Land Sponsorship Opportunity in Ibeju Lekki

Ancestral land owners (also called omo ni ‘ile) with bulk amount of land usually don’t have money to develop so every now and then when they want to raise money for themselves, they partner with developers and sponsors to develop and sell their land.

Due diligence

Because of Lagos has a history of different failed Real Estate projects and scams, adequate due diligence from the land registry in Alausa needs to be done before considering this investment to ensure there are no encumberances encountered along the way.

Case Study: Sponsorship Opportunity at Ibeju Agbe - February 2022

Aproximately 105 acres( An acre is 6 plots, that’s 105 x 6=630 plots) of land available in Ibeju-Lekki Town Along the Lekki-Epe Corridor, with good proximity to the Expressway.

The Sponsorship Details

1st part of the Sponsorship:

Between the family

Owoiwoko(Family Entry fee):- ₦18 million(Negotiable) What the sponsorship entails:

• Family entry fee: ₦18m (negotiable)

2nd Part of the sponsorship:

Development

• Land clearing and Road making Sponsorship - ₦18m-₦24m Facilitators reward:10% of Owoiwoko and 10% of the land. (Agent Compensation)

The Benefit

The Sponsor/Sponsors stand to gain 1½ plot per acre(which can be negotiated to 2 plots per acre)*

Let me break it down:

1.) If 1½ plot per acre is agreed the total land available to the sponsor is 157½ plots. If we remove facilitators’ 10% from 157½ plots, 141 plots would remain for the sponsor.

2.) If 2 plots per acre is agreed, total land available will be 210 plots. Facilitators 10% will be 21 plots, 189 plots would remain for the sponsor.

NB: Land value in this area ranges from ₦2.5m - ₦5m.

₦2.5m= Family’s price ₦5m+ = Developers’ price

If you were buying such number of plots directly from the family or developer in the primary or secondary market, it would cost at ₦2.5m per plot for 141 plots.

The Opportunity

The land given to the sponsor is a recompense for helping with clearing and entering, survey, registration and proper documentation.

This is a well detailed legal process that would entail a transfer of documents to the parties involved.

Sale of the Land

We can help facilitate sales once all initial conditions are met and payments made.

1.) At the agreed number of 1½ plots per acre:

a.) We sell at ₦2.5m(Family price) × 141plots = ₦352,500,000million naira. We need to sell only about 10-15plots in a whole year to break even and you start making a profit off the other 131-126 plots ( a full estate)

b.) We sell at neighboring estate standard which starts at ₦5m × 141= ₦705,000,000million naira. We need to sell only about 5-10 plots in a year to break even after which you start making profit off the other 136-131 plots (a full estate).

2.) At an agreed number of 2 plots per acre:

a.) We sell at ₦2.5m(Family price) × 189plots = ₦472.5million naira

b.) We sell at neighboring estates’ standard estate price for 5m × 189plots = N945million naira.

Land title:- Village excision/ Gazette. This is arguable one of the safest land titles, properly documented and recorded excision in the Lagos State gazette records.

Breakdown of Second Part of the Sponsorship

This would entail clearing the land and paving the road.

COST FOR CLEARING THE LAND: ₦8.4m

(Price might vary due to Nigerian economy at the time of project commencement).

COST FOR PAVING THE ROAD: Road filling with three culverts

(1) 3 China trucks of granite- ₦750k (2) Shape sand 3 trucks - ₦195,000 (3) 300 trips of filling sand x ₦60k - ₦18,000,000 (4) 400 bags of cement x ₦4,000 - ₦1,600,000 (5) 2 tons of 16mm iron rod ₦884,000 (6) plank 150pcs × ₦2,000 - ₦300,000 300pcs of 2by4 x ₦550 - ₦165,000 (7) Nail - ₦150,000 (8) Labour: Carpenter ₦100,000 Iron bender ₦100,000 Labour (aboki) 25boys for 2 day =50 × ₦6,000 - ₦300,000 (9) Miscellaneous - ₦120,000 (10) Engineer’s Workmanship - ₦1.5m

GRAND TOTAL = ₦24.2m

COST FOR THE ROAD without culverts

300 trips of filling sand @ 65,000/trip - ₦18m Grand Total.

Why should you be interested in this location?

1.) It’s close to the free trade zone which has already attracted investments in billions of dollars and counting. A home to industrialization and expats. 2.) Proximity to the Lekki epe expressway main road a long stretch of road that links Mainland, island and Epe. 3.) Proximity to Alarocity, the main residential hub of the Free trade zone. 4.) Proximity to the proposed Lekki International airport. The only airport in the Lagos island, to cost $450m and process 5m passengers annually. 5.)The main road that leads to the estate is being expanded to a 3/6 lane road. If you are interested in the first phase is to contact us, request relevant details/documents and start your due diligence. Involve an independent 3rd party agency to verify the title and survey of the land and it’s connection to the family. After which we can proceed to an agreement.

This is actually how Lagos developers become billionaires in a few years. Through sponsorship and JV deals like this. With a massive amount of realtors at their disposal and lucrative incentives and the fact that this project is in a strategic location - the estate would sell itself in one year! Most of the big developers started from Ibeju Lekki; Landwey, Landmark, Veritasi homes, Pwan. Now they have many estates in high brow areas of Lekki. Key into this opportunity. As an investor you have both legal protection and extensive experience on site to secure your investment. $50,000-$100,000 would not even get you a plot in Lekki phase one, but it can get you an estate in Ibeju Lekki that would bring constant cash flow for the rest of your life!

If you are interested in a sponsorship opportunity in Ibeju Lekki or Epe or for more clarification on sponsorships, Click to Call us, or Send a Whatsapp message, or Email us