Nyesom Wike C-of-Os Signed Since Tinubu: 26,272 Documents Issued

• FCT Minister Nyesom Wike has signed 26,272 Certificates of Occupancy since President Bola Tinubu assumed office.
• The number of C-of-Os signed surpasses the previous record of 8,697 set between 2010 and 2023.
• The FCT Administration has streamlined the process for issuing C-of-Os, including automated notifications to inform allottees when their documents are ready for collection.
• 2,521 Consents to Assign and 177 Consents to Mortgage were issued during the first three years of the Tinubu administration.

The FCT Administration has streamlined the process for issuing C-of-Os, including automated notifications to inform allottees when their documents are ready for collection.

In a significant milestone for property transactions in the Federal Capital Territory (FCT), FCT Minister Nyesom Wike has signed an unprecedented number of Certificates of Occupancy (C-of-Os) since President Bola Tinubu assumed office. According to official figures, Wike has signed 26,272 C-of-Os, surpassing the previous record of 8,697 set between 2010 and 2023. This achievement is a testament to the renewed focus on ease of doing business in the FCT under the Tinubu administration's Renewed Hope Agenda.

The surge in C-of-O signings has been accompanied by significant improvements in the process for issuing these documents. The FCT Administration has introduced an automated notification system, which informs allottees when their documents are ready for collection. This streamlined process has reduced delays and enabled landowners to access funding more easily. In fact, many beneficiaries of the signed C-of-Os have received their land allocations over 10 years ago.

The implications of this development are far-reaching. With a C-of-O serving as collateral for commercial loans, mortgages, and business expansion, the increased availability of these documents is expected to boost access to funding for small and medium-sized businesses in the FCT.

The surge in C-of-O signings under Wike's tenure has also led to a significant increase in Consents to Assign and Mortgage granted by the FCT Administration. According to official figures, 2,521 Consents to Assign and 177 Consents to Mortgage were issued during the first three years of the Tinubu administration. This compares favorably with previous administrations, where 753 Consents to Assign and 180 Consents to Mortgage were granted under President Jonathan's administration, and 684 Consents to Assign and 164 Consents to Mortgage under President Buhari.

A Consent to Assign is required for the transfer of an interest in a property, while a Consent to Mortgage is necessary before a property can be used as collateral for a loan. The increased availability of these consents is expected to facilitate business financing in the FCT and improve access to property documentation.

The implications of this development are far-reaching, with significant benefits for businesses and individuals operating in the FCT. With reduced delays and increased access to funding, small and medium-sized businesses can now expand their operations more easily. Furthermore, the streamlined process for issuing C-of-Os has improved the overall business environment in the FCT, making it an attractive destination for investors.

Lawyers advising clients on property transactions in the FCT should take note of these developments and be aware of the increased Consents to Assign and Mortgage granted under the Tinubu administration. By understanding the implications of these changes, they can better advise their clients and navigate the complex landscape of property transactions in the FCT.

Lawyers advising clients on property transactions in the FCT should note that the streamlined process for issuing Certificates of Occupancy, including automated notifications, may reduce delays and facilitate access to funding. They should also be aware of the increased Consents to Assign and Mortgage granted under the Tinubu administration.

Source: Original reporting via The PUNCH