the people of Akwa Ibom State.
- At the conclusion of the Delivery Meeting, Governor Eno led stakeholders on an inspection visit to the Ibom Convention Arena to assess ongoing work on the 200-bed Ibom International Hotel project, which is billed for commissioning later in the year.
News
Explosion rocks Apapa tank farm; NPA, NIMASA move to curtail spread
Following the outbreak the fire service departments of both the Nigerian Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA) moved in to curtail the spread of the inferno.
Panic erupted at the Lagos tank farm cluster at Ibafon, Apapa, on Friday morning after a fire broke out at the Bono Tank Farm, located within the Best Energy Tank Farm complex.
The inferno sent residents and workers in the area fleeing for safety as emergency responders moved in to contain the blaze.
Following the outbreak the fire service departments of both the Nigerian Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA) moved in to curtail the spread of the inferno.
Efforts to obtain comments from the management of Bono Tank Farm and Best Energy Tank Farm were unsuccessful, as phone calls and text messages sent to their representatives were neither answered nor acknowledged.
News
FG slams 8-count charges on Adeyemi over fake agency ” I’m not a criminal”, he defends
It was learned that the alleged ‘‘fake’’ Presidential Economic Advisory Council/Presidential Foreign Intervention Promotion Council was allocated N1.302 billion in the 2026 Budget of the Federal Government.
Photo: Gbajabiamila, and Adeyemi
The Federal Government has filed an 8-count charges against Adeniyi Adeyemi, convener of a purported Presidential Foreign Intervention Promotion Council, PFIPC, over the controversy trailing the agency.
Adeyemi, however, fought back claiming that he was given an appointment letter.
Adeyemi, during an appearance on Channels Television claimed that the Chief of Staff to the President, Mr. Femi Gbajabiamila gave him an appointment letter, insisting that he is not a criminal.
However, it was learned that the alleged ‘‘fake’’ Presidential Economic Advisory Council/Presidential Foreign Intervention Promotion Council was allocated N1.302 billion in the 2026 Budget of the Federal Government.
In a statement on Wednesday, Bayo Onanuga, presidential spokesperson, said the charges were filed by the Police on November 27, 2025, against Adeyemi and two accomplices at the Federal High Court in Abuja.
Onanuga said Adeyemi is expected to appear in court on July 27, 2026.
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