By Yinka Kolawole
Lagos State government has reiterated its desire to reduce the number of owners of landed property in the state without registered titles.
Governor Babatunde Fashola made this known recently in Lagos during the presentation of registered sub-lease title documents to 1,000 property owners in government housing estates across the state, adding that government was concerned about the large number of properties in the state without titles.
The beneficiaries constitute the second batch of property owners to be issued with registered titles among those who bought their properties from government agencies like the state Ministry of Housing, Lagos State Development and Property Corporation (LSDPC), and Lagos Building Investment Company Limited (LBIC) before the year 2000.
Represented by the Commissioner for Housing, Mr. Bosun Jeje, the governor said the move is meant to ensure the registration of the properties and confer on their owners proper land titles.
He noted that the beneficiaries had purchased the government properties before year 2000, but most of the allottees had only letters of allocation and other documents not legally recognised as documents of title. “On assumption of office for the first term in 2007, government decided to do a number of things to reduce the large number of properties without registered titles.
“This is not for economic benefit, but geared towards poverty alleviation and financial empowerment of the citizenry. An owner of property who fails to perfect his title is sitting on a dead asset. Such properties with registered titles, being legally recognised, can be used as security to obtain loans to raise needed finance,” he said.
Fashola added that the Directorate of Land Regularisation was strengthened to enable it process more applications for regularisation of titles to land.
“Let me say that the concern of this government in all of these efforts aimed at reducing the unacceptable number of properties without registered titles is not for economic benefit, but geared towards poverty alleviation and financial empowerment of the citizenry.