At the stakeholders’ engagement on Fair Market Value (the “Blue Book”) held on 28 April 2026, the Lagos State Lands Bureau informed stakeholders that it has concluded a review of its Blue Book, which sets out Fair Market Value (FMV) rates. This review exercise is conducted every five (5) years.

During the engagement, stakeholders were advised that the revised FMV rates, which have already been gazetted, will come into effect on 1 May 2026. It was further clarified that applications filed prior to the effective date will continue to be assessed in accordance with the existing FMV rates.

FMV rates serve as the baseline for the assessment of Governor’s Consent charges (including for sales, mortgages, and leases), land regularisation and registration premiums, land use charges, and compensation for land acquisition. The Lands Bureau indicated that the review was undertaken to reflect urban expansion in Lagos State, enhance ease of doing business, optimise revenue generation, promote transparency, and ensure alignment with prevailing market realities.

For more information, please contact Aluko & Oyebode’s Real Estate practice: AORealEstate@aluko-oyebode.com