Favour Ishember, Abuja
To boost business growth in the Federal Capital Territory and align with President Bola Tinubu’s Renewed Hope Agenda, FCT Minister Nyesom Wike has issued 26,272 Certificates of Occupancy since the current administration took over.
That figure far outpaces the 8,697 land titles that were processed and approved between combined 2010 and 2023.
During the tenure of President Goodluck Jonathan, 5,500 Certificates of Occupancy were issued while President Muhammadu Buhari’s eight-year tenure issued 3,197 CofO.
Many of the 26,272 beneficiaries under Wike’s leadership at the FCT Administration had received their land allocations over a decade ago but had yet to receive their official documents.
Certificate of Occupancy serves as credible security for bank loans, home mortgages, and capital needed to expand businesses.
The struggle to obtain C-of-Os on time has long been a bottleneck for small and medium enterprises, cutting them off from financing.
According to a press statement issued by Lere Olayinka, Senior Special Assistant to the FCT Minister on Public Communications and Social Media, the Tinubu-led FCT Administration has now fast-tracked the process. In a statement released on Sunday, he said landowners can now receive their documents within 14 days of making full payment.
“The moment required payments are completed, land allottees can pick up their C-of-O within two weeks,” Olayinka stated.
He added that an automated alert system has also been rolled out so applicants get notified as soon as their papers are ready for pickup.
Olayinka blamed past delays on bureaucratic bottlenecks that discouraged people from completing payments.
Beyond the C-of-Os, the Wike-led FCT Administration has also approved 2,521 Consents to Assign and 177 Consents to Mortgage in the last three years of President Tinubu’s government.
By comparison: Jonathan’s administration granted 753 Consents to Assign and 180 Consents to Mortgage. Buhari’s 8-year government granted 684 Consents to Assign and 164 Consents to Mortgage.
A Consent to Assign is the legal clearance needed to transfer or sell a property, or to transfer loan obligations.
A Consent to Mortgage is the official approval required before a property can be pledged as loan collateral.
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