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Nigerian Institution of Estate Surveyors and Valuers releases Statement on Lagos State Land Use Charge

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The Lagos chapter of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) has released a statement concerning the highly debated Land Use Charge.

The umbrella body for estate surveyors in the country said it has received several calls asking that it weigh in on the issue.

Listing the observations made from going through the charge, the body said while the method of valuation of landed properties in the state suffice, it is worrying that actual physical valuation has not taken place.

Property values have been adjusted upwards, the body said, and the government should conclude a valuation exercise before assessing values.

The body also asked that the relief rates be higher, and that the charge rate be taken from the property rental income, not from the property value.

See the statement below:

STATEMENT BY THE NIGERIAN INSTITUTION OF ESTATE SURVEYORS AND VALUERS ON THE LAGOS STATE LAND USE CHARGE LAW 2018

Ladies and Gentlemen,

Since the Lagos State House of Assembly passed the Land Use Charge bill on the 29th January 2018 and the Governor of Lagos State, Akinwunmi Ambode signed the bill into law on the 8th February, 2018, the law has received varied opinions from the populace.

We have received several calls from stakeholders as custodians of physical assets and managers of properties and facilities in the state. In some quarters, there is even a claim that the bill has risen to over 300 percent compared to the previous bill of 2017.

The Nigerian Institution of Estate Surveyors and Valuers is concerned about this law and has since studied the law, the methods, basis applied and the likely impact to the citizenry.

By the provisions of the law establishing our profession and our professional calling, The Institution has a responsibility to offer professional advice to both Government and the General Public on issues of development and management of land resources. It is in line with this responsibility, we hereby make the following observations after going through the Land Use Charge law:

  1. It is our opinion that the Land Use Charge Law 2018 should be anchored on the basic principles of taxation. This will ensure fairness particularly from the tax payers’ point of view.
  2. The method proposed to arrive at the assessed value is clearly defined in this law and it is the Depreciated Replacement Cost approach to valuation. While this is not the only method applicable, we appreciate that this will suffice.
  3. We are however worried that property values for 2018 have now been adjusted upwards without the valuation. We will appeal to the government to conclude the valuation exercise before adjusting assessment figures based on valuation.
  4. Other areas of concern include Relief Rate (RR), Land Use Charge (LUC) Rate and the Depreciation Rate (DR) to arrive at the Amount Payable for the Land Use Charge.

The Institution would therefore be recommending the following to enhance the engagement with the Lagos State Government on issues concerning the law:

I. Relief Rate:
We recommend an upward review of the Relief Rates to accommodate provision for maintenance cost and other outgoings;

II. Land Use Charge Rate
It must be noted that most of the payers can only pay from the property income, therefore the Charge rate should take cognisance of rental trend which in most locations is either stagnant or going southwards. We will suggest a holistic review of the Charge Rate to take account of the above which speaks to affordability.

III. Depreciation Rate
The rates adopted for depreciation is most inappropriate as this rate could be as high as 40% depending on the age and the repairs state of the property. Depreciation consists of elements of obsolescence and dilapidation.

5.   It was also observed that the rise in the rates has significant cut into the annual rental income which could be generated from some properties. This makes payment of this annual charge (LUC) difficult. This could also lead to increase in rents by landlords to meet up with the tax weight while being a disincentive for new real estate developments. Government should therefore have a mechanism to limit the amount payable within highly reduced percentage of the net annual rental income on assessed property as a benchmark.

6. Finally, for the sake of transparency and best practices, when the valuation is concluded, a Valuation List should be produced and displayed in each LGA for all stakeholders to see. This will reduce perception of arbitrariness and increase compliance. It makes it easier for stakeholders to compare their assessment with that of neighbouring properties.

We have articulated key suggestions and grey areas with contradictory provisions, which we would be recommending to the government when we meet for dialogue.

Ladies and Gentlemen, we are aware of government’s efforts to commence the enumeration exercise in the state. This is a welcome development. Through this process, it would help government obtain the real values of the properties whilst also providing the necessary data on the housing stock in the state. It is our opinion that after that exercise, more people would have been brought into the tax net thereby reducing the tax burden on the few who presently are bearing the major brunt of the taxes, through reduces charges.

Thank you.

ESV Olurogba Orimalade FNIVS, FRICS

Chairman, Lagos State Branch,

The Nigerian Institution of Estate Surveyors and Valuers

Nigerian Institution of Estate Surveyors and Valuers releases Statement on Lagos State Land Use Charge

ENTERTAINMENT

Davido Partners With GAC Motors In Multi-Million Deal

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Davido Partners With GAC Motors In Multi-Million Deal | fab.ng

David Adeleke, who is famously known as Davido, has entered into a new business agreement with GAC Motors, a well-known car company in Nigeria. Davido will now be one of their important representatives, called ambassadors.

This partnership was made official on Monday, July 22. The signing ceremony took place at the main office of GAC Motors in Lagos, Nigeria. This event marks the beginning of a significant relationship between Davido and the car manufacturer.

GAC Motors shared the news of this partnership on their social media accounts. They posted videos showing Davido visiting their office. The company mentioned that working with Davido will help them build a future that uses new, environmentally friendly technology. They specifically mentioned E-mobility, which likely refers to electric vehicles.

 

View this post on Instagram

 

A post shared by GAC MOTOR NIGERIA (@gacmotorngr)

Davido also shared his thoughts about the partnership on his own social media pages. He expressed his happiness about working with GAC Motors. The singer said he is looking forward to moving into the future together with the company. This suggests that Davido is excited about the innovative aspects of the partnership.

This agreement is beneficial for both Davido and GAC Motors.

For Davido, it’s an opportunity to work with a respected car brand. For GAC Motors, having a popular musician like Davido as their ambassador could help them reach more customers.

He wrote, “Happy to partner with @gacmotorngr and drive into the future together. Innovation and luxury at its finest.”

 

View this post on Instagram

 

A post shared by Davido (@davido)

This new partnership between Davido and GAC Motors has a background. Earlier, GAC Motors had given Davido and his wife Chioma a special gift. On their wedding day in Lagos, Nigeria, the company presented them with a GAC M8 2024 Multi-Purpose Vehicle (MPV).

Now, with this official partnership, Davido has a new role. He will work with GAC Motors to help promote their brand. He might appear in advertisements or at events for the company. His job will be to make more people aware of GAC Motors and their products.

Get more updates here.

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MOVIES

Kunle Afolayan Scouts Locations In Ghana For New Season Of Anikulapo series

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Kunle Afolayan on locations in Ghana for Anikulapo season | fab.ng

Renowned Nigerian filmmaker, Kunle Afolayan, is actively searching for suitable locations to bring the next season of his series, “Anikulapo: Rise of the Sceptre,” to life. His vision for the series has expanded beyond Nigeria’s borders. He announced plans to film portions of the show in Ghana back in May 2024.

Afolayan recently shared a series of photographs on social media. He documented his exploration of various locations across the West African country. This strategic move signifies the progressive stages of pre-production as he seeks to capture the perfect backdrop for the series.

A pivotal aspect of this ambitious project involves a partnership with Juliet Yaa Asantewa Asante. She is the influential head of Ghana’s National Film Authority. Her expertise and support are instrumental in facilitating this cross-border production and ensuring its success.

“Ghana is calling on the world to come and shoot in Ghana and capture the very beautiful sceneries and facilities Ghana has in their movies,” Asante wrote in an Instagram post to announce Afolayan’s location scouting days ago.

The first season of “Anikulapo: Rise of the Sceptre” was entirely filmed in Nigeria at a film studio Kunle Afolayan owns.

It was in the KAP Film Village in Igbojaye, Oyo State. This massive production involved a cast and crew of 600 people.

The series continues the 2022 Netflix movie, “Anikulapo.” Anikulapo tells the story of Saro, a mysterious stranger who becomes entangled with Queen Arolake. The movie follows their unusual love story.

The series, released in 2024, picks up after the movie’s events. Saro is brought back to life and continues his mysterious ways, while Arolake becomes wealthy but faces new powerful enemies.

The series features a large and talented cast, including well-known actors like Kunle Remi, Bimbo Ademoye, Sola Sobowale, and many others.

 

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A post shared by Kunle Afolayan (@kunleafo)

Check out more movie updates here.

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NEWS

2013 AFCON Winner, Mikel Obi Opens Up On Recent Surgery

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Mikel Obi opens up on recent surgery | fab.ng

Mikel Obi, a former star player for Chelsea Football Club, has recently shared information about why he had to undergo surgery. The surgery was performed on his hamstring, a group of muscles at the back of the thigh. Mikel, widely regarded as a legend of the Nigerian national team, the Super Eagles, ended his professional football career in 2022.

Since retiring from the sport, Mikel has embarked on a new venture. He has started a podcast called “ObiOne.” There, he discusses various topics related to his life and career. This podcast serves as a platform for him to connect with fans and share his experiences.

Mikel’s football career was notably successful, especially during his time at Chelsea. He played for the London club from 2006 to 2017, a period of 11 years during which he won numerous trophies and accolades. After leaving Chelsea, Mikel moved to China to play for Tianjin Teda.

In the latter part of his career, Mikel played for several other clubs. He had stints at Stoke City in England, Trabzonspor in Turkey, and Middlesbrough back in England. These experiences in different leagues and countries added to his rich football career before he decided to retire.

Regarding his recent surgery, Mikel Obi…

…explained that it was necessary due to a hamstring problem he experienced. This issue arose after he participated in a novelty match, typically a friendly or exhibition game often played for charitable causes or entertainment.

Mikel said on his podcast, “I tore my hamstring, I think it’s old age catching up with me. I was involved in an exhibition game with some celebrities. 

“We woke up in the morning, didn’t warm up, didn’t stretch properly, then we woke up in the morning to go play dodgeball.

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