Abuja Estate Dispute Costs Government N3.5 Billion in Potential Revenue
What happened
Residents of Prince & Princess Estate in Abuja are seeking intervention from the Lands Department and the Federal Capital Territory Administration to compel the developer, Prince & Princess Properties Limited, to provide necessary documents for Certificates of Occupancy. The developer has refused to give the Lands Department of Administration the required information to process the title documents. This refusal has cost the Federal Capital Territory Administration approximately N3.5 billion in potential charges and fees.
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Why it matters
The inability of the Lands Department to process title documents due to the developer withholding information represents a significant loss of potential revenue for the Federal Capital Territory Administration. Residents are prepared to pay the N3.5 million processing fee per building once the documents are provided.
From thisdaylive.com
Who's involved
- Lands DepartmentThe Lands Department, which is responsible for processing title documents.
- Federal Capital Territory AdministrationThe Federal Capital Territory Administration, which is seeking to compel the developer and manage revenue.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Federal Capital Territory AdministrationSpeculative
The Federal Capital Territory Administration could see a reduction in revenue from title document processing fees.
- Lands DepartmentSpeculative
The Lands Department could see a reduction in revenue from title document processing fees.
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The entities involved
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Abuja
capital city of Nigeria