Tinubu Grants 14-Day Grace Period to FCT Ground Rent Defaulters Amid Property Revocations
Story by GeokHub2 min read
Tinubu Grants 14-Day Grace Period to FCT Ground Rent Defaulters Amid Property Revocations
President Bola Ahmed Tinubu has intervened in the ongoing enforcement actions against property owners in the Federal Capital Territory (FCT) who have defaulted on ground rent payments. This intervention comes after the FCT Administration (FCTA) initiated the revocation and sealing of 4,794 properties due to unpaid ground rents spanning 10 to 43 years.
In response to the widespread enforcement, President Tinubu has granted a 14-day grace period for affected property holders to settle their outstanding ground rents along with associated penalties. The penalties are structured based on property locations:
Central Area: N5 million penalty in addition to the owed ground rent.
Maitama, Asokoro, Wuse II, Guzape: N3 million penalty plus outstanding ground rent.
Wuse I, Garki I, Garki II: N2 million penalty alongside the owed ground rent.
Additionally, individuals who have purchased properties without registering their interests by obtaining the mandatory Minister’s Consent and registering their Deeds of Assignment are required to do so within the same 14-day period at the FCT Department of Land Administration.
FCT Minister Nyesom Wike emphasized that failure to comply within the stipulated timeframe would result in the revocation of property titles. He urged all property owners to ensure timely payment of all necessary bills and charges to enable the government to continue developmental projects for the benefit of the populace.
This development follows the sealing of several high-profile properties, including the national secretariat of the Peoples Democratic Party (PDP), Access Bank, Total Energy, and the Federal Inland Revenue Service (FIRS) offices, due to prolonged non-payment of ground rents. The FCTA has stated that these enforcement actions are part of efforts to reclaim over N6 billion in unpaid ground rents.
President Tinubu's intervention aims to provide a window for defaulters to regularize their property documentation and financial obligations, thereby averting the loss of property rights and supporting the FCTA's revenue generation for infrastructural development.
