Property Law Updates: What Investors Need to Know
Real estate investment in Nigeria requires careful navigation of property laws that vary across states. The Land Use Act of 1978 remains the foundational legislation, vesting all land in state governors who hold it in trust for the people.
Proper structuring of real estate transactions and comprehensive due diligence are essential to securing valid title in Nigeria's complex property market.
Governor's Consent
Any transfer of land interest requires the consent of the state governor. Recent reforms in some states have streamlined this process, reducing processing times and introducing electronic applications for consent.
Due Diligence Requirements
Investors must conduct thorough due diligence including title searches, survey verification, and confirmation of government acquisition status. This is essential to avoid the prevalent issue of multiple sales of the same property.
Author
Adaobi Okorie
Senior Partner
Senior Partner specializing in Corporate Law and Commercial Transactions with over 15 years of experience advising businesses across Nigeria.
