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Concerns Arise Over Lack of Legal Titles for Properties in Lagos State, Nigeria

Experts in Nigeria's building industry have sounded the alarm over the prevalence of properties in Lagos State lacking legal titles, estimating that a staggering 94% of properties fall into this category.
The issue was brought to light during the launch of Edge Facility Managers in Lagos, where stakeholders seized the opportunity to advocate for a more streamlined land titling process.
Highlighting the Link Between Titles and Economic Development
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Victor Alonge, First Vice President of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), underscored the crucial link between land titles and economic development.
According to Alonge, the existence of "dead capital" – assets without legal titles – poses significant challenges as owners are unable to utilize them effectively. "Without a legal title, you can’t access financing for anything," Alonge explained. "Banks require security, collateral for loans. That security is a Certificate of Occupancy (C of O), and without it, banks won’t lend."
Alonge proposed streamlining the land titling system to simplify the registration process, urging state governors to prioritize this issue. He highlighted the irony that even in Lagos, which is known for improving its land titling system, an estimated 94% of properties lack legal titles.
 
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Commending Progress and Identifying Barriers Chudi Ubosi, Managing Partner of Ubosi Eleh & Co., emphasized the importance of recognizing available assets but pointed out significant barriers, including public mistrust.
"People fear obtaining titles," Ubosi elaborated. "They worry about potential government intrusion, such as tax increases. Moreover, many are unaware of the benefits of formal titles or feel intimidated by the bureaucratic process associated with acquiring them."
Ubosi called on the government to prioritize public awareness campaigns, education, and capacity building to address these concerns and encourage property owners to formalize their holdings.
Moving Forward the discussions among industry experts underscore the urgent need for action to address the widespread issue of properties lacking legal titles. As stakeholders advocate for a more streamlined titling process and greater public awareness, the hope is to unlock the economic potential of these assets and facilitate sustainable development in Lagos State and beyond.
 

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