Sponsored survey in a virgin land:
This is a process whereby Traditional Family owners of Land (Omoniles) who do not have the financial resources to map out their territorial boundaries to carve out their own portion of land given to them by their forefathers or descendants seek out people who have the monetary or financial muscle to assist them in sponsoring the cost of surveying the whole land that the Traditional Families claim to own and in exchange for that Sponsorship, a certain portion of the lands sponsored will be given to that sponsor to do as he or she pleases.
The sponsor plays a big role in promoting the status of community and is very well compensated for all his troubles. It is a very popular way Land buyers own multitude of lands in Lagos and Ogun but it comes with a catch and below are some of the pros and cons of sponsoring a Survey Plan if you decide to Venture into it in the nearest future.
HOW IT WORKS
A Community member or Agent sources out a venture capitalist or a land Speculator who is looking for lands to invest in and tells him of a large expanse of untapped land usually hidden somewhere in the depths of Badagry, Ibeju Lekki, Ikorodu, Mowe etc and convinces him that the Owners of the Land are ready to sell their lands to prospective buyers but they lack the resources to do it.
The Venture Capitalist now becomes very curious and would love to see the lands he is being buttered up to invest in and the Agent or Community member would now give him a tour of a (SMALL PORTION*) of the proposed land to be sponsored to convince him it is real. The Venture capitalist would now demand to see the authority figure in that community to ascertain more facts and he is usually taken to the Head or Baale of the Community who convinces him to come into their community by investing in the sponsorship of the land and reap the rewards in future.
The Venture capitalist now convinced about the financial riches he is about to reap from the sponsorship of that community land now demands for a ball park figure of the total costs of sponsoring the survey and who should be the surveyor that should be hired. In some instances the Community already has its own standby Surveyor who is ready to do it for him at a fixed cost or the Venture Capitalist is entitled to bring his own.
The Surveyor now does a quick estimate of Surveying a particular plot of Land depending on the area the land is located and bills him per plot. So if it costs N100,000 to survey a particular plot and there are supposedly 500 plots in that community, the Venture capitalist is to Pay N100,000 X 500 Plots which is equivalent to N50Million Naira. In some situations the Surveyor tries to discount the cost of estimating it per plot but charges per Acre. (AN ACRE HERE IS 6 PLOTS)*
In return for Sponsoring the Survey of the whole 500 plots*, An agreement will be drawn out between the Community Members and the Sponsor to state that for every 6 plots surveyed via the Sponsors Funds, he would be entitled to one plot of land which could end up being 83 plots of land that would be handed over to the Sponsor for his own personal use to do what he chooses to with it and it is at this Juncture, the Venture capitalist will now look at the funds at his disposal and decide on the number of plots or acres he intends to sponsor so that it matches his pocket and desire.
Examples of the type of people who love to sponsor Virgin lands include Surveyors, Lawyers, Captains of Industries, Civil Servants that are looking for side businesses to invest in and general land speculators ready to buy now to sell later; but this Land Sponsorship has its own peculiar dos and don’ts that a prospective Venture Capitalist should know before they venture into it.