Sanwo-Olu to Sanction Violators of Real Estate Regulatory Laws
Lagos State Governor, Mr. Babajide Sanwo-Olu, has pledged to address the myriad challenges hindering the full growth of the real estate industry through the rigorous enforcement of relevant laws across the state. Speaking at the opening of the Fourth Lagos Real Estate MarketPlace and Exhibition at Eko Hotels and Suites, Victoria Island, the Governor assured practitioners that his administration would not hesitate to apply sanctions where necessary.
Represented by the State Commissioner for Housing, Mr. Moruf Akinderu-Fatai, Governor Sanwo-Olu acknowledged the unprecedented challenges in the sector, emphasizing that failure to address them could lead to a loss of sanity and confidence among stakeholders. He highlighted the importance of the recently signed amended law on the Lagos State Real Estate Regulatory Authority (LASRERA) to ensure proper disaster management.
The Governor stressed the need for licensing and certification of key stakeholders to uphold ethical standards, boost investor confidence, and foster fair competition. He called for strengthened policies to reduce disasters by promoting building codes and transparency in the industry.
Senator Wasiu Sani Eshinlokun, representing Lagos Central Senatorial District, commended the private sector’s intervention in the real estate industry over the last decade. He urged practitioners to embrace appropriate insurance policies to minimize losses in unavoidable circumstances.
Special Adviser to the Governor on Housing, Barakat Odunuga-Bakare, highlighted the forum’s role in addressing challenges, including fraud and the activities of quacks, to restore confidence among investors.
Gboyega Fatimilehin, founding Partner at Diya Fatimilehin and Co, predicted the MarketPlace would evolve into a hub for billion-dollar transactions, praising its contribution to restoring standards and ethical conduct in the industry. He proposed the establishment of a Special Tribunal to expedite real estate-related cases.
Muibi Kehinde Ahmeed, Managing Director of MKH Properties, urged stakeholders to play a vital role in transforming the industry. He emphasized the industry’s significance in the nation’s economy and sought government support through soft loans.
The conference included panel sessions to address key issues in the real estate sector, marking a collaborative effort to tackle challenges and foster positive growth in the industry.
