SANWO-OLU ORDERS PROBE INTO ALLEGED LAND SCAM BY REVOLUTION PLUS PROPERTY COMPANY

 

Lagos State Governor, Mr. Babajide Sanwo-Olu, has directed Lagos State Real Estate Regulatory Authority-LASRERA to commence an investigation into a viral video clip made by one Mr Kayode Oladipo about 20 plots of lands he supposedly bought in 2017 from a Property Company, RevolutionPlus without any physical allocation of the said plots.

Following the Governor’s directive, the Lagos State Commissioner for Housing, Hon. Moruf Akinderu-Fatai, Special Adviser to Lagos State Governor on Housing, Barr.Barakat Odunuga-Bakare and Permanent Secretary, Lagos State Ministry of Housing, Engr. Gbolahan Toriola, on Friday, invited the Management of RevolutionPlus Limited who was led the company’s Chief Executive Officer/Managing Director, Dr.Bamidele Onalaja, for fact-finding.

The information gathering process by the top government officials, according to the Commissioner for Housing will help find lasting solutions to frequent reports of fraudulent practices in the State’s real Sector and thus protect the interest of investors and investees in the Real Estate business transactions in Lagos State. 

Special Adviser to Lagos State Governor on Housing, Barr.Barakat Odunuga-Bakare recalled that before the viral video made by Mr Kayode Oladipo, there had been some concerns raised by members of the public about the conduct of RevolutionPlus Property Limited to some of its subscribers.

The members of the investigation team reiterated the resolve of the State government to investigate the allegation against RevolutionPlus Limited in line with LASRERA Law 2022.

According to them, LASRERA Law 2022 empowers the agency to investigate petitions and complaints from members of the public to protect and promote sanity as well as boost further investors' confidence both at home and foreign investments for the sector in Lagos State. 

The CEO/MD of the real estate company, Dr.Bamidele Onalaja, affirmed that Mr. Kayode Oladipo (complainant) subscribed for 20 (Twenty) plots of land from RevolutionPlus Property Limited at Dallas Court, Lekki and Royalty Gardens, Ajah, in Lagos State. 

Dr. Onalaja explained that 2 (two) out of the original 20 plots were fully paid for by the client, while the necessary documentation has been completed and handed over to him.

He added that the remaining 18 (eighteen) plots of those land have not been fully paid by Mr. Kayode Oladipo as he flouted the payment agreement on the contract.

He said that property NOT fully paid for with its associated costs will not be processed based on contract conditions because, in case of non-compliance, the company policy requires the relocation of such subscriber to another site upon completion of payment or refund of the deposited sum less 40%( forty percent).

He noted that having defaulted in his payment pattern, RevolutionPlus Property Limited relocated him to another land site at Amazon Estate, Epe, which he declined while the option of refunding the sum advanced was also rejected by Mr Kayode Oladipo, the complainant.

Onalaja said that the company has finalized the allocation of 5 (five) plots to Mr. Kayode Oladipo at Amazon Estate based on the payment made with necessary documents forwarded to him. 

The CEO of RevolutionPlus Property Limited also added that Mr Kayode Oladipo did not make a payment of N40,000,000.00 (Forty Million to the company as claimed in the viral video, urging members of the public to disregard his claims as untrue and misleading.

However, in the course of the committee’s investigation, Mr Kayode Oladipo who was contacted on the phone, maintained that he paid the deposit sum of N18,606,000.00 (Eighteen Million, Six Hundred and Six Thousand Naira to RevolutionPlus Property Limited in 2017. 

He said that along the line, he lost his job and couldn't continue with the payment as he initially agreed.

He confirmed that he declined the option of relocation to Amazon Estate, Epe in Lagos State, and wants the State Government to compel RevolutionPlus Property Limited to allocate his subscribed plots of land to him.

The Investigation Committee explained to Mr. Kayode Oladipo that having defaulted in his payment arrangement, the real estate company has the right to offer the option of relocation to another site equivalent to money paid or the option of refund of the amount paid less 40% as stipulated in the agreed contract of sales by both parties. 

It should be noted that after the deliberations by the investigation team, Mr Kayode Oladipo (Complainant) has agreed to accept the allocation of (5) plots of land at Amazon Estate, Epe of Lagos State which is equivalent to the present value of his payment.

Adeoti Sobowale 

Deputy Director, Public Affairs 

LASRERA 

21st January, 2024.

Lagos State Real Estate Regulatory Authority - Lasrera 

#lagos

LASG Reiterates Support For Real Estate Sector... … Promises to Initiate Friendly Policies

 

AgegePulse Magazine 

Lagos State Government has expressed its readiness to put in place deliberate initiatives and policies that will support real estate practice in the state.

SA to Governor on Housing, Barr. Barakat Odunuga-Bakare

The Special Adviser to the State Governor on Housing, Barr. Barakat Odunuga-Bakare gave the assurance during a stakeholders engagement/interactive session organised by the Lagos State Real Estate Regulatory Authority (LASRERA) with stakeholders in the built sector at Ikeja on Tuesday. 

Odunuga-Bakare explained that it is through collaboration that the State Government can guarantee the regulatory landscape that is not just a set of rules, but a dynamic force that nurtures responsible growth and development in the Real Estate industry.

She vowed that the agency will scale up its enforcement drive against sharp practices in the real estate sector, maintaining that 2024 will no longer be business as usual for perpetrators of fraudulent acts in the real estate sector and unregistered practitioners.

Odunuga-Bakare urged Nigerians in the Diaspora who intend to invest in the sector to always check the website of LASRERA: lasrera.lagosstate.gov.ng for adequate information before sealing any transactions.

Speaking on the ongoing demolition of some structures across the State, the Special Adviser said, “We will launch a proper investigation on complaints by some operators over the demolition of their buildings in some parts of the state to ascertain the claims by some of the developers.

“The Tenancy law is in the process of protecting both the sellers and buyers of properties in the state, and we are collaborating with the Ministry of Justice in addressing issues and challenges raised by some practitioners”, Odunuga-Bakare said 

Responding to some of the questions by the operators, the Permanent Secretary, Lagos State Lands Bureau, Mr. Kamal Olowosago urged stakeholders to always conduct a proper search before going ahead with any transactions.

He said the State Government is digitalizing the land registration processes to reduce bottlenecks surrounding land administration in the state.

He maintained that Governor Sanwo-Olu is passionate about curbing the issues of land grabbing with the setting up of the Committee on Land Grabbers in the State.

Olowosago also promised to revisit cases of forceful takeover of some lands and property from operators, especially in the Lekki area of the state.

Earlier, the Chairman, Real Estate Developers Association of Nigeria, (REDAN), Lagos State Chapter, Dr. Bamidele Onalaja noted that the real estate industry plays a pivotal role in shaping the landscape of Lagos, hence the need to collaboratively explore innovative solutions that will drive the sustainable growth of the sector in Lagos.

He said REDAN is working with the government to curb recurring building collapses in Lagos, urging developers to get the necessary documents before they set out to build.

Leading the stakeholders in discussion at the forum, the Chairman of MKH Group, Mr. Muibi Kehinde Hammed said that the Lagos State Government must adhere strictly to enforcement in the industry.

On her part, the Managing Director, Hafsam Properties, Hafsat Balogun lamented the increase in overnight agents infiltrating the industry.

The event had in attendance consultants, agents, investors, developers and realtors among others.

LASRERA To Engage Real Estate Stakeholders On Regulatory Law | Theme: Redefining Opportunities in Real Estate: Regulations & Expectations" AgegePulse Magazine

By Ayodele Ifasakin  

Lagos State Real Estate Regulatory Authority, LASRERA, has concluded plans to engage relevant stakeholders in the Real Estate Sector towards redefining opportunities in Real Estate with relevant guidelines and Laws. 

 The Stakeholders' Forum scheduled to hold on Tuesday, August 3rd, 2021 at  Oriental Hotel, Victoria Island, with the theme:

"Redefining Opportunities in Real Estate : Regulations & Expectations", will focus on the impacts and benefits of LASRERA Law towards sanitising the Sector. 

The Special Adviser to Lagos State Governor on Housing, Mrs Toke Benson-Awoyinka said that discussions around the amended Estate Agency Regulatory Authority Law 2006, now the Real Estate Regulatory Authority Law 2021, becomes necessary in order to create a sustainable climate for ease of doing business in the sector. 

Benson-Awoyinka said that the Keynote Speaker for the event is Mr. Gboyega Fatimilehin,  Founding Partner, Diya Fatimilehin and Co while 

other Speakers include,  the MD/CEO, Knight Frank & Rutley, Mr. Frank Okosun,

Principal Partner, Gbenga Ismail, Vice Chairman NIESV, Lagos Chapter, Mr Wale Ayilara, MD/CEO Landwey Investment Group, Sarah Ene, Executive Director, International Center for Human Rights, Non-Violence and Safety Awareness, Uchenna Ikechukwu, Chairman, Nigerian Bar Association (NBA) Lagos Branch, Fayoade Adegoke, Officer-in-Charge State Criminal Investigation Department (SCID), Kunle Awolaja, Director, Lagos State Valuation Office, Bamidele Onalaja, GMD RevolutionPlus Group / Chairman REDAN 

Sanwo-Olu's Aide, Toke-Benson Inaugurates LASRERA Committee To Promote Global Best Practices In Real Estate Sector | AgegePulse Magazine

 

The Special Adviser to Lagos State Governor, Hon. Mrs. Toke Benson- Awoyinka yesterday, inaugurated a Technical Committee on Real Estate Regulatory Authority (LASRERA) at The George Hotel, 30,Lugard Avenue, Ikoyi, Lagos.

Middle: Toke-Benson, SA on Housing L: Rabiu Olowo, Commissioner for Finance, Moyosore Onigbanjo, the Commissioner for Justice 

Hon. Toke-Benson said, it is pertinent to set up such committee to achieve Governor Babajide Sanwo-Olu's agenda of transforming Lagos State into a 21st century model of effective and efficient governance.

Technical committee with sub committee of Legal, Finance, Insurance and Social  comprises of Hon. Toke Benson-Awoyinka the SA to the Governor on Housing, Hon. Rabiu Olowo – the Commissioner for Finance, Hon. Moyosore Onigbanjo – the Commissioner for Justice, Mr. Babatunde Obaniyi of United Capital Trustees, Mr. Kayode Omotoso of Mortgage Bankers Association of Nigeria (MBAN), Mr. Afolabi Balogun of Libra Law Offices, Mrs. Funmi Ekundayo of STL Trustees.

Other include, Mr. Kehinde Ogundimu of the NMRC, Dr. Roland Igbinoba of Pison Housing, Mr. Bisi Onasanya of The Address Homes, Mr. Femi Adewole of the FHF, Mr. Owolabi Salami of AllOaks Insurance Limited, Mr. Demola Sogunle of Stanbic IBTC, Mr. Deji Charles Adeogun of Philips, Charles, Anthony LLP.

Addressing the audience, Hon.  Awoyinka, stated that the committee mandate is to design a policy and fiscal framework to institute and promote global best practices in the state, curtail the malpractice in the real estate sector while improving financial transparency and fiscal responsibility.

"This is in line with the Executive’s agenda of transforming Lagos State into a 21st century model of effective and efficient governance. The Committee has been charged with addressing the challenges in the sector with particular attention to reforming the Home Ownership Model to increase housing stock and reduce deficit.
To achieve this, the Committee will be required to tackle the set up of a comprehensive system and framework which will address the following:

"To resolve financing, the Committee will prioritise the development of a fiscal responsibility and transparency model to promote the inflow of local and international funding required to confront the housing deficit.

"The creation of a trusteeship for the management of real estate remittances for off-takers and a system to stagger payments to Developers where off-plan payments are applicable. The trusteeship would also have the obligation over the administration of diaspora remittances for off-plan payments/sales with the ultimate plan to boost investor confidence, attract, and improve upon Foreign Direct investment in the sector. These funds will be domiciled in a Centrally Managed Fund.

"The Committee will set up a governance structure which will oversee the entire real estate framework and stakeholder engagement in the state to minimize trust deficiency. The structure will cater to the entire system of the real estate process and will incorporate participation from Private Developers, Financial Institutions and of course the State Government in a Public-Private Partnership model.

"To further boost confidence and safeguard investment, the Committee will be responsible for the centralization of insurance management for all real estate assets which will dovetail into the existing Lagos State Risk Management framework.

"To improve upon existing laws and policies, we would oversee the creation and implementation of Strata Title Law to drive revenue. This would encourage the revivification of unused capital in the state as well as improve accessibility to housing for citizens.

Speaking at the inauguration, the Lagos State Commissioner for Finance, Hon. Rabiu Olowo stated that, "National Bureau of Statistics recently put real estate contribution to Nigeria’s GDP at 7.5 per cent, a figure that left many stakeholders surprised at what they described as a very poor rating by the body.

"The current Global Real Estate Transparency Index Survey carried out in 2020 rates Nigeria poorly as number 68 out of 99 countries with a score of 3.74% as against United Kingdom as Number 1 and a score of 1.31%. South Africa remains the only Country with a positive Real Estate transparency index in Africa ranked number 24 with a score of 2.37.

To plug the housing gap, the World Bank in its 2014 study stated that N59. 5 trillion would be needed at N3.5 million per unit.
In Lagos State, the statistics shows that the contribution of real estate to the State GDP stood at c. N242b representing 2.01% of Lagos State GDP which is very low.

"This initiative has strategic broad responsibilities with its focus on improving financial transaction and building invertors (internal/external) confidence.

The Introduction of a Real Estate Trustee to help manage off takers- investors funds and gradual re-imbursements to Real Estate developers at every milestone achieved. This is to reduce the overbearing exposure/risk investors face in the Real estate industry. This Trustees will be accountable to both the Government, the Real Estate developers, and the investors.

The subscriber’s funds will only be assessable to developers upon approval from the trustees and the Government. The required approval will cover both quality of deliverables and milestone.
Some of the components of poor transparency currently faced by the sector cuts across; No measurement of Real estate investment performance, Corporate Governance, No Regulations, No regulated financial transaction process, Poor real estate data.

"The Lagos State Real Estate Regulatory Authority is saddled with the responsibility of registering estate agents, sanction unlicensed estate agency practitioners, collate data on property transactions, investigate complaints and petitions against licensed practitioners as well as ensure the payment of fees, taxes or charges on property transactions".

The commissioner implored all stakeholder in this sector to work closely as a team in transforming the Real Estate Sector particularly in Lagos State in achieving one of the best real estate sectors across the globe.

Court Affirms LASG Powers To Regulate Real Estate Transactions | AgegePulse Magazine ... As Stakeholders in Real Estate Sector Are Enjoined to Register With LASRERA

A Federal High Court in Lagos has affirmed the powers of the Lagos State Government to regulate the practice of real estate transactions within the State.

A statement signed by the Lagos State Attorney-General and Commissioner for Justice, Mr. Moyosore Onigbanjo (SAN), noted that the judgment delivered on March 22, 2021, by Justice Chukwujekwu Aneke of the Federal High Court, struck out the originating motion filed by the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) and the Nigeria Institute of Estate Surveyors And Valuers (NIESV) to challenge the authority of the State government to regulate the sector.

LASRERA Logo

According to him, the applicants - ESVARBON and NIESV - had filed the suit against the Lagos State Government and the State’s Attorney General and Commissioner for Justice, Mr. Moyosore Onigbanjo (SAN), who were listed as first and second respondents respectively, claiming that they are the ‘sole body’ created by Law in Nigeria to determine persons who are to become Estate Surveyors and Valuers.

His words: “The first applicant claimed that by virtue of Section 2 of the Estate Surveyors and Valuers Registration Board of Nigeria Act Cap E13 LFN 2007 and Section 1 (3) of the 1999 Constitution, it was unconstitutional for Lagos State Government to create an entity known as the Lagos State Estate Agency Regulatory Authority (LASRERA) that compels registration of all Estate Surveyors and Valuers practising in the State”.

“The applicants had also argued that under Section 4 (6) – (9) of the 1999 Constitution (as amended) or any other Section or Schedule of the same Constitution, the Lagos State House of Assembly lacked the legislative power to enact a bill to regulate the practice of estate surveying and valuation”, he added. 

The Commissioner also averred that, consequently, the applicants sought an order of the court restraining the respondents whether by themselves, agents, servants and/or privies from implementing, enforcing, in any way or manner whatsoever and howsoever giving effect or further effect to the directives of compulsory registration with Lagos State Government.

Onigbanjo said Justice Aneke struck out the originating motion for lacking in merit and upheld the powers of the Lagos State Government to establish a Regulatory Agency for Estate Agents trading in Lagos State.

By the ruling, the Lagos State Government called on all practitioners to abide by the Lagos State Estate Regulatory Authority (LASRERA) Law and register with the Agency in line with the determination of the Government to protect the general public and ensure genuine persons and organisations possess the required platform to practice their trade.

Operating Permit Initiative Will Boost Diaspora Confidence In Real Estate Investment- Sanwo-Olu's Special Adviser | AgegePulse Magazine

 

 The Special Adviser to Lagos State Governor on Housing, Mrs. Toke Benson-Awoyinka has affirmed confidence in the operation Permit being issued by the Agency for practitioners in the Real Estate Sector, saying that the permit issuance initiative will not only boost the Real Estate Investment for practitioners but will also encourage diaspora’s confident    in the Sector.

Special Adviser on Housing, Toke-Benson 

The Special Adviser expressed this view on Wednesday during an interview session with  Real Estate Developers Association of Nigeria (REDAN) Southwest Media Incorporation, at Alausa.

She explained that LASRERA, an Agency under the  State's Ministry of Housing was established to regulate Real Estate business transactions among Real Estate Practitioners, Property Developers and Facilitaty Managers and also checkmate all forms of fraudulent activities in the Real Estate sector.

Benson-Awoyinka said that the amended Bill of LASRERA establishing law that would soon be passed as Law by Lagos State House of Assembly will further sanitize Real Estate practices in Lagos State and project the State as a destination of choice for investment in Real Estate. 

She averred that the State's Real Estate sector has the potentials of  being a major source of investment opportunities for investors and add to revenue for the  State Government if the issue of public confidence in the sector is restored. 

  She stated that the proposed Bill of 2020 currently before the State's House of Assembly would protect investors, buyers and sellers and will also promote ease of doing businesses for the practitioners when it is finally passed and signed by Mr. Governor, Babajide Sanwo -Olu. 

The Special Adviser said that the registration of the practitioners by the Agency is an umbrella that is needed  by all persons in the Real Estate sector and the compilation of data on Real Estate developments would aid the State Government in planning around  complimentary infrastructure within the State. 

‘’With the Permit license that LASRERA is giving to Real Estate Practitioners/ Property Developers, individuals seeking the services of the sector can link or log on to www.lasrera.lagosstate.gov.ng  to transact business with registered practitioners in the State." Benson- Awoyinka stated

She urged residents who at one time or the other been duped by fake Real Estate Practitioners/Property Developers to report to the Agency’s office. 

According to her, the Agency is poised to ensure satisfaction by those seeking for accommodation in the State through mediation and amicable settlement without necessary approaching the court for redress.   

LASRERA Solicits Support Of Real Estate Professionals To Curb Unethical Practices | AgegePulse Magazine

The Special Adviser to the Lagos State Governor on Housing, Mrs. Toke Benson-Awoyinka, has appealed to practitioners in the real estate sector and the general public to join hands with the State Government to eliminate unethical practices in the real estate industry in order to ensure that perpetrators of dubious acts are dealt with in accordance with relevant provisions of the Law.

SA, Toke-Benson 

Benson-Awoyinka, delivering her keynote address as the Special Guest of Honour at the Alphacrux Real Estate Outlook Conference held virtually on Thursday, highlighted the efforts and activities of the State Government in the real estate sector, maintaining that if integrity is restored to the profession, more international investments would be attracted to the country and would be beneficial to many individuals in the State. 

She insisted that the Real Estate Market must be transparent for investors to show interest in the sector, stressing that the economic growth of any nation depends on the combined efforts of various individual business ventures, institutions, public and private bodies.

Appreciating the organisers of the event for recognising the efforts of the administration of Mr. Babajide Sanwo-Olu as it relates to Real Estate activities in the State, Benson-Awoyinka stated that the giant strides made by LASRERA within a short period is yielding the expected results, one of which is the increased awareness about the office.

Speaking on the relationship between LASRERA and the regulatory bodies in the real estate business, the Special Adviser said, “I am always quick to make this clarification at every gathering that involves relevant stakeholders in the built sector, that LASRERA was not established to assume the position of the existing professional regulatory bodies for Real Estate practitioners, rather, the agency intends to work with existing regulatory bodies to sanitise the sector.

“Basically, LASRERA came into being as a response to reported cases of fraudulent practices in the real estate sector. Constitutionally, the government exists for the purpose of protecting lives and property; it would be insensitive on the part of the government to ignore thousands of Lagosians who have at one time or the other fell victims to these fraudulent practices”, she stated. 

The Special Adviser averred that real estate remains an investment asset of choice and warned that buyers should be careful where they are investing their money in order to avoid unpalatable stories.

While citing the different initiatives from LASRERA, she expressed the hope that reported cases of fraudulent practices will be curtailed and genuine Practitioners will be able to render quality services to members of the public seeking real estate property within the State.

Alphacrux Real Estate Outlook Conference is an annual gathering of industry experts, developers, economists, and investors in the built industry to network, learn, share knowledge and discuss the business year. 

"Real Estate Sector 'II Boost GDP, Create Jobs" Says Sanwo-Olu's Aide | AgegePulse Magazine

Toke-Benson Awoyinka

As part of the submissions reached at the just concluded First Real Estate Market Place Conference and Exhibitions in Lagos, the Special Adviser to the State Governor on Housing, Mrs. Toke Benson-Awoyinka has revealed that the Housing sector can serve as an important contributor to the nation's GDP, support job creation and provide social benefits to Nigerians as a whole. 

The 2-day event was organised by Lagos State Real Estate Regulatory Authority- LASRERA as a meeting point for Real Estate Practitioners / Property Developers and their potential clients with relevant State  Government  Agencies  in the  Built  Sector to serves as a one-stop-shop for the Real Estate Market. 

The Special Adviser submitted that addressing the housing deficit will have a game - changing impact on our society and communities when compared with other less important sectors that are presently being given greater attention at the detriment of the housing sector. 

While saying that most African countries do not see and treat the housing sector as an engine of economic growth, Benson-Awoyinka identified the Real Estate Market as a sector that has tremendous multiplier effect on the broader economy through two channels: Private investment and housing services.

Benson-Awoyinka stated that the real estate/ housing sector remains a critical component of the economy that represents one of the fundamental needs for livelihood considering its influence on the health, social behavior, efficiency, contentment and overall welfare on the citizenry and society.

 In the same vein, the State Commissioner for Energy and Mineral Resources, Mr. Olalere Odusote expressed the desire of the State Government to have sustainable, reliable power and greener energy, towards the realization of its vision of a 21st century economy which is one of the priority areas of the present administration in the State.

While quoting the United Nations statistics which revealed that the real estate accounts for about 40 per cent of the world's energy consumption and a third of all carbon emissions, Odusote submitted that there is the need to ensure the availability of clean solutions and innovations to make buildings future-proof, adding that in line with SDG 7, efforts must be increased on energy efficiency. 

He said, “In line with its THEMES agenda to make Lagos State a 21st century economy, Lagos State is desirous of having sustainable, reliable and greener energy across all sectors; the real estate sector particularly provides a unique opportunity to meet this objective. 

“Lagos, reported to have the highest immigration rate in the world, is expected to be the largest city in the world by population in the next 100 years. This population growth will require significant sustainable housing and energy needs and thus makes it imperative to ensure that new buildings are built green to avoid higher carbon emissions for decades that stem from inefficient energy use.”

The Commissioner, who acknowledged the fact that real estate developers and owners have started recognizing the importance of clean energy, maintained that the practitioners must ensure access to secure, affordable and sustainable energy by exploring the option of clean energy and energy efficient solutions available.

As part of the State Government’s efforts to promote greener and environmental sustainability, the Commissioner reported that it has embarked on the conversion of all streetlights in Lagos from hpS to the brighter and significantly more efficient LED lighting, assuring that all 39,000 streetlights in Lagos will be retrofitted over the next 6 months and will lead to a 65% operational cost savings to the state government.  

He stated that the State Government will further expand street lighting to ensure that before the end of this administration, all class A & B roads as well as designated public spaces achieve full lighting coverage, saying that these kinds of clean energy and energy efficient solutions are equally crucial and beneficial to the real estate sector as they guarantee significant energy costs savings for such buildings.

Our Mandate's To Bridge Housing Deficit In Lagos - SA, Toke Benson | AgegePulse Magazine

 

... Start Regeneration of Assets In Mainland, Gov. Sanwo-Olu Charges Real Estate Agents

Lagosians home and abroad soon will no long have a fear in purchasing decent, affordable housing in Lagos.

This development was disclosed by the Special Adviser to the Lagos State Governor on Housing, Mrs. Toke Benson Awoyinka as Lagos State Real Estate Regulatory Authority (LASRERA) hosted recently the first of its kind Real Estate Conference and Exhibition in the Real Estate Capital of Africa, with the theme: “Unearthing real opportunities in Real Estate.” at the Eko Hotel & Suits, VI, Lagos.

The epoch event which have in attendance, the Governor of Lagos, Mr. Babajide Olusola Sanwo-Olu, Government Agencies, Captains of Industries, Real Estate Agents, Estate valuers, and others Stakeholders in Real Estate Business was another turnaround initiative to solve housing deficit in Lagos.

Speaking at the event, The Governor harped on the need for massive regeneration of properties in mainland part of Lagos, charging real estate investors and private developers to divert their investment to rebuilding mainland and redistributing wealth from the business.

He said: “I need to charge the real estate investors that, everybody needs not build in Sangotedo or Ibeju Lekki. Let us go to mainland and start regeneration of the assets in that part of Lagos. This way, we would be redistributing wealth and creating opportunities for our citizens.

The Governor said the State’s Department of Lands had built the required capacity for smooth transition to the online platform, stressing that the plan was already in its final stage.

When the web-based platform is finally launched, there will be no need for applicants seeking for Certificates of Occupancy (C of O), survey and building plan approvals to physically submit paper documents for authorisation. All documentation and payments will be done by applicants from the comfort of their homes.

Sanwo-Olu said the new development would bring about quick turnaround time in land transactions and boost private investors’ confidence in provision of home ownership model that will address deficits in housing.

He said: “We have improved on our GIS solution to accelerating land matters in Lagos. From the first quarter of next year, we will be launching an online platform on which all land transactions will be done. When the project kick-starts next year, there will be one-stop shop for all transactions relating to land, including Governor’s approval on CofO, and building approval by Ministry of Physical Planning and Urban Development.

“We have given our commitment on this, because of the need to improve the turnaround time from when people submit their requests for approval and the time the authorisation is completed. We cannot afford to disappoint private investors and applicants seeking real time approval. We are raising our capacity, so that we can respond to the requests and discharge them.”

The Governor charged residents and property developers applying for approvals to stop cutting corners and circumventing the process, stressing that sharp practices would only make it difficult for impatient applicants to get their documents approved.

Earlier, Special Adviser to the Governor on Housing, Mrs. Toke Benson-Awoyinka, said the conference was held with an objective to bring stakeholders in property business in contact with relevant Government agencies and address bottlenecks slowing down property transactions.

She said LASRERA was created with a mandate to bridge the gap of credibility in property business, pointing out that the Government responded to the yearnings of industry players, having realised there were genuine real estate practitioners and property developers, as well as genuine home and property seekers who were desirous of credibility in real estate transactions in Lagos.

Benson-Awoyinka said the regulatory agency, since inception, had set processes in motion to change the negative image of property development business and check malpractices which the sector had faced in the last decades.

She said: “As a Government that is determined to bridge the housing deficit in the State, we are aware of our role in not just the provision of houses, but also create an enabling environment for the private sector working hand in hand to a desired end.

“We are making a renewed appeal to investors in the sector to team up with the State Government to create a home ownership model that will help address the deficits observed in housing market in the State our through Public Private Partnership (PPP) initiative in providing mass housing for our people.” Toke-Benson, Concluded

The two days conference featured exhibitions for home marketing firms, Government and private property developers.

There was also a panel of discussion in which private practitioners, heads of relevant Ministries and agencies provided explanations on housing market can be improved

Lagosians To Process CofO, Survey, Other Building Documents Online by 2021 Says Sanwo-Olu

 AgegePulse Magazine

By Kazeem Ugbodaga

Beginning from first quarter of 2021, all land related transactions in Lagos State will be undertaken online, Governor Babajide Sanwo-Olu disclosed on Wednesday.

The plan, the governor said, was to further accelerate the process of getting approvals on land matters and create an enduring business-driven property development market in the State.

Sanwo-Olu made the disclosure at the maiden Real Estate Marketplace Conference and Exhibitions organised by Lagos State Real Estate Regulatory Authority (LASRERA), with the theme: “Unearthing real opportunities in Real Estate.”

The governor said the State’s Department of Lands had built the required capacity for smooth transition to the online platform, stressing that the plan was already in its final stage.

When the web-based platform is finally launched, there will be no need for applicants seeking for Certificates of Occupancy (C of O), survey and building plan approvals to physically submit paper documents for authorisation. All documentation and payments will be done by applicants from the comfort of their homes.

Sanwo-Olu said the new development would bring about quick turnaround time in land transactions and boost private investors’ confidence in provision of home ownership model that will address deficits in housing.

He said: “We have improved on our GIS solution to accelerating land matters in Lagos. From the first quarter of next year, we will be launching an online platform on which all land transactions will be done. When the project kick-starts next year, there will be one-stop shop for all transactions relating to land, including Governor’s approval on CofO, and building approval by Ministry of Physical Planning and Urban Development.

“We have given our commitment on this, because of the need to improve the turnaround time from when people submit their requests for approval and the time the authorisation is completed. We cannot afford to disappoint private investors and applicants seeking real time approval. We are raising our capacity, so that we can respond to the requests and discharge them.”

The governor charged residents and property developers applying for approvals to stop cutting corners and circumventing the process, stressing that sharp practices would only make it difficult for impatient applicants to get their documents approved.

Lagos To Host 1st Real Estate Market Place Conference, Exhibition | AgegePulse Magazine

The Lagos State Government has announced that plans have been concluded to hold the first ever Real Estate Market Place Conference and Exhibitions between Wednesday,9th and Thursday,10th December, 2020.

The Conference and Exhibitions will be hosted by the Lagos State Real Estate Regulatory Authority, LASRERA at Expo Hall of Eko Hotel and Suites, Victoria Island, Lagos.

The initiative according to the Special Adviser to the Lagos State Governor on Housing, Mrs. Toke Benson-Awoyinka was designed to provide a meeting-point for real estate practitioners and their potentials clients.

She informed that the State Governor, Mr. Babajide Olusola Sanwo-Olu, his Deputy Dr. Obafemi Kadiri Hamzat and some other key stakeholders in the built sector have been billed to attend the two day event. 

She urged  residents especially those interested in real estate properties to attend the event and meet with verified real estate developers with affordable home purchase schemes. 

Benson-Awoyinka explained that the forum also provides an avenue for participants to meet genuine practitioners with track records and traceable identities, stressing that all participants have been registered and their data captured by LASRERA. 

The Special Adviser assured Lagosians that the event which promises to be a One  Shop Stop for the real estate sector and will bring a total turn around into Real Estate businesses are transactions in Nigeria, assuring that real estate practice in Lagos State is now changing the narrative of fraudulent practices and unprofessionalism which the industry has been known for over the years. 

She called on interested persons who are yet to leverage on the platform being provided by LASRERA, to visit the Agency's website and apply to be part of the Conference and Exhibitions. 

The registration link for participation in the programme is : https://lasrera2020.eventbrite.com

ADEOTI SOBOWALE 

Assistant Director, Public Affairs