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Understanding the Differences: Leasehold vs. Full Ownership Apartments by Dennis Isong
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WHEN it comes to purchasing property, one of the fundamental decisions that prospective buyers must make is whether to opt for a leasehold or full ownership apartment. Each type of ownership has its own set of advantages and drawbacks, catering to different preferences, financial situations, and long-term goals.
Leasehold Apartments:
In the heart of Lagos, where the pulse of the city reverberates through its streets, people and businesses, the concept of leasehold unfolded in the neighborhood of Victoria Island.
This vibrant area, known for its mix of commerce and culture, became the backdrop for a story that unfolded at the crossroads of tradition and urban development in real estate.
Ade is a savvy entrepreneur with dreams of establishing a trendy cafe along the bustling waterfront.
Eager to realize his vision, Ade explored the world of leasehold agreements, a path that offered him access to prime real estate without the hefty burden of outright ownership.
Ade found a property owned by a longstanding family in Victoria Island. The family, hesitant to sell their ancestral land, opted for a leasehold arrangement that would allow Ade to operate his cafe while preserving the family’s connection to the place that held generations of memories. Ade transformed the space into a hub for creativity and conversation.
Meanwhile, the family retained a sense of ownership, participating in the cafe’s success while maintaining the historical significance of their land.
The neighborhood, once accustomed to traditional ownership models, began to witness the harmonious coexistence of progress and heritage. The leasehold, in this corner of Lagos, became a bridge between entrepreneurial aspirations and the rich family history.
Ade’s cafe, with its leasehold roots, became a symbol of innovation and collaboration. It stood as a testament to the adaptability of Lagos, where the spirit of entrepreneurship could flourish without severing ties to the past.
The story of Ade’s cafe echoed through the vibrant streets, showcasing how leasehold arrangements could weave a story of continuity and change in the dynamic fabric of Lagos.
Leasehold apartments involve the buyer acquiring the right to use the property for a specified period, typically ranging from 99 to 999 years.
However, the land on which the property is built remains owned by a landlord or freeholder.
In a leasehold arrangement, the buyer essentially leases the property from the freeholder. This means that while they have the right to occupy and use the space, they do not own the land beneath it.
Leaseholders are often required to pay ground rent and service charges to the freeholder. Also, there may be restrictions on making alterations to the property, and obtaining permission may involve additional costs.
The finite nature of the leasehold means that buyers should be aware of the remaining lease duration.
As the lease term diminishes, the property’s value may decrease, potentially impacting resale value.
Leasehold apartments involve the buyer acquiring the right to use the property for a specified period, typically ranging from 99 to 999 years
Full Ownership Apartments:
Sometimes ago in Ikoyi, Lagos, a story unfolded that captured the essence of full ownership in real estate. Ngozi is a successful businesswoman with a vision of creating a haven of comfort and elegance for her family.
Drawn to the serenity of Ikoyi, she embarked on a journey for a residence that would reflect her aspirations. Ngozi came across a penthouse in Azure Heights.
The process of acquiring the property involved careful legalities and paperwork, but as Ngozi received the keys to her penthouse, a profound sense of ownership and accomplishment washed over her.
The expansive living room, adorned with floor-to-ceiling windows framing panoramic views of the Lagos skyline, became a canvas for her dreams. As Ngozi settled into her new home, she felt a deep connection to the Ikoyi neighborhood.
Azure Heights, with its full ownership model, allowed her to not only enjoy the lavish amenities within the building but also embrace the exclusivity of belonging to one of Lagos’s most coveted addresses.
Ngozi’s apartment became a symbol of personal achievement, a testament to the possibilities that awaited those who aspired to own a piece of Lagos’s dynamic real estate.
Full ownership, also known as freehold, grants the buyer complete ownership of both the property and the land it stands on. This type of ownership provides greater autonomy and fewer restrictions compared to leasehold.
Full ownership apartments mean that the buyer has control over the property in perpetuity. This includes the freedom to make alterations, additions, and decisions without seeking permission from a landlord.
Unlike leasehold properties, full ownership does not typically involve paying ground rent to a landlord. However, owners are responsible for all maintenance and repair costs, which can be both a benefit and a challenge depending on the individual’s preferences and financial capacity.
Full ownership is often seen as a more secure investment in the long run. The absence of a lease term expiration provides stability, and the property is likely to appreciate over time.
Conclusion
The decision between leasehold and full ownership often hinges on financial considerations. Leasehold properties may have a lower initial cost, but the long-term expenses, such as ground rent and service charges, should be factored in.
Individuals who value autonomy and control over their living space may find full ownership more appealing. On the other hand, leasehold may suit those who prefer a hands-off approach to property management.
Buyers should carefully assess the resale and investment potential of each type of ownership. Full ownership is often considered a safer bet in terms of long-term value, but leasehold properties can still be lucrative if managed wisely.
▪︎ Dennis Isong is a TOP REALTOR IN LAGOS.He Helps Nigerians in Diaspora to Own Property In Lagos Nigeria STRESS-FREE. For Questions WhatsApp/Call 2348164741041
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At Heirs Energies Leadership Forum, Oil and Gas Leaders Unite to Drive Nigeria’s Oil Production Growth
The dialogue affirmed Nigeria’s commitment to increasing production,while maintaining environmental responsibility and leveraging gas as a transition fuel.
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▪︎HEIRS ENERGIES LEADERSHIP FORUM 2025:
L-R: CCE, NUPRC, Engr. Gbenga Komolafe; CEO, Heirs Energies, Osa Igiehon; Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri; Founder/Chairman, Heirs Holdings and Chairman Heirs Energies, Tony O. Elumelu, CFR; OPEC Board of Governors Chairman for Nigeria & CEO, First E&P, Ademola Adeyemi-Bero; CEO, Seplat Energy, Roger Brown and Executive Vice President, Upstream, NNPC Limited, Udobong Ntia, at the Heirs Energies’ Nigeria Petroleum Industry Discourse which held at the Transcorp Hilton Abuja.
Heirs Energies, Africa’s fastest growing indigenous integrated energy company, hosted its inaugural Petroleum Industry Leadership Dialogue at the Transcorp Hilton Abuja, bringing together public and private sector leaders to accelerateNigeria’s production growth.
Heirs Holdings’ subsidiary, Heirs Energies, convened the forum, moderated by CEO of Heirs Energies, Osayande Igiehon, and which featured distinguished speakers including the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri; Chief Commission Executive, NUPRC, Engr. Gbenga Komolafe; Chairman, OPEC Board of Governors and CEO, First E&P, Adewale Adeyemo-Bero; Executive Vice-President Upstream, NNPC Limited, Udobong Ntia and CEO of Seplat Energy Plc, Roger Brown.
With a new administration and ambitious targets for production critical for Nigeria’s economic growth, the Dialogue provided a timely venue for private and public sectors to continue the successful interaction, that has already seen Nigeria crude production grow by 25%, since May 2023.
The speakers highlighted how a series of Presidential Executive Orders had radically reshaped the operating environment and catalysed industry growth.
Indigenous oil and gas companies were now responsible for more than 60% of Nigeria’s crude output and the successful indigenisation programme was delivering a bold new chapter in Nigeria’s natural resources history.
Tony Elumelu, Founder and Chairman of Heirs Holdings and Chairman of Heirs Energies, in his opening remarks, paid tribute to the catalytic role that current government had played in reinvigorating the sector.
Mr Elumelu also set out Heirs Holdings’ vision of transforming Africa’s energy landscape, through indigenous leadership and sustainable development.
Heirs Energies, in just four years, had rapidly grown its production from 21,000 to over 50,000 barrels per day of hydrocarbon.
Mr Elumelu also welcomed both public and private sector guests, emphasising the strong spirit of collaboration that underscored the successful indigenisation:
“Production growth, ambitious and sustained, is our shared national mission. I am honoured that Heirs Energies is bringing together distinguished peers from the industry and our partners in government.
As an investor not just in resources, but in Nigeria’s power production and distribution sectors, all of us, need to come together to ensure Nigerians get the benefits of our resources.
As we build Africa’s largest integrated energy business, innovation and collaboration are central to our execution”.
The dialogue affirmed Nigeria’s commitment to increasing production,while maintaining environmental responsibility and leveraging gas as a transition fuel.
Speaking at the forum, Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, applauded Heirs Energies for hosting this inaugural event.
Indigenous oil and gas companies were now responsible for more than 60% of Nigeria’s crude output and the successful indigenisation programme was delivering a bold new chapter in Nigeria’s natural resources history.
“Let me express our gratitude to Heirs Energies for providing this platform for meaningful industry engagement.”
The Minister announced Nigeria’s oil production had reached 1.8 million barrels per day in January 2025 and set an ambitious target of 2.5 million barrels per day for 2025.
He also reaffirmed the administration’s “drill or drop” policy to accelerate production growth.
The Petroleum Industry Leadership Dialogue, which will become an annual event, brought together key stakeholders in the oil and gas industry, including MD of The Shell Petroleum Development Company of Nigeria Limited, Osagie Okunbor; Managing Director of Aradel Holdings, Adegbite Falade and industry veteran and founder of Platform Petroleum & Managing Director A.A Holdings, Austin Avuru, among others.
NUPRC Chief Executive, Engr. Gbenga Komolafe, empahsised the dialogues significance in advancing the sectors objectives,
“I thank Heirs Energies for this beautiful initiative of putting together the Petroleum Industry Leadership Dialogue as a commitment to achieving our national objective in the upstream sector.”
He highlighted the surge in active drilling rigs to 38, with projections to reach 50 by March 2025.
OPEC Board of Governors Chairman for Nigeria and CEO, First E&P, Ademola Adeyemi-Bero, commended the forum’s timing, noting “It’s apt.
It’s early in the year and it’s about how we grow production.
That’s why you see all of us participating.” He shared how indigenous operators have successfully increased production, citing his company’s achievement of 57,000 barrels per day from previously untapped fields.Heirs Energies CEO, Osa Igiehon, reinforced this perspective, showcasing Heirs Energies’ impact in Nigeria’s onshore sector.
“Our success at Heirs Energies demonstrates what’s possible in Nigeria’s onshore sector, through our Brownfield Excellence Strategy, robust security measures, and genuine community partnership,” he said.
“By tripling our producing wells to over 100, we’ve shown how indigenous operators can efficiently unlock value while ensuring sustainable development of host communities.
“The Petroleum Industry Leadership Dialogue also exemplified Heirs Energies’ commitment to Mr Elumelu’s Africapitalism, the private sector’s transformative role in driving Africa’s economic and social development through strategic, long-term investments hinged on partnership and collaboration.
Heirs Energies Limited is Africa’s leading indigenous-owned integrated energy company, committed to meeting Africa’s unique energy needs while aligning with global sustainability goals.
With a strong focus on innovation, environmental responsibility, and community development, Heirs Energies leads in the evolving energy landscape and contributes to a more prosperous Africa.
Heirs Energies is a key implementor of Heirs Holdings integrated energy strategy, Africa’s largest integrated energy business, , whose objective is to ensure Africans benefit directly from their continent’s resources.
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Here’s When To Watch Lunar Crescent Across Nigeria on Friday, February 28, according to NASRDA
The last cities to experience the lunar crescent, he said, would be Lagos and Abeokuta between the hours of 6:59 pm to 7:30 pm.
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The National Space Research and Development Agency (NASRDA) said that Nigeria would likely witness its first astronomical lunar crescent on Friday evenings, February 28.
The Director of Media and Corporate Communications of NASRDA, Dr. Felix Ale, disclosed this in a statement, saying that the lunar crescent had been calculated to occur at 1:45 A.M. West African Time (WAT).
He said that the predicted time of 1:45 A.M time, also known as the Crescent Zero hour, would be when the crescent could be seen under perfect atmospheric conditions with the aid of optical instruments like binoculars or telescopes.
“The crescent will become visible to the naked eye in the evening of Friday, February 28, 2025, between 6:17 PM and 7:35 PM across different locations in Nigeria.
“Maiduguri will be the first city to witness the young lunar crescent from 6:17 PM to 6:48 PM, followed by Yola, Adamawa State, from 6:21 PM to 6:51 PM.
“Damaturu, Yobe, will follow from 6:22 PM to 6:53 PM, Kano, Kastina, Jos and Kaduna will experience the first lunar crescent between 6:38 pm and 7:12 pm.
“The sunset and moon set will occur between 6:35 pm and 7:12 pm, 6:38 pm and 7:15 pm, 6:35 pm and 7:11 pm, 6:40 pm and 7:17 pm respectively.
“Enugu will experience the lunar crescent between 6:42 pm and 7:32 pm with sunset and moonset at about 6:42 pm and 7:18 pm,’’ he said.
He predicted that in the FCT, the first lunar crescent would appear between 6:44 pm and 7:15 pm, with sunset and moonset at about 6:44 pm and 7:20 pm.
The last cities to experience the lunar crescent, he said, would be Lagos and Abeokuta between the hours of 6:59 pm to 7:30 pm.
Ale said that other cities across the federation will experience the lunar crescent at different times within the estimated visibility window of 6:17 pm and 7:35 pm on the same day.
He said “For a clear sighting of the first lunar crescent, observers are to use optical aids where necessary, and observe under clear atmospheric conditions.
“Observers are to position themselves in locations with an unobstructed view of the western horizon after sunset.
“He added that the scientific report provided precise predictions on the lunar crescent across locations of the country.
According to him, the report ensured accuracy for those who relied on lunar observations for religious, cultural, and scientific purposes.
The space agency encouraged researchers, scholars, and religious groups to utilise the findings, adding that anyone requiring additional data for further analyses could visit the official office website.
Director, the Centre for Basic Space Science and Astronomy (CBSSA), an activity centre of NASRDA, Dr Bonaventure Okere, said it was regarded as the first stage of the moon, hence the new crescent.
Okere said the appearance of the new crescent was highly significant in the Islamic religion because it was used to determine some rites and practices like the beginning of the Ramadan fast.
“The Islamic religion uses moon phases for their Islamic rites but astronomers study the cycle of the rising and setting of the moon to determine moon days, which is usually 28 days.
“Astronomers use the moon cycle to generate the Lunar calendar, understand the part of the moon you can see daily,’’ he said.
News
Kogi State Mourns Loss of Media Icon Prof. Tom Adaba
Prof. Adaba, who passed away at the age of 83, was celebrated for his trailblazing contributions to Nigeria’s media landscape.
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The Kogi State Government has expressed a huge sense of loss following the demise of Prof. Tom Adaba, a pioneering broadcast expert, patriot, and distinguished son of Kogi.
Prof. Adaba, who passed away at the age of 83, was celebrated for his trailblazing contributions to Nigeria’s media landscape.
Prof. Adaba’s legacy is marked by groundbreaking achievements.
He was one of the first Nigerians to earn a Doctorate in Mass Communication, setting a high standard for academic excellence in the field.
His visionary leadership was evident during his tenure as the Principal of the Nigerian Television College, Jos, and as the inaugural Director General of the National Broadcasting Commission.
His work not only transformed the media industry but also laid a strong foundation for ethical journalism and responsible broadcasting across the nation.
In an official condolence message signed by the State Information Commissioner, Mr Kingsley Fanwo, the Kogi State Government described Prof. Adaba as “a media colossus, patriot, and a distinguished Nigerian” whose wisdom and dedication left an indelible mark on the country.
The government extended heartfelt condolences to his family, friends, and the entire media community, urging that his legacy be remembered as a beacon of inspiration.
The statement reads: “We have lost a great media pioneer whose life-long contributions to Nigeria’s broadcasting industry will forever be cherished. May the Almighty God grant him eternal rest and give his loved ones the strength to bear this irreparable loss.”
Prof. Adaba’s passing is not only a significant loss to Kogi State but also to Nigeria as a whole.
His illustrious career and unwavering patriotism will continue to inspire future generations in the realms of media and beyond.
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