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PROPERTY DEMOLITION IN LAGOS, NIGERIA.

By Omotosho Tobiloba 8 0

Property demolition in Lagos, Nigeria, has become a significant concern for property owners, developers, and residents. The Lagos State Government has been actively demolishing structures that fail to comply with building regulations, posing safety risks or violating urban planning laws. This blog post explores the reasons behind these demolitions and offers practical steps to prevent them.

Causes of Property Demolition

1.       Structural Dilapidation: Buildings that are structurally unsound and pose a danger to occupants and neighboring structures are often demolished to ensure public safety1.

2.       Building Code Violations: Properties that do not adhere to building codes, such as using improper construction materials or making illegal modifications, are at risk of demolition1.

3.       Illegal Constructions: Structures built without the necessary permits or approvals from regulatory authorities are subject to demolition to uphold urban planning regulations1.

4.       Unsafe Conditions: Buildings with hazardous conditions, such as fire hazards, electrical faults, or compromised foundations, may be demolished to guarantee public safety1.

Steps to Prevent Property Demolition

1.       Obtain Proper Documentation: Ensure you have all necessary land title documents, including a Certificate of Occupancy (C of O) or other relevant land titles.

2.       Secure Planning and Development Permits: Obtain planning and development permits from the appropriate government agency. This may include submitting site plans, environmental impact assessments, and architectural drawings2.

3.       Conduct Environmental Impact Assessments (EIA): For projects with potential environmental impact, conduct an EIA and obtain approval from the Federal Ministry of Environment or relevant state environmental agency2.

4.       Get Survey and Building Layout Approvals: Conduct a land survey and obtain approval for the building layout from relevant authorities, including local planning departments2.

5.       Adhere to Structural Design Standards: Submit structural designs to relevant engineering bodies for approval to ensure compliance with structural and safety standards2.

6.       Obtain Building Construction Permits: Secure a building construction permit from the local building control agency or department responsible for regulating construction activities2.

7.       Ensure Fire Safety Compliance: Adhere to fire safety regulations, including obtaining approval for fire safety measures, emergency exits, and firefighting equipment2.

8.       Follow Health and Safety Regulations: Implement safety measures and obtain necessary approvals for construction worker safety.

Conclusion

Preventing property demolition in Lagos requires diligence and adherence to regulatory requirements. By securing the necessary permits, conducting thorough assessments, and complying with safety standards, property owners can protect their investments and contribute to a safer, more orderly urban environment.

Feel free to share your thoughts or ask any questions about property regulations in Lagos.

Land
Construction

DIFFERENCE BETWEEN BANK ASSET AND LAND BANKING

By Omotosho Tobiloba 100 0

An asset is a resource with economic value that an individual or corporation owns or controls with the expectation that it will provide a future benefit. They are classified into current, fixed, financial, and intangible assets.

But today, we shall focus on Bank assets and land assets only.

Bank assets are referred to as Current assets. They are the ones an owner can convert into cash or cash equivalents within a year through sale or account payments. They include, cash, mutual funds, marketable securities, accounts receivables, goods and services, supplies, etc.

While Land assets are considered as Tangible assets. They are the ones you can touch, feel or see. Meaning they are any physical or measurable items an individual owns or company uses for its operations.

Land assets are also known as fixed assets. Fixed assets are assets which are purchased for long-term use and are not likely to be converted quickly into cash, such as land and buildings.

Below are some of the advantages of securing land assets;

If you are looking to purchase a property, we can help you choose the right properties, the right location, and at a competitive cost.