There is no doubting the fact that land is a prime asset in Lagos. Hence, competition among individuals and corporate organizations to get it is very stiff. This situation that has persisted over time has given room for unscrupulous individuals to take advantage of unsuspecting members of the public when it comes to Real Estate transactions.
However, the Lagos State Government through its Lands Bureau has been making renewed efforts to improve the process of obtaining Governor’s Consent and issuance of Certificate of Occupancy (C of O) an approval and document that prove that an individual or organization has title to a piece of land they have acquired. Under the old ‘regime’ for obtaining Governor’s Consent, it used to be that Lagos State Government officials would carry-out site inspection of the property to enable them assess its market value before the applicant would be asked to pay the following as requisite fees:
• 10% Consent fee.
• 10% Capital Gains Tax
• 5% Stamp Duties and
• 5% Registration fee.
These rates were charged on the market value of the property in question. Now, there are new rates applicable which are:
• 8% Consent fee.
• 2% Capital Gains Tax.
• 2% Stamp Duties and
• 3% Registration fee.
Lagos State Government is also is preparing to launch e-Certificates of Occupancy; this is expected to greatly reduce the incidence of falsified C of Os which are currently being circulated by some fraudsters and touts. In addition, the Lands Bureau has mounted a front desk at the entrance of its premises to provide information and support services for those applying for Governor’s consent and C of Os to make the process faster, more transparent and efficient.