How is Nigeria Fairing: Registering Property

How is Nigeria Fairing: Registering Property
Nigeria ranks 182 out of 190 in Getting Electricity, with no improvement from last year rank of 182 (Doing Business 2017).

In this article, we will take a look at the procedures, cost and time it takes to register a property in Nigeria, the improvements over the years and recent policies.

You can take out time to read our previous publications for this series – How is Nigeria Fairing.

No reduction in the number of Procedures

Procedure

The World Bank report 2017 indicates that thirteen procedures are legally required to register property in Nigeria, using Lagos as a case study. There has been no reduction in the number of procedures involved over the past five years.

No.
Procedures
Agency
1.
Sworn affidavit for search at the Commissioner of Oaths
High Court of Justice, Ministry of Justice, Notary public
2.
Conduct a Property title search at the Land Registry
Lagos State Lands Registry
3.
Execution of Deed of Assignment/Conveyance and Land Form 1C
Lands Bureau (Form 1c) and Lawyer’s office (Deed of Assignment)
4.
Obtain Certified True Copy (CTC) of title document and a Certified True Copy of the Survey plan
Land Registry
5.
Payment of the Charting Fee, Endorsement fee and Form 1C at a designated bank
Government accredited bank
6.
Submit application for processing Governor’s Consent and obtain the Title
Directorate of Land Services
*7.
Charting of survey plans attached to the Deeds
Surveyor General’s office
*8.
Obtain Demand Notice for Registration fees, Consent fees, Neighborhood improvement charge at the Land Registry
Directorate of Land Services
*9.
Obtain Demand Notice for Stamp Duty
Lagos State Inland Revenue Service or Federal Internal Revenue Service (FIRS)
*10.
Payment of Stamp duty, Registration fees, Consent fees, Neighborhood improvement charge at a commercial bank
Designated bank
*11.
Submit the Receipts of the Registration fees, Consent fees, Neighborhood improvement charge, Stamp duty
Directorate of Land Services
12.
Stamping of the deed of assignment
Stamping duties office
13.
Registration of Certificate of Occupancy or Deed and Title conferred
Land Registry
* Takes place simultaneously with previous procedure.

No reduction in the number of days

Time

There has been no reduction in the number of days required to register property in Nigeria. It takes approximately 77 days to register property in Nigeria according to the World Bank Doing Business index 2017.

No.
Procedures
Time
1.
Sworn affidavit for search at the Commissioner of Oaths
1 day
2.
Conduct a Property title search at the Land Registry
1 day
3.
Execution of Deed of Assignment/Conveyance and Land Form 1C
1 day
4.
Obtain Certified True Copy (CTC) of title document and a Certified True Copy of the Survey plan
1 day
5.
Payment of the Charting Fee, Endorsement fee and Form 1C at a designated bank
1 day
6.
Submit application for processing Governor’s Consent and obtain the Title
61 days (simultaneous with procedures 7, 8, 9, 10 and 11)
*7.
Charting of survey plans attached to the Deeds
5 – 14 days (simultaneous with procedures 6, 8, 9, 10 and 11)
*8.
Obtain Demand Notice for Registration fees, Consent fees, Neighborhood improvement charge at the Land Registry
3 days (simultaneous with procedures 6, 7, 9, 10 and 11)
*9.
Obtain Demand Notice for Stamp Duty
1 day (simultaneous with procedures 6, 7, 8, 10 and 11)
*10.
Payment of Stamp duty, Registration fees, Consent fees, Neighborhood improvement charge at a commercial bank
1 day (simultaneous with procedures 6, 7, 8, 9 and 11)
*11.
Submit the Receipts of the Registration fees, Consent fees, Neighborhood improvement charge, Stamp duty
1 day (simultaneous with procedures 6, 7, 8, 9 and 10)
12.
Stamping of the deed of assignment
1 day
13.
Registration of Certificate of Occupancy or Deed and Title conferred
7 days
* Takes place simultaneously with previous procedure.

Reduction in the Cost

Cost

There has been a considerable reduction in the cost legally required to register property in Nigeria over the past two years.

No.
Procedures
Time
1.
Sworn affidavit for search at the Commissioner of Oaths
NGN 250
2.
Conduct a Property title search at the Land Registry
NGN 3,750 (search at Registry) + Legal fees as follows: NGN 7,500–10,000 + 7.5% of values above NGN 20,000 if acting for the buyer (5% of values above NGN 20,000 if acting for the seller)
3.
Execution of Deed of Assignment/Conveyance and Land Form 1C
no cost
4.
Obtain Certified True Copy (CTC) of title document and a Certified True Copy of the Survey plan
NGN 5,625 + NGN 1,875
5.
Payment of the Charting Fee, Endorsement fee and Form 1C at a designated bank
Charting Fees (NGN 7,500) + Endorsement Fees (NGN 1,500) + NGN 1,500 for Form 1C
6.
Submit application for processing Governor’s Consent and obtain the Title
Administrative Fee of NGN 3,000
*7.
Charting of survey plans attached to the Deeds
no cost
*8.
Obtain Demand Notice for Registration fees, Consent fees, Neighborhood improvement charge at the Land Registry
no cost
*9.
Obtain Demand Notice for Stamp Duty
no cost
*10.
Payment of Stamp duty , Registration fees, Consent fees, Neighborhood improvement charge at a commercial bank
Consent Fee 1.5% + Registration fee 0.5% + Stamp duty 0.5%
(Capital gains tax of 0.5% is also paid, but are not included in the calculation).
*11.
Submit the Receipts of the Registration fees, Consent fees, Neighborhood improvement charge, Stamp duty
no cost
12.
Stamping of the deed of assignment
Already paid in Procedure 10
13.
Registration of Certificate of Occupancy or Deed and Title conferred
Already paid in Procedure 10

Some Specific Policy Reforms

Sworn affidavit no longer needed: Eliminate the requirement for a sworn affidavit as a procedure for conducting title search at the Lagos Land Registry thus reducing the stress of due diligence.
Ongoing streamlining of the registration process: Merged requirement for stamping of Deed of Assignment with the final registration process, for lands owned by Lagos State Government.

The Presidential Enabling Business Environment Council (“PEBEC”) is the body tasked with the responsibility of developing and driving these reforms. Its Chairman Vice President, Mr Yemi Osinbajo, SAN  has promised to introduce more far reaching reforms that will catapult Nigeria as the leading investment destination in Africa.

How is Nigeria Fairing: Getting Credit will be published next week Wednesday 9:00 am GMT+1. Keep visiting for more updates.

Related Articles

Leave a Reply