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This demand notice is an example of why Lagosians are livid with the LUC

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LUC Protest

Property owners are still livid the with Land Use Charge act as more people start to receive their demand notices. We have also seen an increase in the dissemination of copies of demand notices shared by property owners in protest to what critics have considered as excessive.

Here is an example of a demand notice that was widely circulated on social media. This one got some members of the Nairametrics team really flustered. See below;

Land Use Charge Demand Notice

Land Use Charge Demand Notice

Here a few observations from this Demand Notice

  • The house is located in Omole Estate, a Residential Estate in Ikeja.
  • The State Government Valued this house at N588 million, an astronomical amount for a property located on the outskirts of Ikeja.
  • The demand notice did not include the size of the land, which may have provided an insight into how the value was determined.
  • The property was valued as a commercial one despite being in a residential neighborhood. Most Nigerians convert residential properties to offices to earn higher rental yields.
  • They charged an astonishing N4.47 million, surely far higher than the rental value of this type of property in this location.
  • They also added a default charge of 125%, 150% and 200% for every successive month that the bill remains unpaid. A 3 months delay moves the charge from N4.47 million to N8.95 million.

Reactions continue

On Tuesday, property owners staged a protest in Ikeja, the capital of Lagos State. Members of the Ikeja branch of the Nigerian Bar Association, Manufacturers Association of Nigeria, NECA among others have all issued publications against the controversial law.

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The vitriol against this law is pervasive as officials of the State Government hop from one radio station to another in a bid to quell the backlash. From what we have come to understand, the resentment shown against this law is mostly attributed to the high increase in demand notices received by property owners in Lagos.

Lagos State, on the other hand, is bent on allowing this law to succeed and is hoping that some of the outrage being displayed by property owners drown out as more issues engulf the news cycle as we have seen many times in the past.

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

1 Comment

1 Comment

  1. Ibrahim Hammed

    March 14, 2018 at 7:50 am

    How valid is this document with “Date of Notice” reading 30 March, 2018?

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Companies

Neimeth Pharmaceuticals to raise N5 billion in additional equity

The Board of Neimeth is set to raise N5 billion additional equity upon the approval by shareholders of the company at the AGM.

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Neimeth Pharmaceuticals
The Board of Directors of Neimeth Pharmaceuticals has revealed plans to raise N5 billion in additional equity upon approval by shareholders of the company.
The information was contained in a press release published on the NSE and signed by the Company Secretary, Mrs. Florence Onhenekwe.

The disclosure is part of the resolutions reached at the Board of Directors meeting of 15th January 2021. At the end of the meeting, it was resolved that the company would raise additional equity to the tune of N5 billion.

In line with this development, a board resolution proposing to raise equity will be presented at the Annual General Meeting of the Company scheduled to hold on 9th March 2021.

What you should know

  • The Board of the Company is yet to disclose if the additional equity would be a rights issue or a private placement, as the details of the additional N5 billion equity set to be raised are yet to be finalized.
  • The fund will help the company’s management to execute key strategies that will reposition the company as a leader in the healthcare industry, with the hope to deliver better returns on investment to shareholders.
  • The additional equity financing will also increase Neimeth’s outstanding shares, which will dilute earnings and impact the Company’s stock value for existing shareholders.
  • The move has the potential to trigger a sell-off of the company shares on the Nigerian Stock Exchange.

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Appointments

Buhari appoints Abubakar Nuhu Fikpo as Acting DG of National Directorate of Employment

President Buhari has appointed Abubakar Nuhu Fikpo as the Acting DG of the National Directorate of Employment.

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Buhari sacks DG National Directorate of Employment, Nasiru Argungu

President Muhammadu Buhari has announced the appointment of Abubakar Nuhu Fikpo as the Acting Director-General of the National Directorate of Employment.

This was disclosed by media aide to the Presidency, Garba Shehu, in a social media statement on Monday.

He said:

  • President Muhammadu Buhari has formally conveyed to the Hon. Minister of State, Labour and Employment, Festus Keyamo, SAN, his approval of the nomination of Mallam Abubakar Nuhu Fikpo, as the Acting Director-General of the National Directorate of Employment, pending the appointment of a substantive Director-General for the Agency.
  • Last month, the President relieved the former DG of his appointment, and directed the Minister to nominate an Acting DG to superintend over the Agency, pending the appointment of a substantive DG.

What you should know 

  • The Federal Government through the National Directorate of Employment (NDE) formally kick-started the Special Public Works (SPW) programme, which was designed to create 774,000 jobs across the nation, with the inauguration of the State Selection Committees in 2020.
  • Nairametrics reported last month that President Muhammadu Buhari approved the sack of Dr Nasiru Mohammed Ladan Argungu as the Director-General of the National Directorate of Employment (NDE) with effect from December 7, 2020.
  • The Presidency did not give any specific reason for the sack.

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Coronavirus

Covid-19: WHO warns the world faces catastrophic moral failure due to vaccine nationalism

The WHO has said that the prospects of equitable distribution of COVID-19 vaccines were at serious risk.

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Dr Tedros Adhanom, Head of the World health organization (WHO), COVID-19

The World Health Organization (WHO) said the world is on the brink of a catastrophic moral failure due to the fear of Covid-19 vaccine nationalism by the wealthy countries, while the poor countries are left behind.

This is as the UN health agency revealed that the prospects of equitable distribution of the vaccines were at serious risk just as its COVAX vaccine-sharing scheme plans to start distributing inoculations in February.

According to a report from Reuters, this disclosure was made by the Director-General of the WHO, Tedros Adhanom Ghebreyrsus, at the opening of the body’s Annual Executive Board virtual meeting.

He pointed out that 44 bilateral deals were signed last year and at least 12 have already been signed this year.

What the WHO Director-General is saying

Tedros warned against vaccine nationalism to avoid making the same mistake during the HIN1 and HIV pandemic.

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The WHO boss in his statement said,

  • This could delay COVAX deliveries and create exactly the scenario COVAX was designed to avoid with hoarding, a chaotic market, an uncoordinated response and continued social and economic disruption. Such a ‘me-first approach’ left the world’s poorest and most vulnerable at risk.
  • “Ultimately, these actions will only prolong the pandemic, countries should avoid making the same mistakes made during the H1N1 and HIV pandemics.’

He expressed his reservations over the ‘me-first’ attitude of the rich countries and the vaccine manufacturers who prioritize going for regulatory approval in wealthy countries rather than submitting their data to WHO for approval of the vaccines for use globally.

The global scramble for shots has intensified, as more infectious virus variants circulate.

Tedros said more than 39 million vaccine doses had been administered in 49 higher-income countries, whereas just 25 doses had been given in one poor country.

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Observers say this board meeting, which lasts until next Tuesday, is one of the most important in the U.N. health agency’s more than 70-year history, and could shape its role in global health long after the pandemic ends.

What you should know

  • The WHO and health experts had severally warned against nationalism as a serious threat to the fight against the coronavirus pandemic.
  • They had called for an equitable distribution of the Covid-19 vaccine amongst all countries globally, as the wealthy nations will still be at risk of the pandemic if the poor countries are still battling with the disease.

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