How to Navigate Land Ownership Laws in Nigeria
August 15, 2024
Land ownership in Nigeria is quite an achievement for individuals with real estate interests and those without. The major idea is seeing how this can be beneficial to you as a person and to your financial standing now and in the near future. Having this in mind, it is also a rather challenging process, especially if you are a first-timer in the market or a foreign investor. This is because the country has quite a handful of property and legal laws and systems that may make the acquisition and ownership process difficult to navigate. Here are a few tips to guide you through it:
You need to start by having a good understanding and grasp of the land tenure system in the country. In Nigeria, it is split into customary land and statutory land. Customary land is handled by traditional rulers and community leaders, while statutory land is handled by the government. However, the Land Use Act of 1978 has left all lands in the hands of the state government, which manages them for the people.
When you want to acquire land, you conduct a search. This would obviously be a factor in what you have in mind to acquire. Also, you must factor in your budget and what the land is to be used for. This would help you streamline your search and make it easier. To avoid engaging in futile searches, you should make inquiries at the Land Registry to ensure that whatever land is in question or that you have in mind is free from any form of complications and disputes that may affect you in the long run.
You will also need to obtain a Certificate of Occupancy. This is issued to you by the state government in accordance with the Land Use Act of 1978 earlier mentioned. The certificate of occupancy is used to confirm ownership of the land. This is to make sure that you are not making a purchase from a false owner or someone who does not have legal rights to the land. This would lead you to make a safe purchase from the registered owner of the land or their authorized representative, which could be a lawyer.
The money paid to the owner of the house is not the only fee that would be required of you. This means that while budgeting, you need to research and take note of all necessary fees and dues. These include stamp duty, registration fees, and consent fees. All of these are necessary to ensure that, during and after the purchase has been made, you enjoy your property with ease. Also, you need to register the land, hence the registration fees, to ensure that land ownership is recorded.
As earlier mentioned, land ownership is not as easy as it seems; it is, however, not impossible. If you go about it the right way, follow the right steps, and work alongside a real estate company or consultant like Pryme Point Limited, you are going to be luckier to achieve this goal with ease. You are on your way to owning your own land. Get started on the process now!