In another effort to ease the land registration process, a draft bill has been created by Governor Fashola to consolidate all land registration related laws into one legislative document. This comes just weeks after an Executive Order reduced land transaction fees in Lagos from 13% to 3%.
Investors and market players have long called for change to the excessively bureaucratic land registration system in Lagos and also for revisions in land transaction fees, which often make property investment expensive and cumbersome. The Government appears to be responding, however some may argue that the motives are political. Nonetheless, change is welcome as a report by the World Bank Group explained the ease of registering property in Nigeria saw no improvement in 2013 and 2014, remaining at the 185th position of 189 countries. The same report showed that Lagos was the worst in Nigeria for dealing with construction permits, 31st of 36 states when registering properties and 28th of 36 states when enforcing contracts.
Speaking on the matter, the Attorney-General & Commissioner for Justice, Mr. Olasupo Shasore SAN explained that the need to harmonise and streamline multiple laws could not be stressed enough. Adding that an effective registration regime ensures that the information about the nature and state of interest in land is adequately captured and accessible to guide investment decisions relating to purchases, leasing, mortgages and other land dealings.
Once ei receives a copy of the document it will be published.