The Lagos State Government has announced a sweeping increase in land transaction and property perfection charges, with several statutory fees rising by as much as 300 percent effective May 1, 2026.
The revised charges affect Governor’s Consent fees, Stamp Duties, Registration fees, Capital Contribution Levy, Charting charges, and other miscellaneous land-related payments across the state.
According to the government, the upward review was driven by the sharp appreciation in property values over the past two decades, while official valuation benchmarks used for calculating fees had remained largely unchanged between 2005 and 2015.
Under the new structure, property owners and investors in high-value areas such as Lekki Phase 1 and Banana Island are expected to bear significantly higher perfection costs.
Officials explained that a typical Governor’s Consent transaction in Lekki Phase 1, which attracted about ₦18 million in fees in 2015, will now cost approximately ₦70 million in 2026. The adjustment reflects the increase in average land values in the area from about ₦250 million in 2015 to nearly ₦1.5 billion today.
The impact is expected to be even more pronounced in premium waterfront districts such as Banana Island, where buyers of luxury properties valued at around ₦10 billion could now pay between ₦700 million and ₦1 billion in perfection and related statutory charges.
The state government defended the increase, stating that the old fee regime no longer reflected prevailing market realities and that the review was necessary to align land administration charges with current property valuations.
The development is expected to trigger reactions from real estate developers, investors, and prospective homeowners, many of whom fear the higher costs could further raise barriers to property acquisition in Lagos’ already expensive housing market.
