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‘94% of Properties in Lagos Lack Legal Titles’

According to stakeholders in the building industry, a staggering 94 per cent of properties in Lagos State do not possess legal titles. This revelation was made during interviews with The PUNCH at the recent launch of Edge Facility Managers in Lagos.
Victor Alonge, the First Vice President of the Nigerian Institution of Estate Surveyors and Valuers, emphasized the necessity of streamlining the land titling process to unlock the dead capital prevalent in the country.
 
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Alonge explained, “Without legal title to land, property owners cannot access finance from financial institutions. Banks typically require security in the form of a certificate of occupancy to serve as collateral for loans. Improving the land titling system, facilitating easy registration, and encouraging state governors to prioritize this issue are crucial steps. While Lagos State leads in this regard, approximately 94 per cent of properties in Lagos lack legal titles. The situation is likely even more dire in states like Nasarawa, Ogun, and Oyo.”
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Regarding Edo State, Alonge noted the substantial number of properties but highlighted the need for improved issuance rates of Certificates of Occupancy.
 
Chudi Ubosi, the Managing Partner of Ubosi Eleh & Co., echoed the significance of identifying available assets. He lamented the widespread absence of titles in Lagos State, attributing it to distrust in government processes and a lack of awareness regarding the benefits of formal land titles. Ubosi emphasized the government's role in raising awareness, educating the public, and enhancing capacity building. Peju Fatuyi, the Chief Executive Officer of Edge Facility Managers, emphasized that the launch aimed to increase public awareness about activities within the facility management sector.

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