MEMORIES PREMIER PROPERTIES

The promulgation the Land Use Decree (later the Land Use Act) in 1978 brought about the vesting of exclusive powers over land within the territory of any given State in the Governor of the State. The effect was that radical ownership of land was vested in the Governor and private persons were only entitled to a leasehold interest through a right of occupancy. The Act further requires that the consent of the Governor has to be obtained prior to any method of alienation or assignment of property by the holder of a right of occupancy. The effect of this was that any assignment of interests or mortgages required the consent of the Governor to be legally enforceable. Whether there was coercion or not, the law under section 22(2) of the Land use Act recognizes cases where some form of written agreement executed in evidence of a transaction is submitted to the Governor in order to obtain consent as required by the section. Therefore, for a transaction of this nature to be valid,...

 Gideon was a professional driver attached to professor Ajala of the department of Linguistics and literary studies at the University of Lagos. He learned very early in life from his father the importance of investing in real estate via land banking!  Even though he was placed on the basic minimum salary as a federal worker when he started then, he however committed himself to investing 40% of his basic salary into land banking . This he did religiously for many years while he continues to live in a one - bedroom apartment with his wife and two children at the outskirt of Lagos !  On the other hand, his boss was living in one of the apartments in UNILAG staff quarters! After 35 years of meritorious service in UNILAG, Professor Ajala was retired and he had no where else to go ! In the past- all the advice from friends and families to invest in real estate fell on deaf ears !  His complains then was :  "That place is too far!"  "It is waterlogged"  "It i...