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Lagos State has implemented a revised property valuation framework that is driving a sharp increase in statutory land transaction fees across the state, particularly in high-value real estate districts such as Ikoyi, Lekki and Banana Island. The new Fair Market Value system, introduced by the Lagos State Government, is expected to raise charges tied to Governor’s Consent, registration and other property documentation processes by up to 300%, triggering fresh debate within Nigeria’s real estate sector over affordability, transparency and investment costs.
Lagos Raises Land Transaction Fees as New Property Valuation Sparks Up to 300% Increase
The Lagos State Government has introduced a revised property valuation framework that significantly increases statutory land transaction charges across the state, with some fees projected to rise by as much as 300% in high-value real estate districts. The adjustment follows the implementation of the 2026 Fair Market Value (FMV) framework, commonly referred to as the “Blue Book,” which took effect on May 1, 2026.
Abuja Building Collapse Leaves Several Injured Near Gudu Market
A three-storey building under construction has collapsed near Gudu Market in the Durumi area of Abuja, leaving several people injured and triggering a large-scale emergency rescue operation by federal and local response agencies. The incident occurred on May 16 in the Federal Capital Territory (FCT), where construction workers and other occupants were reportedly trapped beneath the rubble after the structure suddenly gave way.
Federal Government Awards ₦690bn Road Contracts Across Key Nigerian States
The Federal Government has awarded road construction and rehabilitation contracts valued at more than ₦690 billion across several states, marking another major phase in Nigeria’s infrastructure expansion programme. The projects, announced by the Federal Ministry of Works in Abuja, cover strategic transport corridors in Kaduna, Oyo, Ogun and Osun states and form part of the administration’s broader effort to modernise the national road network.
Gunmen Attack Oyo School, Kill Teacher and Abduct Principal, Students
Gunmen have attacked schools in Oriire Local Government Area of Oyo State, killing a teacher and abducting a school principal, staff members and several students in a coordinated assault that has heightened security concerns in the South-West region. The attack occurred in the Ahoro-Esiele community, where armed assailants reportedly stormed multiple schools and surrounding areas on motorcycles before fleeing with their victims.
President Tinubu Courts Investors at Africa CEO Forum Amid Reform Push
President Bola Tinubu has used the Africa CEO Forum in Kigali, Rwanda, to promote Nigeria’s ongoing economic reforms and strengthen investor confidence in Africa’s largest economy. The President’s participation at the high-level gathering forms part of the administration’s broader economic diplomacy strategy aimed at attracting foreign direct investment, expanding regional partnerships and positioning Nigeria as a leading investment destination on the continent.
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