Property law in Nigeria is governed by a number of laws and regulations at both the federal and state levels. The primary law governing property ownership and transactions in Nigeria is the Land Use Act of 1978, which vests ownership of all land in the state governments and provides for the allocation of land through a system of certificates of occupancy.
Under the Land Use Act, all land in Nigeria is divided into two categories: urban and rural. Urban land is under the control of the state government, while rural land is under the control of local government authorities. The Act also provides for the creation of a land registry, which is responsible for maintaining records of land ownership and transactions.
In addition to the Land Use Act, property transactions in Nigeria are also governed by a range of other laws and regulations, including land laws of different states, the Nigerian Constitution, the Nigerian Investment Promotion Commission Act, the Nigerian Investment and Securities Act, the Nigerian Mortgage Refinance Company Act, and the Nigerian Capital Gains Tax Act.
The Nigerian legal system is based on the English common law system, which means that much of Nigeria’s property law is derived from British legal principles. However, Nigerian property law has evolved over time to reflect the unique social, economic, and cultural realities of the country.