“Land Title Crisis: 94% of Properties in Lagos Lack Legal Titles, Stakeholders Reveal”

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Stakeholders in the building industry have revealed a startling statistic: 94% of properties in Lagos State lack legal titles.

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This revelation came during interviews with The PUNCH 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, emphasized the urgent need to streamline the land titling process to unlock the potential of dead capital in the country.

He highlighted the critical role of legal titles in accessing finance, noting that without them, property owners struggle to secure loans from banks.

According to Alonge, Lagos State leads the way in land titling systems, yet a staggering majority of properties still lack legal titles.

He called for other state governments to follow suit, emphasizing the dire need for improved access to easy registration.

Meanwhile, Chudi Ubosi, Managing Partner of Ubosi Eleh & Co., echoed similar sentiments, stressing the importance of identifying available assets.

He lamented the widespread lack of trust in government processes and highlighted the need for more awareness, education, and capacity building to address these challenges.

Peju Fatuyi, CEO of Edge Facility Managers, shared that the launch aimed to raise public awareness about activities within the facility management space, underscoring the importance of transparency and accountability in property management.

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