OYO TO ISSUE C OF O WITHIN 90 DAYS
In a bid to attract real estate investors and boost housing development, the Oyo State government is set to issue Certificate of Occupancy (C of O) to applicants in the state within 90 days.
Commissioner for Lands, Housing and Survey, Isaac Ajiboye Omodewu, who disclosed this at a press briefing on the activities of his ministry, in Ibadan, said Governor Abiola Ajimobi gave the directive to encourage private sector participation in housing development. In addition, he said, application for mortgage is set for two weeks; sublease, two weeks; Deed of Assignment, one week and Registration Deeds, two weeks.
'The state government has decided to remove the encumbrances associated with the issuance of C of O,' he said, adding that the move was aimed to generate more revenue, and ensure that local and foreign investors willing to invest in the state have easy access to land.
Omodewu reminded holders of statutory Right of Occupancies of private and state lands not to renege on agreement reached with the state government, by paying their annual ground rents promptly. He warned that failure to comply will attract imposition of penalties or instituting legal action against defaulters, adding that it may also lead to sealing off premises.
'The holders of Statutory Right of Occupancy on state lands, especially on Kolapo Ishola GRA, should develop their properties to habitable condition within two years or have their interests revoked,' he stated.
In a related development, the commissioner disclosed that the state government and a private developer, KFS Consulting, have sealed a public private partnership (PPP) arrangement to build 624 housing units at Km 22 Estate, Iwo Road, in Ibadan, the state capital.