The Lagos State Government has raised fees for land transactions, including Governor's Consent, stamp duties, registration charges, and other statutory costs, significantly impacting property buyers and investors.
Fee Increases Reach 300% in Prime Locations
Industry experts estimate that the new charges represent an increase of up to 300% in high-value areas such as Lekki, Ikoyi, and Banana Island. The adjustment follows the release of the 2026 Fair Market Value and Governor's Consent charges document, known as the Blue Book, which took effect on May 1, 2026.
Affected Fees
The revised charges cover Governor's Consent, Stamp Duties, Registration fees, Capital Contribution Levy, Charting, and other miscellaneous payments. Governor's Consent remains a critical requirement for land transactions, serving as official approval for transferring ownership.
The state government stated that the increase was necessary because valuation benchmarks had remained unchanged between 2005 and 2015, despite significant rises in real estate prices. Fees are now calculated using updated land values reflecting current market realities.
Impact on Premium Locations
In Lekki Phase 1, Governor's Consent fees that ranged from N12 million to N18 million in 2015 are now projected at N40 million to N90 million. This follows land value increases from N250 million to between N800 million and N1.5 billion.
In Ikoyi, perfection costs have risen from N25-N40 million to N100-N250 million, with land valuations jumping from N500 million to N2-N4 billion. For Banana Island waterfront properties, perfection costs may reach N700 million to N1 billion, based on property values of N10 billion.
Government Justification
The Lagos State Government said the 2026 Blue Book aligns official land valuations with actual market prices. Authorities emphasized that the objective is not solely to increase revenue but to improve transparency, eliminate outdated benchmarks, and ensure fees reflect present-day realities.
With Lagos remaining Nigeria's most expensive real estate market, the new charges are expected to significantly affect buyers, developers, and investors planning property transactions in the state.
