Kenneth Nwimo & Associates

11/08/2023

The Significance of Survey Plans in Nigeria’s Property Investment Market.

By Kenneth Nwimo

Survey plan holds great significance in real estate investment due to specific considerations and regulations within the country. Enumerated below are some of the significance of survey plan in Nigeria.
1. Boundary Determination: Nigeria has a complex land ownership system and disputes over property boundaries are not uncommon. A survey plan helps clarify the exact boundaries of a property, minimizing the risk of boundary disputes and providing investors with clear understanding of the land they are acquiring.

2. Documentation for Title Registration: In Nigeria, land ownership is typically evidenced by a Certificate of Occupancy (C of O) or a Deed of Assignment. A survey plan is a critical document required for the registration of land titles. It helps validate the property’s description and ensure accurate representation during the registration process.

3. Compliance with Government Regulations: Nigeria has various land use regulations and planning laws at federal, state and local level. A survey plan assists in determining if the property adheres to these regulations, such as zoning restrictions, and environmental considerations. Investors can assess the property’s suitability for their intended use and avoid potential legal complications.

4. Property Valuation: Survey plans provide detailed information on the size, shape and topography of the land, which is essential for property valuation. Accurate measurements and features documented in the plan help investors and appraisers assess the market value of the property and make informed investment decision.

5. Mortgage Financing: when seeking mortgage financing Nigeria, financial institutions often require a survey plan as part of their due diligence process. The survey plan assists lenders in assessing the property’s value.

08/11/2022

Few Reasons why you must consider investing in real Estate if you want to make generational wealth.

1. Appreciation: your investment in real estate is always guaranteed to appreciate. It does not obey the rules of inflation prone economy. It will always help you to stay ahead of the curve.

2. It provides a stable and consistent means of income via rent.

3. High Return on investment: ROI, is very high in property investment. Their is no limit to the amount you can make with the right and strategic investment in Real Estate.

4. High Liquidity : Real Estate investment expecially when done correctly and strategically is almost as if your money is in the bank. You can always recall your funds with ease and with high profit margin.

5. Tangibility : and finally, it is a tangible assets that you can see, feel and touch. Just like the name connotes. It is " Real investment"

Advice: the cost of land will continue to skyrocket as population continues to grow so will your assets in real estate. If in your portfolio of investments you don't have atleast 40% tied up in property investment you are so wrong and you must write this wrong by restructuring your investment to give premium to real estate investment.

Also, you need not only buy physical property before you can partake in the opportunities inherent in the real estate market..

And pls, consult a an expert before you engage in anyform of investment in real estate .

To simplify the opportunities that are available in property investments, help our esteemed customers double and manage their wealth through real estate.

17/09/2022

WHAT YOU SHOULD KNOW BEFORE DECIDING TO REGISTER A BUSINESS NAME OR A COMPANY LIMITED BY SHARES IN NIGERIA.

New business owners often have a lot of questions about the difference between a registered business name and an incorporated company limited by shares and which of these best suit their business needs. In light of this fact, some of the differences between a business name and a company limited by liability will be briefly discussed below.

A company limited by shares is required to have a director(s) and shareholder(s) while a business name is only required to have a sole proprietor or partners (proprietors).
A Company limited by shares is a separate legal entity that is distinct from its shareholders and directors. It can sue and be sued, own properties and other assets in its corporate name. A business name on the other hand has no distinct legal personality from the owner and can sue or be sued only in the name of the owner(s) of such a business.
A company limited by shares is a taxable legal person and pays its taxes to the Federal Inland Revenue Service(FIRS) in its corporate name under the Companies Income Tax Act. A business name does not pay taxes to the FIRS, rather, it is the proprietor of such a business that is required to pay taxes under the Personal Income Tax Act to the State Board of Internal Revenue.
A company limited by shares acquires a legal personality upon incorporation. The liabilities of the shareholders of the company are limited by the number of shares that have been allotted to such shareholders that have not been paid for in the event of winding up(shutting down of company). What this means is that if the company has debts or liabilities, the debtor cannot go after the personal assets of the shareholders of the company as they are only liable to pay for the number of shares that have been allotted to them that have not been paid for. However, if a registered business name goes bankrupt or runs into debt, the debtors can sue and recover their money from the personal assets of the owner of such a business.
A company limited by shares obtains a certificate of incorporation and other documents such as Memorandum and Articles of Association (MEMART) upon registration with the Corporate Affairs Commission(CAC). This is important as most organizations and government agencies require these documents to award contracts or to do business with a company. A business name on the other hand obtains a certificate of registration of business name and application for registration of business, it is limited in capacity to bid for big contracts from government agencies or other companies.
A company limited by shares can have a maximum of 50(fifty) shareholders while a business name can have a maximum of 20 partners except for law and accounting firms.
A company limited by shares is required to file returns at the CAC and hold annual general meetings while a business name is not required to hold general meetings before reaching its decisions.
A company limited by shares can obtain a loan in the name of the company and can also raise funds by issuing its shares to private investors. A business name does not have shares and is mostly funded from the personal funds of the owner.
A company limited by shares is appropriate for medium scale to large scale businesses while a business name is appropriate for small scale to medium scale businesses.
A limited company may choose to go public and be converted to a public limited company (PLC), whereas a business name can only be converted to a limited liability company.
A business name is automatically dissolved upon the death of its founder(s) unless there are other surviving partners to carry on the business, but a limited liability company cannot be dissolved upon the death of the shareholder, the other director of the company will continue to carry on the business upon the demise of any shareholder or director. And where the company has a single director/shareholder that died, the family of such person can apply for a Letter of Administration or Probate to take over the shares of the company and appoint a new director. A limited liability company will not be dissolved until it has been officially wound up with the CAC in accordance with the law.
Finally, all of the above are distinctions between the business name and the company limited by shares. However, it is important to know that there is also a similarity between the two forms of business entities. In line with the Companies and Allied Matters Act 2020, the law governing business formation in Nigeria, either the company or business name can be set up by just a single person..

17/09/2022

Dear tenant, it is not only when your rent is expired that your landlord can issue you Quit Notice. He can issue it even prioir to your rent expiration.

However, the quit notice would have to lapse on the eve of the expiration of the rent, and the duration of the notice must be proper and well calculated.

17/09/2022

You don't have to be a lawyer, before you can have basic knowledge of the Law.

Ignorance of the law is bad and could be very detrimental.

13/09/2022

Start that business now,
Execute that contract/project now,
Enroll for that course now,
Start that school now,
Apply for that job now,
Take that positive action now,
Put a smile on someone's face today,
Do Good now,

And may I add, TAKE THAT LEGAL STEP TODAY.

Avoid procrastination, tomorrow may not be favourable.

I hope this inspires someone Cheers.

07/09/2022

Investigation of Title to property is the process of confirming the title of the vendor as deduced by him. It involves anything and everything that will reveal any defect or otherwise in a property to be purchased.

07/09/2022

Law and Justice must always intersect