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This is how big companies like Landwey, Pwan, Veritasi, Revolution Plus and other companies get bulk land in Ibeju Lekki and Epe.
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.
This is a method called sponsorship.
There are three kinds of sponsorships;
In turn they offer you plots as compensation commensurate to the volume of land you do work on.
The Steps of Sponsorship Explained
Entry fee (owo iwoko): usually negotiable, this is the sum you give to the family to register your interest. Formerly between NGN 1million -NGN5million; but as Real estate developers have been coming in droves, it is now anywhere between NGN15million- NGN19million. But it is negotiable.
Clearing Sponsorship: In this sponsorship you offer to clear the land for the family and they in turn would offer you a plot/s as reward. Last client we worked with in Ibeju Agbe got 105 plots out of 105acres. The deal was 1 plot per acre cleared.
Road making Sponsorship: This sponsorship involves constructing an accessible road from the land to the nearest expressway through a particular path in the community. Also depending on the negotiation, they may offer you a plot for each acre or total volume of the said land in question.
Land reclaimation sponsorship: For property seating on wetlands, swampy land, land close to the lagoon or atlantic, this sponsorship involves offering to sandfill or reclaim part of the land for the family and getting an offer based on the total volume of land.
Survey/Documentation Sponsorship: In this sponsorship, you offer to survey and register the survey plan for the family per the whole volume of land. After which you can help process/ratify and facilitate the land documentation at the registry. This is in the case that the land in undocumented or not properly documented.
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. When you work with us, you will take the coordinates from the land and confirm for the survey search and also confirm for the title.
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.