Business
LASG Explains Land Regularisation Scheme
The Lagos State Government has explained that the ongoing land regularisation was to ensure that all properties were properly documented and granted legal titles.
The Permanent Secretary of Lagos State Lands Bureau, Mr Hakeem Okunola, made the explanation in a statement issued by the Ministry of Information on Saturday.
It stressed that the exercise was not aimed at confiscating properties without titles.
“The exercise would give economic value to hitherto dead assets.
“It would simplify and accelerate the regularisation of land titles by the grant of a Certificate of Occupancy in circumstances where uncommitted Government land has been encroached upon.
“It is also to facilitate granting approval for building plan in conjunction with the Ministry of Physical Planning and Urban Development “for properties falling within uncommitted Government acquisition.”
The statement advised members of the public to disregard the false information being peddled about the policy.
“The exercise will afford people who inadvertently purchased government acquired land, the opportunity to regularise their titles and thereby obtain Certificate of Occupancy.”
The benefits of the regularisation, according to the statement, include the recognition by law and ability to obtain bank loans to transact business using the title as collateral for mortgage facilities.
Others were the ability to legally sell and dispose of the property seamlessly and also to obtain compensation from the government in the event of acquiring the property for public purpose.
“It is also to give the applicant peace of mind from harassment from the so called land owners, land grabbers and speculators who indulge in illegal multiple sales of land.”