LASG Advises Due Diligence On Real Estate Business Transactions

AgegePulse Magazine

LASG Advises Due Diligence On Real Estate Business Transactions

Lagos State Government has advised potential real estate investors to always check the registration portal of the Lagos State Real Estate Regulatory Authority (LASRERA) via its website: lasrera.lagosstate.gov.ng for the list of registered individuals/organisations captured on the agency’s database before committing to any real estate business transactions in the state.   

Special Adviser to Lagos State Governor on Housing, Barr. Barakat Odunuga-Bakare

The Special Adviser to Lagos State Governor on Housing, Barr. Barakat Odunuga-Bakare gave this advice on Thursday at the Y2024 Ministerial Press Briefing held at Bagauda Kaltho Press Centre, Alausa, Ikeja.

Responding to the growing concerns raised over unregistered real estate practitioners and the proliferation of imposters, Barr. Barakat Odunuga-Bakare emphasised the importance of due diligence, especially in areas where new estates and construction works are ongoing.

She highlighted the efforts of the Lagos State Government through LASRERA to safeguard both local and international investors from falling victim to fraudulent schemes.

She disclosed that the strategies put in place by the state government to regulate activities within the real estate sector will serve as a deterrent to fraudulent practices within the real estate sector and enable swift intervention and sanctions against erring practitioners.

Odunuga-Bakare also underscored the effectiveness of LASRERA’s regulatory measures, noting that the agency’s database currently boasts 925 registered individuals and organisations, with an additional 2550 practitioners in the process of enrollment.

“LASRERA has a database of 925 registered individuals/organisations on its registration portal while over 2550 practitioners have enrolled to be registered”. Odunuga-Bakare stated.

Adeoti Sobowale 

Deputy Director,

 Public Affairs ,

LASRERA .

15th May, 2024.

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.

Nigerians will no longer pay N50 on every POS transactions above N1,000 from Next Year - FG

AgegePulse Magazine

The Federal Government has reviewed its policy on stamp duty charges, levied on electronic payments.

This is captured in the new proposed finance bill, presently with the Senate. The new bill ensures that the N50 stamp duty charge will now be levied on electronic payments above N10,000 as against payments above N1,000.

The new bill aims to repeal a provision of the Stamp Duty Act 2014, which had a threshold for receipts chargeable with stamp duty as N4 and above.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, during a panel session at the PwC Executive Session on Finance Bill and Tax Strategy, confirmed the Finance Bill will become effective on January 2, 2020.

So effectively, from next year the N50 charged on POS transactions above N1,000 will cease. It will now be charged on transactions above N10,000.

This is good news for Nigerians and Merchants who have hitherto been made to bear the brunt of this .....READ MORE http://bit.

Lagos Reporters