The Lagos State Governor has issued Executive Order No. EO/BRF/001 of 2015 on 5th January 2015, which decreases taxes on transfer of property in Lagos. This order decreases the fees and charges payable for processing Governor’s consent in respect of any transaction in land. The new accepted charges for subleases, assignments and powers of attorney will be as follows:
| Consent fees | 1.5% |
| Capital gains tax (local) | 0.5% |
| Stamp duty | 0.5% |
| Registration fees | 0.5% |
| Total | 3.0% |
As produced by relevant professionals, the above rates are applicable to the fair market value of property and published from time to time in the Official Government Gazette. In addition, consent fees for all mortgage transactions are now reduced to 0.25% of the consideration going forward until directed otherwise by the Governor. The Executive Order will take effect instantly.
