How LAGOS Govt. Is Trying To Curb Fraud In Real Estate – LASERERA

•Reveals Details During Stakeholders Meeting

The Lagos State Real Estate Authority, LASRERA on Tuesday, August 3rd, 2021, gathered all the stakeholders in the Real Estate sector to discuss the way forward and how to curb fraudulent activities from all quarters in the business. The event which was headlined by top real estate players, real estate firms, landowners, agents, realtors and as well as government functionaries, discussed the way forward in the sector. Tagged redefining opportunities in real estate, regulation and expectations, the event served as an eye-opener for all and sundry as regards what everyone needs to do or know to be on the side of the law in the sector.

DAMILARE SALAMI 08155134152 was at the Oriental Hotel, venue of the event and in this report, he brings you the details of all that went down there.

 

SA TO GOV SANWO-OLU ON HOUSING, MRS TOKE BENSON-AWOYINKA REVEALS LASRERA’S PLANS

The event started with the Special Adviser to Governor Babajide Sanwo-Olu on Housing, Mrs Toke Benson-Awoyinka delivering a keynote address. In her speech, she revealed what the LASRERA has done so far and its action points on how to curb fraud in the sector.

“The State Government is ready to curb fraudulent activities in this industry with the right laws and regulations. This is in line with this present administration of Governor Babajide Sanwo-Olu’s T.H.E.M.E.S Agenda of making Lagos State a 21st Century Economy. Countries of the World have taken the Real Estate industry as a serious business and have contributed immensely to the Gross Domestic Product of the economies and we cannot be left behind.

“In Nigeria, Real Estate remains one of the major investments that attract local and foreign investors. For us in Lagos State, we will not relent in tapping fully into these numerous opportunities. I urge you all to play your part to grow and develop the Real Estate industry in Lagos State,” she said.

 

LAGOS STATE ATTORNEY GENERAL, MR. MOYO ONIGBANJO SPEAKS ON THE IMPACT OF THE NEW LASRERA BILL

Mr Moyo Onigbanjo, the Lagos State attorney general and commissioner for justice also delivered a speech at the event. The highly revered legal luminary spoke on the impacts of the new LASRERA Bill on the practice of real estate in Lagos. In his speech, he revealed that the laws are open to criticism and ready for change wherever the stakeholders in the sector deem fit. He clarified that the intention of the law is not to regulate the practitioners, saying that the real estate body already has a body in charge of regulating its activities.

He added that the law becomes necessary in order to curb fraudulent practices in the real estate sector and also assure investors in the sector of a fair deal as a way of promoting ease of doing business in Lagos State. His words: “We’re interested in securing the transactions of investors and providing necessary support for all relevant stakeholders in the real estate industry, hence the passage of the new LASRERA law by the legislative arm of the State Government.

 

MR GBOYEGA FATIMILEHIN REVEALS HOW REAL ESTATE REGULATION IS AFFECTING REAL ESTATE AGENCY

Mr Gboyega Fatimilehin is the founding partner of the popular Diya Fatimilehin & Co. An outfit that has spent over 40 years in real estate agency in Lagos. Speaking based on experience garnered in his more than four decades of servitude in the industry, Mr Fatimilehin revealed how important it is for this sector not to be over-regulated. He further said that countries with existing regulatory frameworks for the real estate sector and its services were better able to attract investors. “This allows for a transparent and effective functioning of the sector and gives the regulators (or government) the financial and administrative independence to aid in the regulations which reassure investors.

“A well-regulated, fully-functioning, and transparent real estate market can be a very important factor in the growth of a nation’s economy. A market that is settled, predictable and trusted can experience high levels of growth and investment.” Fatimilehin stated that there was an ongoing crisis in the real estate sector and that stakeholders must continue to see ubiquitous instances of fraud and malpractice in the sector in addition to the aforementioned lack of transparency, which has reduced the level of trust in the market.

“This is a hindrance to investment in the sector both in terms of the local capital and foreign direct investment which is required to address the shortage of adequate real estate products in our market,” he said.

 

LIBRA LAW MANAGING PARTNER, MR AFOLABI BALOGUN ALSO SPOKE

Mr Afolabi Balogun is a managing partner at Libra Law, a topnotch law firm in Lagos. He was saddled with the role of a guest speaker. He delivered a speech on issues surrounding foreclosure and its effects on real estate. In his speech, he averred that most times banks are the major challenge with the Foreclosure of the mortgaged property, due to proper documentation by the bank.

He explained that the Foreclosure Clause and redemption of mortgage is governed by Provision of Order 55 Rule of the High Court of Lagos State Civil (Procedure) Rules 2019. Which requires banks to only file originating summons and furnish the Court with substantial particulars of the debt but most times banks are unable to do that.

Balogun stated that Banks should be more diligent with these approaches in order for Courts to speed the process of the foreclosure in their favour.

 

TOP REAL ESTATE BOSSES DRAFTED INTO PANEL DISCUSSION

LASRERA didn’t leave this all-important discussion to government representatives alone. Being a stakeholders meeting, LASRERA ensured that top real estate players also participated in the all-important discussion. This section was tagged “Real Estate Regulations As It Affects Estate Agency”. The panel discussed the many issues in the law and the appropriate steps the government needs to take for the betterment of everyone. Members of the panel include Mr Frank Okosun, MD/CEO, Knight, Frank & Rutley, Mr Gbenga Ismail, Principal Partner, Gbenga Ismail & Co and Vive Chairman, NIESV Lagos Branch, Mr Wale Ayilara, MD/CEO Landwey Investment Group, Barrister Sarah Ene, ED International Center for Human Rights, Non-violence and Safety Awareness, Mr Ikechukwu Uwanna, Chairman, Nigerian Bar Association (NBA) Lagos Branch, DCP Fayoade Adegoke, State Criminal Investigation Department (SCID) Panti, Yaba-Lagos, Mr Kunle Awolaja, Director, Lagos State Valuation Office, Mr Bamidele Onalaja, GMD RevolutionPlus Group and Chairman, REDAN Lagos.