FCT: Wike signs 26,272 Certificates of Occupancy under Tinubu
The Federal Capital Territory (FCT) Administration has issued 26,272 Certificates of Occupancy (C-of-O) since President Bola Ahmed Tinubu took office, according to FCT Minister Nyesom Wike. This number reflects an increase of 17,575 compared to the 8,697 certificates signed from 2010 to 2023.
The information was provided in a statement on Sunday by Lere Olayinka, the Senior Special Assistant to the FCT Minister on Public Communications and Social Media. He noted that during the five-and-a-half-year presidency of Goodluck Jonathan, 5,500 Certificates of Occupancy were issued, while the administration of Muhammadu Buhari produced 3,197 certificates over an eight-year period.
Olayinka highlighted the significance of the Certificates of Occupancy for business owners, stating that these documents can be used as collateral for commercial loans, mortgages, and business expansions. He remarked that the inability of property owners to secure these certificates has restricted access to funding, particularly affecting small and medium-sized enterprises.
To improve the process, the FCT Administration has streamlined operations, enabling land allottees to obtain their Certificates of Occupancy within two weeks after completing required payments. Olayinka also mentioned the introduction of an automated notification system to inform land allottees when their documents are ready for collection. He attributed previous delays to inefficiencies that discouraged some property owners from completing their payments.
Additionally, the FCT Administration has granted 2,521 Consents to Assign and 177 Consents to Mortgage during the first three years of President Tinubu’s administration. This is a notable increase compared to the 753 Consents to Assign and 180 Consents to Mortgage issued during the Jonathan administration and the 684 Consents to Assign and 164 Consents to Mortgage under the Buhari administration.
A Consent to Assign is a legal approval necessary for transferring ownership interests in a property, while a Consent to Mortgage is required to use property as collateral for loans.
