300sqm plot of land in a residential estate (Trillion Park estate)
Comes with a dwarf fence and borehole

Location - Alatise town, by Umudi Filling station, Bogije Ibejulekki.

Market value - ₦15m total value
Asking price - ₦10m (Opened to negotiation)
Title - EXCISION


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Inspection available too for any serious buyer

For more enquiries, drop a message here or call/WhatsApp 08031144500.

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THINGS TO KNOW ABOUT EXCISED LAND IN NIGERIA

Adijat Abiodun

"Seasoned real estate pro, 100+ happy clients…
Published Apr 5, 2023


Before the Land Use Act enacted in 1978 properties were hitherto owned and controlled by communal authorities who had powers to assign or rent it out to whom they deemed.

By enactment of the decree, all lands (mostly in Urban areas) became owned and controlled by State government on behalf of the people

Below, we’ll be highlighting some different land titles available and how they affect ownership.

FREE HOLD AND UNDER ACQUISITION

A property becomes a free hold where the government has indicated no interest in said property.

While a land is considered under government acquisition where government has an interest in the area for the purpose of urban development or industrialization projects.

GLOBAL ACQUISITION OR COMMITTED ACQUISITION

A land under government acquisition can either be global acquisition or committed acquisition. A land with committed acquisition means the government has designated that parcel for a specific project as such those parcels of land can never be released to individuals or organizations for development projects.


To be continued

Acquiring lands that are under committed acquisition will eventually lead to the loss of such investments when government moves to take full possession of such a parcel of land.

Whereas a land under global acquisition does not have a specific government purpose yet and as such those parcels of land can later be free or committed as the case maybe.

There are 2 main processes for making a land under global acquisition to be free.

1. Excision and

2. Ratification.

WHAT IS EXCISION OF LAND?

In land excision, state governments release land to indigenous peoples or settlers following legal protocols and processes. Since the Land Use Act was enacted, land excision has been used as a method for compensating the original landowners. A grantee who excises a piece of land maintains ownership and control of the land within the confines of local laws and regulations.

To excise a land means to cut it. This is the process whereby the government releases a parcel of land back to the indigenous owners of such lands for the purpose of developments.

When this excised parcel of land is published in government’s official gazette, the land becomes Gazette as title.

To be continued

Excision and Gazette are very good titles for a piece of land; such lands are safe to buy and develop, because a proper title can be processed on the land.

EXAMPLE OF EXCISION OF LAND:

Real estate development companies X and real estate development company Y both have two plots of land to sell in the same location.

However, Company X land is selling for 5 Million naira while Company Y price is 7.5 Million naira. Clients notice this, and because of the price difference, they rush to purchase Company X land.

Two years later, Company X tells its clients that the state government has started the process of excising the land and they expect each person to pay 3 million naira to complete the process. Several complaints are being made.

Clients of Company Y, however, are free to build on that land without any harm, having already had the land excised. You can read about land tenure system and how to access federal mortgage loans in Nigeria.
WHY EXCISED LAND CAN BE EXPENSIVE

The excision process is very time-consuming and costly. Then, when a landowner and seller go through that process, he would determine the cost of a piece of land by adding up all the expenses incurred.

Furthermore, Nigerian law gives state governors control of its lands. Historically, however, Nigerian lands were administered by communities and traditional families before the Land Use Act of 1978. Since the Land Use Act went into effect, land has become under the exclusive jurisdiction of state governors, who may also give former landowners with documented ownership rights access to their properties. You can also learn more about How to Invest in Real Estate and Land survey.

To be continued

The various things you need to know about Excised lands are:

It is expensive to purchase
Gives you full control of the land within the confinement of state and local rules.
Has gone through lawfully approved processes.
Eliminates any future fear of losing the land
Reduces complaints and commotion by giving the owner peace of mind
Has no long term challenges.

WHAT IS LAND RECTIFICATION

:Land Regularization (also known as Ratification) is carried out when an individual or corporate entity acquires land that belongs to the government. However, not all government lands can be regularized. Any land that will be regularized must not fall within a government committed area and it must confirm to the state’s urban planning regulations.

Regularization entails buying the land “properly” from the government. It is an expensive process because after buying the land from the “omonile” (seller) you still have to pay the government for the land again.

After regularization, the government releases the land and issues a certificate of occupancy (C of O) to the applicant.

https://www./things-know-excised-land-nigeria-adijat-abiodun

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Still available

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Currently unwise to leave your hard earned money in naira.

Your best option is to convert your naira (cash) which is a liquid asset to solid assets (properties).

₦5m naira 2 years ago is now worth ₦2.4m.

A land of ₦5m 2 years ago now worth at least ₦7.5m

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These opportunities above won't be here for long.

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500 sqms going for ₦30m if you're buying from the company.
1000 sqms for ₦60m

But I'm asking for ₦15m for 300sqm.

Total package, no hidden charges.

The above price is opened to slight negotiation.

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