RE-ALLOCATION POLICY

We are committed to maintaining transparent and organized property ownership records. The following policy outlines the procedures for regularizing third-party ownership of sold properties and addressing cases of misplaced allocation documents.

1. RE-ALLOCATION OF SOLD PROPERTY

In cases where a primary allottee has sold a property to a third party (secondary buyer), the following documentation and procedures are required to regularize ownership with AIBEN:

Required Documents:

Notification Letter: A formal letter from the primary allottee notifying AIBEN of the sale.

Original Allocation Letter: The original allocation document issued to the primary allottee must be returned for official filing.

Proof of Transaction: Copies of all legal documents detailing the sale, such as; Sales Agreement, Deed of Assignment and Power of Attorney (if applicable)

Application Form: The secondary buyer must complete an Interest/Application Form at a non-refundable fee of ₦20,000, and provide: A recent passport photograph, Valid ID Card,CAC Certificate (for corporate buyers)

Re-Allocation Fees:

For properties valued above ₦50,000,000, a 1% re-allocation fee is payable to AIBEN.

For properties below ₦50,000,000, a 2.5% fee applies, covering legal, administrative, and processing costs.

2. REPLACEMENT OF MISPLACED PROPERTY DOCUMENTS 

In the event that a client misplaces their Allocation Letter, AIBEN Properties will reissue the document upon fulfillment of the following conditions:

Requirements:

Legal Declaration: A Police Report and/or Court Affidavit stating the circumstances of the loss.

Processing Fee: A non-refundable charge of ₦300,000 for legal, administrative, and processing services.

For all inquiries or submissions, please contact the Customer Service Unit at AIBEN Properties Ltd. or email us via info@aibenproperties.com.