- Lagos government raises property transaction charges, with some fees increasing by up to 300 per cent
- The new valuation structure affects prime locations like Lekki, Ikoyi, and Banana Island sharply
- Officials claim the adjustments aim to align property fees with current market realities
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Property buyers and investors in Lagos will now pay significantly more for land-related transactions as the state government has increased Governor’s Consent fees, Stamp Duties, Registration charges, and other statutory costs tied to property ownership.
Industry experts estimate that the new charges represent an increase of as much as 300 per cent in some high-value locations, especially in prime areas such as Lekki, Ikoyi, and Banana Island.
Credit: LASG
Source: UGC
The adjustment follows the release of the 2026 Fair Market Value (FMV) and Governor’s Consent charges document, popularly known as the Blue Book, which officially took effect from May 1, 2026.
Fees affected by the new charges
The revised charges affect several key land transaction fees, including Governor’s Consent, Stamp Duties, Registration fees, Capital Contribution Levy, Charting, and other miscellaneous payments.
Governor’s Consent remains one of the most critical requirements for land transactions in Lagos, as it serves as the official approval needed to transfer or assign ownership or interest in land.
According to the state government, the increase became necessary because most property valuation benchmarks previously used for calculating these charges had remained unchanged between 2005 and 2015, despite the massive rise in real estate prices across Lagos.
Officials explained that fees are now being calculated using updated land values that better reflect current market realities.
Lekki, Ikoyi, and Banana Island hit hardest
The effect of the new valuation structure is expected to be most visible in premium locations.
In Lekki Phase 1, Governor’s Consent fees that previously ranged between N12 million and N18 million in 2015 are now projected to rise to between N40 million and N90 million.
This sharp increase is linked to the jump in land values in the area, which moved from about N250 million in 2015 to between N800 million and N1.5 billion in 2026.
In Ikoyi, properties that previously attracted perfection costs of between N25 million and N40 million could now require between N100 million and N250 million.
This follows a major increase in land valuation from around N500 million in the past decade to between N2 billion and N4 billion today.
For waterfront properties in Banana Island, buyers may now need to budget between N700 million and N1 billion for perfection costs alone, based on property values estimated at N10 billion.
Government explains the reason for the increase
The Lagos State Government said the 2026 Blue Book was introduced to align official land valuations with actual market prices across the state, a report by BusinessDay said.
Credit: LASG
Source: Twitter
Authorities stressed that the objective is not solely to increase revenue but to improve transparency, eliminate outdated benchmarks, and ensure statutory fees reflect present-day realities.
With Lagos remaining Nigeria’s most expensive real estate market, the new charges are expected to significantly impact buyers, developers, and investors planning property transactions in the state.
Lagos unveils plans for state-issued driver’s licence
Legit.ng earlier reported that the Lagos State Government has unveiled plans to introduce its own state-issued driver’s licence after securing approval from the Federal Government, marking a major shift in the state’s transportation and traffic management system.
Officials say the initiative is designed to improve road safety, reduce delays in the licensing process, and give motorists faster access to essential driving documentation.
The Commissioner for Transportation, Oluwaseun Osiyemi, disclosed this during a press briefing held in Ikeja on Monday, May 11, 2026.
Source: Legit.ng