Lagos Govt Makes Fresh Move To Sanitise Real Estate Sector

• In recent months, the Lagos government has prioritised cleaning up the real estate sector.

• The latest effort involved a collaboration between the state regulatory authority and law enforcement agencies.

• The government said its efforts will curb fraudulent practices in the sector.

Eko Hot Blog reports that the Lagos State Real Estate Regulatory Authority (LASRERA) has sought the partnership of relevant law enforcement agencies to address growing public concerns in the sector.

According to a statement issued on Friday, the effort was aimed at curbing the increasing rate of reported fraudulent cases in the real estate sector.

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The Special Adviser to the Lagos State Governor on Housing, Mrs. Toke Benson-Awoyinka, made this known during a Real Estate Outlook 2023 forum organised by the Nigerian British Chamber of Commerce, themed: “Pitching Your Tent Post-2023 Election”, held at Lekki Phase I, Lagos.

She stated that LASRERA will be partnering with the Economic and Financial Crimes Commission (EFCC) to make sure that the real estate industry is sanitised and made attractive to real estate investors, while also encouraging individuals and organisations to register with the agency.

Benson-Awoyinka told participants at the event to team up with the agency by complying with the reviewed LASRERA Law.

She stated that the reviewed law will assist in gathering data for the State’s Real Estate investments such that investors/investees would be able to operate under an atmosphere that promotes ease of doing business in line with the vision of the present administration of Governor Babajide Sanwo-Olu.

The governor’s aide clarified that the real estate practitioners’ database being compiled by LASRERA was not meant for taxation purposes but for infrastructural development in line with international best practices in the real estate sector.

Benson-Awoyinka said: “The value chains of this real estate system are yet to be unlocked in which job and wealth creations can be established with the training of young people to take the works of artisans in the sector rather than employing those from neighbouring countries. This will assist in the creation of job opportunities for our young people and also add value to our currency.”

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She encouraged those involved in property construction to always engage insurance companies to safeguard investments of not only those who died during construction works but also people that had invested in the projects too.

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