Contrary to reports being circulated that Nigeria’s leading commercial bank, Access Bank PLC is owing the Federal Capital Territory Administration ( FCTA) , it was exclusively gathered on Tuesday that the bank has reportedly paid its ground rent long before the sealing of properties accros the Federal Capital Territory.
On Monday , a branch of the Bank in Abuja was reportedly sealed by officials of the Federal Capital Territory Administration (FCTA) , as part of a sweeping enforcement exercise targeting 4,794 properties revoked for non-payment of ground rent, some spanning 10 to 43 years.
According to a source within the FCTA, though the property occupied by Access Bank is officially allocated to Rana Tahir Furniture Nigeria Limited, not the bank directly, the bank has reportedly paid its dues, and the Access Bank branch located in Zone 6, Wuse, Abuja, is open for business.
This development comes as President Bola Ahmed Tinubu intervened in the mass revocation, granting a 14-day grace period for affected property owners to settle their outstanding ground rents along with associated penalties.
According to Chijioke Nwankwoeze, Director of Land Administration, FCT, penalties range from N5 million in the Central Area, N3 million in Maitama, Asokoro, Wuse II, and Guzape, to N2 million in Wuse I, Garki I, and Garki II — all in addition to the owed rent.
Furthermore, the Minister of the FCT, Barrister Nyesom Wike, also granted a two-week window for all property holders to pay up their Right of Occupancy (R-of-O) or Certificate of Occupancy (C-of-O) charges or risk revocation of their titles.
The temporary sealing of the Access Bank branch sparked speculation across social media, with many assuming the bank was among the defaulters. However, findings indicate that the branch is not directly liable, as the property is registered under a third party. The bank remains open for business, and there is no indication that Access Bank is owing the FCTA. The clarification was provided by FCTA sources, who asked not to be named due to sensitivity around the matter
Credit: Event Diary
