Tag: LASRERA

The Special Adviser to the Lagos State Governor on Housing, Barakat Odunuga-Bakare, has highlighted the pivotal role of government in reforming and modernising real estate laws and regulations to meet present-day demands by investors and other relevant stakeholders in the sector .
She stated this over the weekend while speaking at the inaugural conference of Female Lawyers in Real Estate Practice (FELIREP) convened to address critical issues plaguing the industry.
The event with the theme: “The Missing Gap: Absence of Revised Laws, Rules, Regulations, Policies, and Effective Monitoring on Emerging Trends in the Nigerian Real Estate Market”, brought together key Real Estate stakeholders, government officials, legal experts, and industry leaders.
Emphasising the rapid growth of Lagos State Real Estate Market and its status as a commercial hub, Odunuga-Bakare stressed the need for updated legislation to foster transparency, fairness, and sustainable growth in the sector
“The Lagos State real estate market remains a vibrant force within the national economy, attracting investors seeking diversification and steady returns. To ensure its continued success, it is imperative to actively review and update real estate laws, rules, regulations, and policies while establishing effective monitoring mechanisms,” she noted.
Odunuga-Bakare underscored LASRERA’s role in promoting accountability and protecting stakeholders’ interests through its regulatory oversight.
She added that the Lagos State Real Estate Regulatory Authority – LASRERA has been pivotal in registering practitioners and enforcing compliance within the sector.
The SA further highlighted the importance of embracing technological advancements such as the E-GIS digital systems and the state’s land administration portal launched under Governor Babajide Sanwo-Olu’s administration.
In the welcome address, the President of FELIREP, Peace Anomneze, expressed concerns over the outdated regulatory framework currently governing the Nigerian real estate landscape.
“In an era marked by rapid transformations and disruptive technologies, our regulatory framework must remain agile and responsive.

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She said that the missing gap in our regulatory framework must be bridged towards a future characterised by growth, sustainability, and resilience
The absence of updated laws and regulations not only stifles innovation but also exposes stakeholders to risks and uncertainties.” Anomneze urged.”
Speaking during the Panel Session on the Roles of industry professionals in Regulating the Market and the Legal barriers confronted by real estate developments, the need for reform, the Group Managing, SURU Homes, Mr Edward Akinlade highlighted a comparison between the approval processes in the real estate sector in the UK and Nigeria, saying that the approval process for real estate projects in Nigeria is not as efficient as expected. He advised those in the sector to always use professionals so that corruption can be curbed in the sector. Participants agreed on the urgent need for legislative amendments that would foster sustainable development, enhance market credibility, and ensure the sector’s alignment with global best practices.

The Lagos State Real Estate Regulatory Authority (LASRERA) and the Economic and Financial Crimes Commission (EFCC) have partnered to jointly fight fraudulent practices in the real estate sector.

The partnership between LASRERA and EFCC was facilitated at a courtesy visit by the Special Adviser to Lagos State Governor on Housing, Barakat Odunuga-Bakare who led the management team of the agency to discuss several issues of fraud emanating from real estate transactions in the state.

According to her, the partnership comes as a response to the growing concerns surrounding real estate fraud in Nigeria, adding that the joint forces of the two organizations are needed to further enhance the regulations and enforcement of ethical standards within the real estate industry by ensuring a secure and transparent environment for both buyers and sellers.

She said LASRERA and EFCC will work closely to investigate and prosecute individuals and organizations involved in fraudulent practices such as impersonation, property flipping, and document forgery.

By leveraging their respective expertise and resources, the Special Adviser informed that LASRERA and EFCC will strengthen the legal framework and enforcement mechanisms to tackle real estate fraud effectively.

Speaking further, Odunuga-Bakare highlighted the importance of the collaboration between the two government agencies in safeguarding the interests of both investors and the general public.

“Real estate fraud not only undermines the integrity of the sector but also poses significant financial risks to individuals and the economy as a whole. By teaming up with EFCC, we are sending a strong message that such practices will not be tolerated, and perpetrators will be held accountable.

 ”The EFCC, known for its expertise in investigating financial crimes, will bring its extensive knowledge and experience to this collaboration. The agency’s mandate aligns perfectly with LASRERA’s mission to regulate and promote ethical practices in the real estate industry,” she added.

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She implored the Lagos Zonal Command of the EFCC to ensure that the registration status of any individual or organization being interrogated by the Commission for real estate-related fraud is ascertained through the registration portal of LASRERA to know if the person or organization is genuine or not.

Speaking during the visit, the Zonal Commander, EFCC Lagos Zonal Command, who is also an Assistant Commander of the EFCC1, Michael .T. Wetkas described the visit as a good move that will further assist the Commission in investigating corrupt cases around real estate transactions.

While saying that real estate investment-related issues constitute a major part of complaints received by the Commission in recent times, the Zonal Commander maintained that the partnership between LASRERA and the EFCC will rekindle investors’ confidence in the Lagos’ real estate sector.

He said the collaborative effort is expected to have a far-reaching impact on the real estate sector, restoring confidence and trust among stakeholders, just as he urged the public to report any suspicious activities related to real estate transactions appropriately, assuring them that their identities will be protected.

It should be noted that while LASRERA is a government agency established to regulate and promote the real estate industry in Lagos State by protecting the interests of both buyers and sellers through professionalism, transparency, and integrity, the EFCC is Nigeria’s leading agency in the fight against economic and financial crimes with a mandate to investigate, prosecute, and prevent financial crimes.