Lagos is not the capital of Nigeria (it is Abuja). But it is still the most important city in this African country of 150 million people. Lagos still remains the commercial capital of Nigeria with all major industries operating from there. Nearly 15 million people live in this city where real estate prices are touching the sky. Here are 5 facts about real estate in Lagos that will amaze you. HIGHER RENT THAN LOS ANGELES AND NYC Rent for a 3 bedroom apartment in some areas in Lagos can go up...

PROHIBITION OF DEMAND FOR FEE IN REGARD TO CONSTRUCTION Section 11 of the Law is by far the most popular provision of the Law. Anybody who has done construction work in Lagos and its environs has one tale or the other to tell about the notorious omo onile. They are basically hoodlums who lurk around construction areas, charge developers for every tipper of sand/cement/gravel brought to site; then, at various stages of building, they throw in more obstacles and demand payment of huge sums...

Anybody that has had dealings in the real estate sector in Nigeria, particularly in the urban areas like Lagos and its environs will know the numerous dirt and risks associated with land acquisition and development. Prominent among the hazards that bewitch the process of land acquisition and ownership in Nigeria is the menace of the ‘omo onile’ (as it is popularly called) which literally means ‘sons of the landowners’; the ‘ajagungbale’ (meaning one that ‘fights war to obtain...