Finance

December 5, 2010

Lagos moves to further ease property transaction bottlenecks

The Lagos State government has moved to further ease bottlenecks on property transactions associated with securing Governor’s consent to mortgage or transfer property, by appointing three more commissioners to endorse the document.

This development brings to eight the number of state officials empowered to sign the document under a reform of the Lagos State land administration processes, with four commissioners previously saddled with the responsibility along with the governor.

The Permanent Secretary, Lands Bureau, Mr. Gbenga Ashafa, in a statement issued on his behalf by the Head of Public Relations Unit in the Bureau, Mr. Moshood Adebisi, disclosed that Governor Babatunde Fashola had named three additional Commissioners to work with the four previously granted the authority to sign Consent Deeds in line with Section 22 of the Land Use Act, CAP L5, LFN 2004, in order to ensure the quick processing of applications.

Ashafa said that the bureau is making concerted efforts to sensitise members of the public on the various reforms being made to fast_track the processing of applications for Governor‘s Consent on subsequent transactions and applications for ertificates_of_Occupancy.

“The bureau, realising the dearth of information concerning several reforms that have been embarked upon, has persistently ensured that necessary information on the reforms efforts are made available to the public,” the statement added.
He noted that after realising the burden placed on applicants during the old regime, government in its desire to create an enabling environment for the business community.

and others took a major decision to drastically reduce the charges/fees payable. While noting that market value was no longer used in the assessment of fees, Ashafa said that rather, an approved table containing lower fees than the real market value of properties was now being used.

He, however, noted that in respect of private C_of_O, the processing fees were now minimal as a plot in a prime area like Ikeja was now attracting N10,000 for publication and N40,000 as Contribution Levy, saying that once all payments had been made and the relevant documents submitted, consent application could be effectively concluded within