FOREIGNER BUYING A PROPERTY IN NIGERIA
Foreigners' ability to purchase land in Nigeria is restricted by local laws.
FOREIGNER BUYING A PROPERTY IN NIGERIA
Foreigners' ability to purchase land in Nigeria is restricted by local laws. As a result, there are limitations and processes that must be followed for any foreigner to purchase real estate in Nigeria.
The Acquisition of Lands by Alien Laws, with the exception of Abuja, which is governed by the Acquisition of Lands by Aliens Act, governs the control of foreign ownership of land in Nigeria.
The conveyance of title to use, occupy, and improve real property with a statutory certificate requires the governor's approval. Rights to sell, give, or sublet are not covered by this certificate because those actions need additional approval from the state governor.
Purchasing a home in Nigeria is simple, but the biggest error made by international purchasers is comparing the purchasing process in their own countries to that of Nigeria or any other location. Nigeria's real estate market offers some great chances for investment and a great way of life, but there are also hazards that foreign purchasers should watch out for.
WHO IS AN ALIEN/FOREIGNER
For the purpose of definition, Section 8 of the ALAL defines a foreigner/alien as the following;
any person other than a citizen of Nigeria;
any company or association or body of persons corporate or unincorporated other than;
a body corporate (in which the majority of the shares are held by natives of Nigeria) established specifically by or under any Act or Law which empowers that body of to acquire and hold land;
a corporate body incorporated under the provisions of the Companies and Allied Matters Act- Part C-Incorporated Trustees or any other Act or Law containing general provisions for incorporation where the corporate body is composed solely of natives of Nigeria;
a corporate body established under any Law of the State relating to local government or education and empowered by that Law to acquire and hold land;
a co-operative society, the majority of the members of which are natives of Nigeria and which is registered under the provisions of any Law of the State relating to cooperative society;
a company or association or body of persons corporate or unincorporated which the Governor may by an order made under section 6(2) declare to be exempt from the provisions of this law".
PROCEDURE TO BUY LAND IN NIGERIA AS A FOREIGNER
As was already mentioned, there are limitations and controls intended to prevent a foreigner from buying land in Nigeria from a Nigerian person. Due to these limitations, the Acquisition of Lands by Aliens Regulations of 1971 established a fixed method that a foreigner had to follow in order to purchase land in Nigeria.
According to Section 6 of the Acquisition of Lands by Aliens Regulations of 1971 the Governor has the authority to specify the process for applications to acquire any interest or right in or over land by a foreigner.
In light of the aforementioned, the following steps must be followed for a foreigner to purchase land in Lagos, Nigeria:
The foreigner wishing to obtain the State Governors approval to buy land in Nigeria, following the law is required to submit to the State Commissioner an application in the prescribed form set out in the First Schedule of the Regulations.
The foreigner is required to pay into the sub-treasury, the appropriate prescribed fees and deliver the treasury receipt for the sum paid together with the application.
The applicant must furnish the State Commissioner with any information that may be required in respect of the application. The State Governors' approval is not required for a foreigner to acquire interest or rights in a land where the interest does not exceed five (5) years or where it concerns an interest or right in land subject to the State land Laws.
The grant of approval for a foreigner to buy land in Nigeria is at the discretion of the State Governor.
Upon the approval of the transaction by the Governor, the foreigner may go on to evidence the transaction by executing a duly registrable instrument.
The interest or right to be acquired by the foreigner will not be acquired for more than a term of twenty-five (25) years lease, including the option to renew and it shall not commence more than one month after the approval of the transaction as provided by Section 4 of the Regulations.
The governor's written approval will be conveyed to the foreigner applicant in the prescribed form set out in the Regulations.
Finally, the Governor reserves the power to waive compliance with any of the requirements of the Regulations in any particular case or modify the conditions as provided by Section 6 of the Regulations.
NB: This article is not a legal advice, and under no circumstance should you take it as such. All information provided are for general purpose only. For information, please contact email@example.com
WRITTEN BY CHAMAN LAW FIRM TEAM
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