IN Land transaction fees in Lagos have gone up significantly as the state recalibrates fair market value (FMV) of properties to reflect current market realities. Experts estimate the increase at 300 percent.
The affected fees include Governor’s Consent, Stamp Duties, Registration, Capital Contribution Levy, Charting, and Miscellaneous Fees. The governor’s consent is the official approval required to transfer or assign an interest in land in the state.
The new fees are contained in the recently released 2026 Fair Market Value (FMV) and Governor’s Consent charges, which the state calls Blue Book. It took effect from May 1, 2026, bringing land valuation in Lagos in line with current market realities.
According to the state government authorities, transaction fees are now higher because they are calculated using much higher values than those used in 2015.
For that reason, consent fees in Lekki Phase 1 will rise from between N12 million and N18million in 2015 to between N40 million and N90 million in 2026 because land value in that region has gone up from N250 million in 2015 to between N800 million and N1.5 billion.
In Ikoyi, a property that would have attracted between N25 million and N40 million will now be valued at between N100 million and N250 million. This is because, over the last 10 years, land value there has moved up from N500 to between N2 billion and N4 billion.
A buyer of a waterfront property in Banana Island would now have to budget between N700 million and N1billion perfection cost based on a property value of N10 billion.
The state government explained that this increase has become necessary because many valuation benchmarks have remained unchanged since 2005 to 2015, despite the enormous appreciation in Lagos property prices.
The government explained further that the 2026 Blue Book aligns valuations closer to actual market values across Lagos; statutory fees are calculated based on new, higher benchmarks, adding that the goal is to improve transparency and align charges with market realities, not just raise revenue.
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