Founded in 1983, Udo Udoma & Belo-Osagie is a multi-specialisation full service corporate and commercial law firm with offices in Nigeria’s key commercial centres. The firm’s corporate practice is supported by a company secretarial department, Alsec Nominees Limited, which provides a full range of company secretarial services and our sub-firm, U-Law which caters exclusively to entrepreneurs, MSMEs, startups, and growth businesses across several industries, including the FinTech industry. It is designed as a one-stop-shop for all basic business-related legal needs, providing high-quality support in a simplified and straightforward manner at super competitive prices.
We are privileged to work with diverse local and international clients to create and implement innovative practical solutions that facilitate business in Nigeria and beyond. When required, we are well-placed to work across Africa with a select network of leading African and international law firms with whom we enjoy established relationships.
The Lagos State Government has approved a revised Fair Market Value (FMV) 2026 that will fundamentally reshape property valuation and transaction costs across the state. This update affects undeveloped land, residential properties, and all government property-related transactions, requiring buyers, sellers, and developers to recalibrate their financial planning and compliance strategies.
within Strategy, Insolvency/Bankruptcy/Re-Structuring and Criminal Law topic(s)
in Nigeria
The Lagos State Government (LASG) has approved the revised Fair Market Value 2026 (FMV), replacing the previous FMV gazette, effective 1 May 2026. The revised FMV governs the assessment of properties across Lagos State.
The FMV serves as the primary basis for property valuation by the LASG and will be applied by the Lagos State Lands Bureau and all other ministries, departments, and agencies responsible for property-related transactions, including the New Towns Development Authority and the Lagos State Probate Registry.
The revised rates reflect current market realities for a broad range of property types, including undeveloped land, duplexes, semi-detached houses, terraces, bungalows, and flats across Lagos State.
What this means for you: The revised FMV 2026 will directly affect the cost of perfecting title, processing probate applications, and completing other LASG property transactions. Buyers, sellers, landowners, and developers should factor the updated rates into their transaction planning.
The content of this article is intended to provide a general guide
to the subject matter. Specialist advice should be sought about your
specific circumstances.
