Stakeholders in the building industry have called for a streamlined land titling process in Lagos State to address the issue of property owners lacking legal titles. The call was made 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, highlighted the importance of legal titles in accessing finance.
He explained that without a legal title, property owners cannot use their property as collateral to secure loans from banks. Alonge emphasized the need for state governors to take the issue seriously and improve the land titling system.
According to Alonge, about 94% of property in Lagos State currently does not have legal titles. He pointed out that while Lagos State has made some progress in improving its land titling system, other states like Nasarawa, Ogun, and Oyo lag behind.
Chudi Ubosi, the Managing Partner of Ubosi Eleh & Co., echoed Alonge’s sentiments, noting that many property owners are reluctant to obtain formal titles due to a lack of trust in the government and a fear of additional taxes.
Read Also:Federal Housing Authority to Build Affordable Houses in Kaduna
Ubosi emphasized the need for the government to educate and build awareness among the public about the benefits of having a formal title to land.
Peju Fatuyi, the Chief Executive Officer of Edge Facility Managers, stated that the purpose of the launch was to raise public awareness about activities within the facility management space.
She stressed the importance of addressing the issue of land titling to unlock the full potential of the real estate sector in Lagos State.
The stakeholders agreed that streamlining the land titling process and improving public awareness about its benefits are crucial steps toward addressing the property crisis in Lagos State and ensuring sustainable growth in the building industry.
