Dear Partner,

We hope you are well.

In compliance with current Nigerian tax laws and regulatory directives, all qualifying real estate transactions  (commercial property) are required to attract 7.5% Value Added Tax (VAT), which must be charged to buyers and remitted to the relevant tax authorities. This requirement applies to sales at Oluyole Modern Market, and as a duly registered and tax-compliant company, Land Republic is legally obligated to implement it across all applicable unit sales.

To be clear, this VAT is a government-mandated tax, not an additional fee introduced at the discretion of Land Republic. Our responsibility is strictly as a collecting agent — we apply the VAT to the purchase price in line with the law, receive payment from the buyer, and then remit the VAT portion to the government, as required for compliant businesses operating in Nigeria.

We understand that changes in tax treatment can affect pricing, margins, and client communication. We are therefore committed to providing transparent breakdowns (base price + 7.5% VAT = total amount payable) and supporting you with any clarifications your clients may require about why VAT is now included and how it is calculated.

Thank you for your understanding and continued partnership as we ensure full regulatory and tax compliance on all Oluyole Modern Market transactions.

Warm regards,

Land Republic