IMPLICATION OF URBAN LAND TRASACTION WITHOUT AUTHORITIES CONSENTS IN NIGERIA

LAGOS METROPOLIS IN PERSPECTIVES

Abstract

Land transaction in Nigeria are mainly carried out without following due process this arise because of lack of government commitment and machinery. This paper intent to highlight the problems of fraudulent transaction in Nigeria land market with the intension of given the underline remedies to this land economic problems. The acquisition of land has been attached with enormous disastrous to social, political and economic sphere of live which gives room for unhealthy transaction, there are no perfect market in Nigeria land market that can eliminates price differences. The buyers and sellers were not adequately informed with the ideal methods of land transactions. It is being highlighted that lack of authorities consents resulted in fraudulent transaction where the seller sold parcel of land that they have no right over it. It is also mentioned that land holding system that is, land tenure system before the coming of European makes land to be secured due to the tradition custom of the people. Land Use Act of 1978 also creates many changes to land holdings and development of the urban centres. Land as economic resources its proper distribution create wealth to the members of the society. Perfect knowledge of the land registration and transaction or ownership transfer by the individual can reduce fraudulent land transaction. It is recommended that government should put priority on issue of adequate land distribution mechanisms to curtail illegal land transaction and laws should be enacted to regulate ownership of land titles. Government should encourage land professionals to establish a body of estate agents that will be given mandates to transact in land and buildings matter.