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Lagos decries fraudulent practices in real estate sector

By Silver Nwokoro
12 December 2022   |   3:55 am
Lagos State government has decried fraudulent practices in the real estate sector and called for appropriate regulation and enforcement of laws to restore sanity and instill public confidence. The Special Adviser to the Lagos State governor on housing, Mrs. Toke Benson-Awoyinka, who spoke at the third Lagos real estate market place conference and exhibitions organised…

Lagos State government has decried fraudulent practices in the real estate sector and called for appropriate regulation and enforcement of laws to restore sanity and instill public confidence.

The Special Adviser to the Lagos State governor on housing, Mrs. Toke Benson-Awoyinka, who spoke at the third Lagos real estate market place conference and exhibitions organised by Lagos State Real Estate Regulatory Authority (LASRERA) tagged: ‘The Lagos Real Estate Emerging Markets-Mitigating the Potential Risks,’ said fraudulent activities and proliferation of such activities in real estate market are impacting reputation of individuals/ organisations, including state’s regulating agencies.

Benson-Awoyinka said state’s regulations must address ethical standards of potential risk in terms of losses for the protection of the citizenry’s investments.

She noted that the government is determined to ensure sanity is restored to the state’s real estate sector by reviewing the agency’s law.

In his address, the Lagos state governor, Babajide Sanwo-Olu, who was represented by the deputy governor, Dr Kadri Obafemi Hamzat, said emerging trends and practices in the real estate sector in recent time call for increased vigilance on the part of all genuine practitioners.

He said: “As a government, we owe it a duty to safeguard investments of people who may be unaware of some unprofessional practices in the market.

The need to restore public confidence to this sector led to the establishment of the Lagos State Real Estate transaction to protect citizens and investors from the potential risks emerging in the market.”

He pleaded with Lagosians and everyone interested in real estate business to be cautious in any financial transaction they engage in by fact-checking the track records of the organisations they are dealing with to ascertain if the individual/organisation is registered with LASRERA and other relevant government agencies in the building sectors.

Sanwo-Olu reassured Lagosians that the resolve to commence the monthly rentals payment has not been jettisoned.
“We have returned to the drawing board to re-examine the appropriate timing and best strategy that can be adopted to make the policy sustainable,” he said.

Meanwhile, the immediate past president, Nigerian Institute of Town Planners (NITP), Mr. Olutoyin Ayinde, who spoke on ‘Stemming the tide of building failure in Lagos State’, said “our values have dwindled, we have shown less concern, people are concerned more about the gains they would make from their investments rather than the benefits that would come for investing, the benefits that would come to humanity.”

He said: “We have also lost the value of professionalism where people do not realize that their limit and invite a professional to go about his own duty.”

Ayinde noted that it is the inability to properly conceive and think through projects that is responsible for collapses and it has to be discover to put things right.

The General Manager, Lagos State Building Control Agency (LASBCA) Gbolahan Oki, added that Nigerians have failed to recognise the attitude problem when it comes to building collapse

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