Can a Foreigner Own Land in Nigeria? Indeed, foreigners can own land in Nigeria, but this privilege comes with certain restrictions and requirements outlined in the Acquisition of Lands by Alien Law (ALAL). The key provision under ALAL is that any foreigner seeking to acquire land from a Nigerian native must obtain prior written approval from the State Governor. Failure to obtain this approval could render subsequent transfer instruments void ab initio.
Important Provisions of ALAL: Let’s delve into the significant aspects of ALAL that pertain to foreign land ownership in Nigeria:
- Governor’s Written Approval: To proceed with a land acquisition, an alien must seek and obtain the Governor’s written approval before executing any relevant transfer instrument with the Nigerian native.
- Application Process: The application for the Governor’s written approval is to be submitted to the State’s Land Commissioner in the prescribed form set out in the Acquisition of Lands by Alien Regulations. It should also be accompanied by evidence of payment of the statutory fee via a Treasury Receipt.
- Discretionary Granting: The decision to grant the Governor’s written approval lies within the discretion of the Governor.
- Exemptions from Approval Requirement: Governor’s written approval is not required for land interests or rights that have a duration of less than three years or for transactions involving land governed by State land laws.
- Executing a Registrable Instrument: Upon securing the Governor’s written approval, the involved parties may proceed to evidence the transaction by executing a registrable instrument.
- Term Limitation: The interest or right to be acquired by the foreigner shall not exceed a term of 25 years, including any option to renew.
- Governor’s Discretionary Powers: The Governor has the authority to waive or modify certain conditions, including those related to the term of years to be granted.
- Conveyance of Approval: The Governor’s written approval will be conveyed to the applicant in a form specified by the ALAL Regulation.
Patrix Global: Your Gateway to Foreign Real Estate Investment in Nigeria At Patrix Global, we understand the intricacies of real estate investment for foreigners in Nigeria. Our mission is to facilitate and optimize this investment process for you. As a reputable real estate company, we offer a comprehensive guide and expert assistance to navigate the legal landscape, ensuring a seamless experience for foreign investors.
Our Services for Foreign Investors:
- Legal Guidance: We provide detailed legal counsel, explaining the ALAL requirements, and helping you obtain the Governor’s written approval.
- Investment Opportunities: Patrix Global offers a wide array of prime real estate investment opportunities, catering to the diverse needs and preferences of foreign investors.
- Application Support: Our team assists in the preparation and submission of the necessary application to the State’s Land Commissioner, ensuring compliance with all regulations.
- Tailored Solutions: We tailor investment plans based on your objectives, risk appetite, and desired duration of ownership.
- Hassle-Free Transactions: Count on us to handle all the complexities involved in executing registrable instruments and completing the transaction process.
Experience Profitable Foreign Real Estate Investment with Patrix Global: If you are a foreign investor seeking to capitalize on Nigeria’s lucrative real estate market, look no further than Patrix Global. With our in-depth knowledge, strategic insights, and unwavering commitment to client success, we are your ultimate partner in achieving remarkable returns on investment and securing a bright future through real estate ownership in Nigeria. Embrace this unique opportunity today and embark on an exciting journey with Patrix Global to build a prosperous real estate portfolio.”