Nyesom Wike, the minister of the Federal Capital Territory (FCT), says that all individuals holding a certificate of office in Abuja, need to recertify their document to incorporate the recently suggested features.
During a press conference today, Wike said he had stopped signing C-of-Os in his capacity as the minister of the Federal Capital Territory to make sure a security measure—the establishment of NIN (individual) and BVN (corporate body)—was implemented.
In response to inquiries concerning those holding a C-of-O for their real estate, Wike stated that worried parties would only have to pay a certain sum to have their document recertified.
“Everyone with a C-of-O will come for a re-certification so that we can incorporate the NIN or BVN,” the speaker stated.
They are exempt from paying again; the maximum amount an individual must pay is N50,000, while corporate entities must pay N100,000. It not only enhances our revenue generation but also helps with security.
“There are people who own seven properties, so this will identify them so they can pay taxes.”
He also added that the proposed N5 million for C-of-O is different from the annual ground rent.
His words: “The task force proposed N5 million, and the stakeholders said let it be reduced. They asked, ‘If it’s going to be on properties 4-bedroom or 5-bedroom?’, again, you have to understand that the C-of-O is not based on the building but the land. The only difference is the annual ground rent.
“The one with a 2-bedroom property cannot pay the same as the person with a 3-bedroom property,” he added.
