If you’re looking to purchase property in Nigeria, this article discusses a very important – yet little understood – factor that can make or mar your chances of achieving real estate investment success.
I refer to the issue of purchasing real estate properties for customary land owners (typically represented by the “Omo-Onile”) in Nigeria’s Lagos state.
For as long as anyone can remember, customary land owners (aka Omo-Onile) have been the original custodian of lands in Nigeria, mainly due to the fact that their forefathers first settled in the area.
The expanse of land ruled over by members of these communities is predominantly used for subsistence farming – but without any proper plans, structures, or titles in place.
That disorganized state of affairs what eventually led to government’s promulgation of 1978 Land Use Act 1978 (which, I’ve discussed extensively, in one of my previous write ups).
Tip: Read my article titled EXCISION OF LAND, HISTORY AND FUNCTION [Understanding What it Means and How It Can Protect Your Investment in Landed Property]
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