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27/08/2025

Property Owners to risk ₦1 million fine or up to 12 months imprisonment for lack of property insurance*

In August 2025, President Bola Ahmed Tinubu signed the Nigerian Insurance Industry Reform Bill 2025 into law.

Under the newly enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025, it is now compulsory for owners and occupiers of public buildings (including residential apartments, commercial complexes, hostels, and shopping centers) to obtain insurance coverage against hazards such as fire, building collapse, storms, earthquakes, and floods.

*Key Provisions of the Act:*

- *Mandatory Insurance*: All public buildings must be insured to cover potential liabilities arising from structural failures or disasters.

- *Penalties for Non-Compliance*: Failure to comply may result in fines up to ₦1 million or imprisonment for up to 12 months.

- *Enforcement Measures*: The National Insurance Commission (NAICOM) is authorized to seal off non-compliant properties in collaboration with relevant authorities.

Ensure your property is compliant to avoid legal repercussions. Thank you.

Punch News Article here:

Landlords and occupiers of public buildings across the country will be fined N1m, jailed for 12 months, or both if they fail to insure their properties

16/11/2024

FIVE DOCUMENTS YOUR PROPERTY MUST HAVE TO AVOID DEMOLITION BY THE GOVERNMENT

Ownership of real property is to be supported by documentary evidence. There are five documents every property must have. If you do not have any of them, there is a need to discuss with a real estate consultant at your earliest convenience. They are:

1. PURCHASE RECEIPT: A purchase receipt is a written acknowledgement of the recipient of payment for a property. It may be required as an evidence of ownership or acquisition of property in certain circumstances.

2. A REGISTERED SURVEY PLAN: A survey plan is a diagram that describes the margin and precise dimension of a parcel of land. A surveyor is an expert who is concerned with the official assessment for evaluation and measurement of land. The survey is expected to be lodged (registered) at the Surveyor General’s office of the State in which the land is situated.

3. DEED OF ASSIGNMENT: A Deed of Assignment is a document that shows the new legal owner of the property; i.e. the property has been transferred from the seller to the buyer. It is a contract from the seller to assign his/her rights in the property to the buyer.

4. CERTIFICATE OF OCCUPANCY (C of O)/ REGISTERED GOVERNMENT TITLE: The C of O is a document evidencing your ownership of a particular portion of land for a specified period of time (usually 99 years for residential land). It is issued by the Governor of the State in which the property is situated.

5. APPROVED BUILDING PLAN: This is an endorsement to proceed with the construction or reconfiguration of a particular structure in a specific place, in accordance with the approved requirement. It is very essential that you ensure that the structure of the property corresponds with what is shown on the plans.

If your property does not have any of the documents listed above, it is pertinent to discuss with your Real Estate Consultant or Advisor as soon as possible. Thank you.

16/11/2024

Happy New Weekend

*Gov. Sanwo-Olu extends amnesty for owners of buildings without building permit to December 31, 2024*

For another period of two months, the Lagos State Governor, Mr Babajide Olusola Sanwo-Olu has extended the amnesty period granted to owners and developers of existing buildings without Planning Permit to December 31, 2024.

The additional grace period was announced by the Governor during the recently concluded Lagos Physical Planning Summit held at Eko Hotel and Suites. This marks the second time that the amnesty period has been extended by the Governor. Initially, a 90-day amnesty period was announced from May 2 to July 30, 2024, and was later extended to October before the latest extension.

According to the Governor, the new end-of-the-year deadline aims to provide property owners with more opportunities to regularise their buildings without incurring penalties or additional costs.

While addressing critical stakeholders in the built sector at the Summit, Governor Sanwo-Olu stated that the new December 31 deadline will enable more interested parties, property owners, and developers to regularise their physical planning approvals.

He emphasised that the amnesty programme is part of his administration’s efforts to mitigate economic challenges in the built environment sector while promoting compliance with Physical Planning Regulations to ensure a livable, organised, and sustainable Lagos.

Similarly, Sanwo-Olu seized the opportunity of the platform to launch the Physical Planning Permit Barcode, a code which would be issued for buildings that have successfully gone through the process of obtaining a Planning Permit. The Barcode would be attached to structures with the Permit to reduce the interference of government regulatory officers who can detect the authenticity of the Planning Permit at a glance.

Read more here:

For another period of two months, the Lagos State Governor, Mr Babajide Olusola Sanwo-Olu has extended the amnesty period granted to owners and developers

18/10/2024

Check out this brilliant move: https://www.chess.com/analysis/game/live/120147834706?move=22&tab=review

15/10/2024

2 Nos. of Half Plots of Land for Sale at Shangisha
Location: Shangisha (serene environment)
Details:
- 2 half plots of land (350 square meters each). Suitable for both commercial & residential purposes.
Title: Receipt and Survey.
Prices:
- N75,000,000 (first plot)
- N85,000,000 (second plot).
Contact: Homeline konsept.
+2348035265693 | +2349081535717.
[email protected]

29/08/2024

DISTRESS SALE AT MAGODO PHASE 2 GRA
For Sale: Neatly used, spacious 4-bedroom semi-detached duplex with a large compound space at Magodo GRA Phase II.
Title: Certificate of Occupancy (C of O)
Price: ₦300,000,000
Pictures available upon request.

Contact: Homeline Konsept
+234 803 526 5693 | +234 908 153 5717

21/08/2024

For Sale at Shangisha:

- 2 units of neatly used 3-bedroom flats, all en-suite
- Sitting on approximately 350 square meters
- Asking Price: ₦150,000,000 (₦80,000,000 per flat)
- Title: Certificate of Occupancy (C of O).
Pictures are available only for a serious client.