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Ikeja NBA Gives Lagos Seven-day Ultimatum to Reverse Land Use Charge

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  • Ikeja NBA Gives Lagos Seven-day Ultimatum to Reverse Land Use Charge

The Nigerian Bar Association, Ikeja Branch, has given the Lagos State Government a seven-day ultimatum to reverse the recent hike in Land Use Charge.

The Chairman, NBA Ikeja Branch, Mr. Adesina Ogunlana, said in a statement on Wednesday that the association was set to embark on a mass protest tagged: ‘Hell Tax Must Go’ against the new tax regime.

Ogunlana stated that the NBA was strongly opposed to the LUC, which he described as an “excessive and arbitrary tax regime” calculated at turning Lagos State into a “toxic environment and a living hell” for the residents.

He said the association would give Governor Akinwunmi Ambode till next Monday to retrace his steps on the LUC, failing which its members would hit the streets on Tuesday.

According to him, the protest will be the association’s “first phase of critical and constructive response to the decidedly insensitive, provocative, arbitrary and parochial tax agenda programme against the Ambode administration.”

The NBA chairman said, “Few weeks ago, Lagosians woke up to learn about the hyper-inflated rate of the so-called Land Use Charge, which the governor of Lagos State has escalated upwards by 400 per cent.

“Recently, one of our colleagues, who regularly paid the sum of under N140,000 as LUC for an office building, received a demand notice for the LUC; he is now to pay the amount of N2m.

“If these tax rates are allowed, Lagos State will be turned into a toxic environment and a living hell for Lagosians.”

According to Ogunlana, the new LUC will have an adverse effect on all other services and functions in Lagos State as owners of properties and services will automatically transfer other financial burdens to their customers, who will have to bear the burden.

He added, “My view is that the government of Lagos State has lost sync with the difficult and harsh realities of life of the people of Lagos and has taken their support and goodwill for granted. Life will become not only too expensive, but volatile and dangerous.

“The government cannot hide under developing Lagos into a mega smart city to kill Lagosians with exorbitant taxes.”

Meanwhile, residents of the Lekki peninsula have revealed plans to go to the Lagos State Land Use Appeal Tribunal over the new bills being served on them under the re-enacted LUC Law.

The Lekki Estates Residents and Stakeholders Association, a coalition of all residents associations along the Lekki-Epe Axis of the state from the 1004 Estate to Epe, met on Sunday and unanimously resolved that the members would not pay the new charges, which they said were four times higher than what they paid in 2017.

The Chairman, VGC Property Owners and Residents Association, Mr. Olusegun Ladega, said residents found the new charges exorbitant and out of tune with their economic realities.

Ladega, who is also the Vice Chairman, LERSA, told our correspondent that the charges were based on unrealistic and arbitrary valuation of residents’ properties.

He stated that the residents had commenced the process of documentation and had set up a committee to take their case to the Lagos State Land Use Appeal Tribunal.

Ladega explained, “We were served bills on the Land Use Charge that were about four times higher compared with what we paid in 2017 due to the valuation of our properties through a process we know nothing of and consider as unrealistic and arbitrary.

“The figures with which they valued our properties are out of tune with market realities and we do not even know when these properties were valued. How do you value a property without the owner knowing? We have resolved to take our case to the tribunal shortly.”

Ladega noted that residents of the peninsula were being squeezed economically as they also had to pay tolls to get to their houses despite the fact that there was only one way leading into the area.

He called on the Lagos State House of Assembly to make laws that were fair, just and in tune with economic realities.

“They should look at the recently passed law and see if they have acted in the best interest of the citizens,” he advised.

Charges low, won’t cause hardship – LASG

Meanwhile, the Lagos State Government on Wednesday said the Land Use Charge Law of 2018 would not cause hardship, adding that the rates were not high.

Speaking during a press briefing in Alausa, Ikeja, the Commissioner for Information and Strategy, Mr. Kehinde Bamigbetan, said the figures being bandied around were not true, adding that people with high amounts in the demand notices were those who had not paid land charges for several years.

“There have been so many misconceptions and misinformation about the new law. The law is a progressive enactment duly made by the House of Assembly and handed over to the executive for implementation in the overall interest of the people,” he stated.

Shedding more light on the law, the Commissioner for Finance, Mr. Akinyemi Ashade, said it was a merger of all property and land-based rates and charges in the state.

“It is a consolidation of the ground rent, tenement rate and neighbourhood improvement levy. The owners and occupiers holding a lease to a property for 10 years or more are now liable to pay the annual charge,” Ashade stated.

The commissioner said property owners could determine the amount to be paid by multiplying the market value of their properties with the applicable relief rate of 40 per cent and the annual charge rate.

He noted that the minimum rate was only increased from N1,200 it was in 2001 to N5,000.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Lagos Eyes Investment Surge as Sanwo-Olu Unveils Growth Strategy

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Governor Babajide Sanwo-Olu of Lagos State is spearheading a bold push to attract significant investment inflow to boost the state’s economic growth.

During a Pre-Summit Investor Roundtable at the Africa Social Impact Summit (ASIS 3.0), held at Eko Hotels and Suites, the governor outlined strategic opportunities for investors.

With the theme “Invest Lagos – Investment Opportunities,” the summit was organized by the Sterling One Foundation in collaboration with the Ministry of Commerce, Cooperatives, Trade, and Investment.

Attended by business leaders, chambers of commerce, and industry captains, the event underscored Lagos’ potential as a hub for economic activity.

Sanwo-Olu highlighted Lagos’ positive economic outlook, citing an expanding population and sustainable infrastructure as key growth drivers.

Despite challenging business environments, the state’s economy has shown resilience, welcoming new investments while sustaining existing ones.

The governor emphasized reforms aimed at improving the ease of doing business. He mentioned that digitizing services had reduced bureaucratic hurdles, fostering a stable business climate.

Sanwo-Olu assured potential investors of the state’s commitment to creating a supportive environment that ensures returns and security for investments.

“In the last five years, Lagos’ GDP has grown by 50 percent,” Sanwo-Olu stated. “We aim to sustain this growth and ensure the gains of the past years are not reversed.”

Sanwo-Olu identified sectors ripe for investment, including transportation, tourism, health insurance, and waterways. He expressed the government’s dedication to advancing development plans in these areas.

Commissioner for Commerce, Cooperatives, Trade, and Investment, Mrs. Folashade Ambrose-Medebem, highlighted Lagos’ economic strides, noting that the state’s GDP had increased from N27 trillion to N41 trillion in five years.

She detailed strategic investments, particularly the allocation of N550.7 billion for infrastructure in 2024, and the commitment of N44.33 billion to food security initiatives.

Sterling Bank’s Managing Director, Mr. Abubakar Suleiman, pointed out that economic growth in Africa is often hindered by an unstable investment climate.

The summit aimed to build investor confidence by fostering trust and transparency in business environments.

“Lagos remains a leading destination for investors,” Suleiman noted. “The state provides clarity and access to markets, maintaining consistency in its investment strategies.”

Sanwo-Olu’s administration continues to focus on diversifying Lagos’ economy through strategic investments in various sectors.

The state’s proactive approach has positioned it as a global city and an emerging African financial center.

The governor’s initiative is expected to further solidify Lagos’ reputation as a prime investment destination, paving the way for sustained economic growth and development.

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Vice-President Harris Gathers Momentum as Democratic Nominee

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Vice-President Kamala Harris has secured the support needed to become the Democratic nominee for president.

This was after President Joe Biden announced he would not seek re-election, endorsing Harris as his successor.

According to CBS News, Harris has received endorsements from over 1,976 delegates, surpassing the threshold needed to clinch the nomination in the first round of voting at the Democratic National Convention (DNC) scheduled for August.

Delegations from at least 27 states have expressed full support, showcasing a strong backing across the nation.

In her address to campaign staff in Wilmington, Delaware, Harris expressed gratitude for the widespread support, adding that she committed to uniting the party and the country.

“We have 106 days until Election Day, and in that time, we have some hard work to do,” she stated.

Harris laid out her vision for America, contrasting it with that of her likely opponent, Donald Trump.

Speaking on the direction of the campaign thus far, she said “Our campaign has always been about two different versions of what we see as the future of our country. One focuses on the future, the other focuses on the past.”

She acknowledged the accomplishments of the Biden administration, highlighting her pride in serving as vice-president.

“My time serving as vice-president was one of the greatest honors of my life,” Harris said, underscoring her dedication to continuing the work they started.

In a phone call to his campaign team, Biden praised Harris, urging his supporters to rally behind her. “I’m hoping you’ll give every bit of your heart and soul that you gave to me to Kamala,” he said.

Despite stepping back from the race, Biden vowed to remain actively involved in supporting Harris and emphasized the importance of defeating Trump, calling him “a danger to this nation.”

Harris’s nomination marks a significant milestone, but challenges remain. The campaign will focus on addressing key issues such as healthcare, climate change, and economic inequality.

With millions of dollars pouring into her campaign since Biden’s announcement, Harris aims to capitalize on the momentum and build a coalition that appeals to a broad spectrum of voters.

As the DNC approaches, Harris is expected to formally accept the nomination, solidifying her position as the Democratic leader.

The coming months will be crucial as she works to unite the party and reach out to undecided voters. With her historic nomination, Harris stands poised to make a lasting impact on the future of American politics.

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President Declines Nomination, Endorses Harris for 2024

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In a significant political announcement on his X.com account, President Joe Biden has decided to forgo the opportunity to seek re-election in 2024, instead throwing his full support behind Vice President Kamala Harris.

The surprise move, shared with the public this morning, represents a pivotal moment in the Democratic Party’s journey toward the upcoming presidential election.

In his statement, Biden said that his choice to step aside is driven by a desire to concentrate on his remaining duties as President.

He expressed gratitude for the opportunity to serve alongside Harris, calling her selection as his Vice President in 2020 “the best decision” he has made. “My fellow Democrats,” Biden began, “I have decided not to accept the nomination and to focus all my energies on my duties as President for the remainder of my term.”

The President’s announcement signifies a strategic shift in the 2024 election landscape. By endorsing Kamala Harris, Biden not only aims to consolidate support within the party but also to set the stage for a unified front against former President Donald Trump.

“Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year,” Biden declared. “Democrats — it’s time to come together and beat Trump. Let’s do this.”

This endorsement comes as a surprise to many, given Biden’s earlier commitment to seeking re-election.

However, it reflects a broader strategic maneuver to ensure party unity and strengthen the Democratic position in the face of a formidable opponent. By focusing on Harris, Biden aims to leverage her growing popularity and political acumen to fortify the party’s chances in the upcoming election.

Kamala Harris, who has served as Vice President since January 2021, will now be thrust into the spotlight as the presumptive Democratic nominee.

Her campaign is expected to build on the legacy of the current administration while addressing key issues facing the nation.

The move also raises the stakes for the Republicans, who will need to prepare for a robust campaign from a seasoned political leader in Harris.

As the 2024 election cycle ramps up, Biden’s endorsement is likely to reshape the dynamics of the race, influencing both Democratic strategies and Republican responses.

The coming months will be critical as Harris and her team work to solidify their platform and rally support from voters across the nation.

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