Connect with us

Travel

Foreign Embassies Given Two Weeks to Settle $5.36M in Ground Rents

Published

on

The Nigerian Government has issued a firm ultimatum to 43 foreign embassies and diplomatic houses in Abuja, the nation’s capital, demanding the settlement of outstanding ground rents totaling $5.36 million within two weeks.

In an official advertorial published by the Federal Capital Territory Administration in the Newspaper, the government emphasized the urgency of the matter.

Failure to comply within the stipulated period could result in the revocation of the rent titles held by the diplomatic entities.

The notice serves as a final warning to embassies, including prominent ones like the British High Commission, South African High Commission, Royal Embassy of Saudi Arabia, and the Embassy of Japan, among others.

These embassies and diplomatic entities have been identified as defaulters in the payment of their ground rents.

This directive underscores the Nigerian government’s commitment to ensuring compliance with legal obligations and financial commitments within its jurisdiction, regardless of the status of the entities involved.

The ultimatum is reminiscent of a similar notice issued last September to organizations in Abuja, emphasizing the importance of timely payment of annual rents.

The consequence of non-compliance, as stated in the notice, is the potential revocation of land titles.

The deadline creates a sense of urgency among the affected diplomatic missions, as failure to meet the payment deadline could lead to diplomatic tensions and logistical challenges for the embassies involved.

As the clock ticks, attention is focused on how these foreign embassies will respond to the Nigerian government’s ultimatum and whether they will meet the financial obligations within the stipulated timeframe.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Sign up for our  Daily newsletter

We’ll be in your inbox every morning Monday-Saturday with all the day’s top business news, inspiring stories, best advice and reporting from Entrepreneur, To share your newsletter use this email: entrepreneuredition@gmail.com

Advertisement
Advertisement
Advertisement