In the Nigerian real estate market, land title and registration issues remain significant challenges for investors, developers, and homeowners alike. These issues often stem from the complexity of the legal framework, bureaucratic delays, and the prevalence of land-related disputes.
One of the core problems is the cumbersome process of obtaining a Certificate of Occupancy (C of O), which is essential for confirming ownership rights. The Land Use Act of 1978 vests all land in the government, requiring individuals and organizations to obtain this certificate to validate their claims. However, the process is often marred by inefficiencies, corruption, and lengthy delays, making it difficult for property owners to secure their rights.
In addition to the slow registration process, the issue of multiple claims on a single piece of land is common. Due to inadequate record-keeping and the manual nature of land registries in many states, it’s not unusual for multiple parties to claim ownership of the same property. This situation is exacerbated by the existence of fake or forged documents, leading to protracted legal battles and financial losses.
For real estate investors, these challenges highlight the importance of conducting thorough due diligence before any property acquisition. Engaging the services of experienced legal professionals who specialize in property law is crucial to avoid falling victim to fraud or becoming entangled in land disputes.
To address these issues, the Nigerian government and several state governments are making efforts to digitize land registries and streamline the registration process. These initiatives aim to reduce the risks associated with land transactions, improve transparency, and protect the rights of property owners.
Despite these efforts, land title and registration issues remain a significant obstacle in the Nigerian real estate market. However, with the right precautions and an understanding of the legal landscape, investors and homeowners can navigate these challenges and secure their property interests effectively.