Header Ads Widget

Gov. SANWO OLU Reveals New Plans For Real Estate In LAGOS

 •What He Said At The 2nd Real Estate Market Place


Tuesday, December 7 and Wednesday, December 8, 2021, marked a difference in the real estate sector in Lagos as all the stakeholders and top players in the business as well as government functionaries gathered under the same roof to discuss the way forward and how to better the industry in Lagos.

Tagged LAGOS: 21st Century Real Estate Investment Hub, the event held at the Expo Hall of the Eko Hotel and Suites in Victoria Island, over 2000 key players and practitioners within the real estate and Housing sector attended the conference while the Governor himself was present and responded positively to some of the key points raised at the event.

DAMILARE SALAMI 08155134152 was there with a senior Photojournalist, ABDULRASHEED SANNI and in this report, he brings you the details of all that went down in the 2-day event, enjoy.



As the Chief Host of the event, The S.A to governor Sanwo-Olu on housing and head of the Lagos Real Estate Regulatory Agency (LASRERA) Mrs Toke Benson-Awoyinka declared the meeting opened by stating the expectation of the conference. She revealed that there are so many plans in place to better housing in Lagos and implored all stakeholders to ensure that they act on the decisions made.

“As a Government, we have realized this fact and as such, have been making business-friendly policies that can assist would-be investors/investees operate in a conducive business environment.

“The State Government through the Agency has resolved several reported cases of fraudulent practices brought to the attention of the Agency in a very professional manner.

“The collaboration between the State Government and those in Housing Sector will drive macro-economic growth, deepen financial sector collaboration, mitigate climate change and create jobs opportunities for the residents,  as well, build up the Real Estate industry’s investments with Infrastructural projects in the environment. 

“With increased urbanization to cities like Lagos, Port Harcourt and Federal Capital-Abuja, there are unprecedented demands for new homes, so the PPP initiative can reduce the housing deficit in the country,” she said.



As a way of showing that PPP has a strong foothold in the real estate sector in Lagos, more than 25 real estate firms supported the event in different categories. Some were platinum sponsors, some in the gold, silver and bronze categories respectively. It was not mere support, these firms had their stands well situated in the auditorium as exhibitors. Some of the brands spotted are Urban Shelters, Alaro City, Ilubirin, Elalan Construction Company, Estate Plus, Nigerian Mortgage Refinance Company, Winhomes Estate Global Services, Capival Homes, The Address Home, Gracias, Lagos Building Investment Company (LBIC), Mega Mound Investment Ltd, Eagletek Home Builders Ltd, RevolutionPlus Properties, Adron Homes and many more.



It was a combination of business and pleasure since all work and no play makes Jack a dull boy and all play and no work makes him a mere toy. Popular compere, Gbenga Adeyinka the 1st alongside fast-rising female compere Moji Bade gave the guests a swell time with their combination of professionalism and timely comic relief to avoid boredom.



The list of officials that came to the event was endless. Of course, one would expect that the presence of the governor would pull the crowd, but beyond that, the recent mishap of the Gerrard Road incident called for a rethink and some level of focus in the housing sector. This and many more reasons made different Lagos officials turn up. Starting from lawmakers down to commissioners, permanent secretaries and director generals, the list was endless. Some of the names noted include Dr Rabiu Olowo, the commissioner for finance, Hon Sam Egube, the commissioner for budget and economic planning, Mr Wasiu Akewusola, P.S ministry of housing, Dr Oloyede Babatunde,  Surv Ayodeji Amodu, SSA to Gov Sanwo-Olu, Mrs Omobola Fashola, O.S Lands, Mrs Olayinka Oladunjoye,  Dr Mrs Lola Akande, Mrs Olatokunbo Omopaye, Hon Mrs Bola Dada, Hon Muiz Banire, Hon Bimbo Abiodun, Hon Desmond Elliot, Hon Jah among several others.



Different professional bodies in the building sector were also recognized. Associations like the Real Estate Developers Association of Nigeria (REDAN) Lagos chapter had its president, Mr Bamidele Onalaja and other executives in attendance. The Nigerian Institution of Estate Surveyors and Valuers NIESV members were there too.



One of the high points of the event was when Gov Sanwo-olu said that it had set aside N5 billion to kick start the state’s monthly tenancy scheme in January 2022. Rabiu Olowo, Commissioner for Finance, disclosed this during a panel discussion at the 2nd Lagos Real Estate Market Place Conference and Exhibition in Lagos.

Mr Olowo said that the scheme, aimed at alleviating the difficulties experienced by tenants and fears of landlords in the event of paying rent. He explained that the first set of beneficiaries would be drawn from the formal sector to minimise risks and access the workability

According to him, the second layer will cover the informal sector, while others will follow suit. “Following a survey, we have been able to create a model that will be launched and known as the Lagos Monthly Rental Policy. “The survey reveals that a large percentage of Lagos residents find it difficult to pay their rent on yearly basis, hence the introduction of the initiative.

“You (stakeholders) have nothing to fear. You will get a better deal by joining the scheme. “To start with, a N5 billion portfolio has been put in place to kick-off the scheme. We welcome more support from more financial institutions to raise the bar of the portfolio for the masses to enjoy from this policy, “ he said.

According to the commissioner, from the financial perspective, operational rule, legal rule and default rule were issues arising from the scheme.



Gov Sanwo-Olu was decisive and straightforward as he responded to the reactions of people on the issue of the ill-fated Gerrard Road incident that claimed the lives of scores of Lagosians. “Somebody also raised a motion on the issue of the very unfortunate Gerrard Road incident which we have launched a panel to look into and we are expecting the report very soon. But I dare say that a month before that incident, we had launched a certificate of completion and a certificate of fit for habitation with LABCA.

“Meaning that anybody that is raising a property up to a certain number will need to get a certificate of completion and a certificate of fit for habitation. These are some of the prevention measures from the regulatory points of view.

“We know that on the side of this city, there will be people that will want to cut corners, and we also know that there are officers that have brought us down and reduced our name.

“We are not going to stand here and say that everybody that has worked for us is holy but we are dealing with them and so, these are issues that we all are going to battle together.

“So, once we set up a calling system and say REPORT, people should trust us and make this report because it is when we get those feedbacks that we can deal with those issues and we can create a better system out of it.

“And I’m using this opportunity to also express my disappointment in some government officials that want to sabotage my government. I will not only be ruthless, I will look for you and I will make sure that you have no place in my government because this is an agency that wants to work for everyone, the governor said.”

Post a Comment