By Daniel Tyokua
The Federal Capital Territory Administration has signed 26,272 Certificates of Occupancy (C-of-O) since President Bola Tinubu assumed office.
In a statement issued on Sunday by the Senior Special Assistant on public communication and social media to the minister of FCT, Lere Olayinka, said the step is a major push to unlock property ownership, improve access to finance and ease the cost of doing business in the Territory.
It said the figure represents more than three times the 8,697 C-of-Os produced and signed between 2010 and 2023.
The statement explained that 5,500 C-of-Os were produced and signed during the five-and-a-half-year administration of former President Goodluck Jonathan, while 3,197 were signed during the eight-year administration of former President Muhammadu Buhari.
According to the statement, many beneficiaries of the 26,272 C-of-Os issued under the administration of FCT Minister, Nyesom Wike, reportedly received their land allocations more than a decade ago but were unable to obtain their title documents.
The statement reads;”development is expected to ease access to credit for property owners and businesses, as Certificates of Occupancy serve as critical documents for securing commercial loans, mortgages and expansion capital.
“Lack of proper title documentation has remained a major obstacle for many small and medium-sized businesses seeking to use their properties as collateral for financing.
“Allottees can now receive their Certificates of Occupancy within two weeks of completing the required payments.
“The moment necessary payments are made, land allottees can now get their C-of-O within two weeks.An automated notification system had also been introduced to alert allottees when their documents are ready for collection.
“Delays under previous administrations were largely caused by inefficiencies in the system, which also discouraged some landowners from completing their payments.
“Beyond C-of-Os, the FCT Administration has also recorded a sharp increase in property-related approvals under the Tinubu administration.
“In the last three years, the administration granted 2,521 Consents to Assign and 177 Consents to Mortgage, compared with 753 Consents to Assign and 180 Consents to Mortgage during the Jonathan administration.
“Under Buhari, 684 Consents to Assign and 164 Consents to Mortgage were granted.
A Consent to Assign is a legal approval required for the transfer or sale of an interest in a property, while a Consent to Mortgage is required before a property can legally be used as collateral for a loan”.
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