Sanwo-Olu Promises to Deepen Collaboration on Real Estate

Bennett Oghifo

Lagos State Governor, Mr Babajide Sanwo-Olu, has promised to further deepen collaboration in the state’s real estate sector, promising to give 50 hectares of land to the Real Estate Developers Association of Nigeria (REDAN).

Gov. Sanwo-Olu stated this at the second edition of the Lagos Real Estate Market Place Conference and Exhibition, with the theme: Lagos: 21st Century Real Estate Investment Hub.

The Governor said the conference, which held at the Expo Hall, Eko Hotel and Suites, Victoria Island, was initiated to provide a platform for all players in the real estate sector to discuss issues of common interest and proffer solutions to the challenges slowing down the pace of progress in the sector.

According to him, “The outcome of the maiden edition of this conference, held last year, attests to the desirability of this initiative as it brought to the centre stage the need for a deeper collaboration and partnership between the government and private sector stakeholders to sanitize the sector by adopting a regulatory framework that conforms with global standard and best practice.

He said the conference was in line with the administration’s THEMES development agenda of making Lagos a 21st Century Economy, noting that his administration was committed to harness the huge opportunities in the Lagos real estate sector to drive prosperity and sustainable economic development through public private partnership.

“Achieving a 21st century real estate sector in a private sector led economy would require creating a conducive environment through a reliable and an effective regulatory system that ensures all players conform with established standards and code of conduct,” the governor said.

Sanwo-Olu said the conference gives credence to the administration’s commitment to sanitise the built sector and reinstate investors/investees confidence in Lagos real estate market, adding that it also underscores the government’s belief in public private sector collaboration as an effective strategy to build a real sector economy that gives no room for fraudulent and unprofessional practices.

“For Lagos State to maintain its reputation of Real Estate Investment Hub of Nigeria, this Sector needs to regain and sustain investors. We will achieve this objective by strengthening the capacity of LASRERA to enforce existing regulations and respond swiftly and decisively to reported cases and incidences of fraudulent practices by illegal practitioners in the Property Market in the State.

“The ultimate goal of my administration is to make the real estate sector attractive to investors and provide decent and affordable shelter on a sustainable basis for all Lagosians. The reason for this annual Conference and Exhibition is to facilitate the process of attaining this objective by identifying and removing all the obstacles through pragmatic actions and innovative ideas.

“This edition of the conference provides yet another opportunity for us to continue the conversation and come up with new ideas and innovation which can be implemented to make the Lagos real estate sector more attractive for investment,” he said.

The Special Adviser to Lagos State Governor on Housing, Mrs. Toke Benson-Awoyinka, said the conference was designed to unearth the various opportunities that abound in the Lagos State Real Estate Market.

According to her, Real Estate remains a very strong and powerful investment all over the World.

“Apart from the role it plays in employment generation and creation of sustainable jobs, the Real Estate Market has the highest potential of growing the economy of any State/ Nation.

“As viable as this sector is economically, having the right information and understanding the operational environment by investors or investees is very key and this can be achieved through coaching and professional conferences like this.

She stressed the need for practitioners to know Government’s policies put in place and how the knowledge of all these policies can assist in making informed decisions in respect of investments.

She urged investors/investees to make LASRERA their First Point of contact before investing in any property in different parts of Lagos State.

“This process of verification has been simplified through the Agency’s online platform such that every necessary information can be obtained by logging on to to know the accreditation status of any Practitioner/Organisation as the case maybe.”

She said Lagos State will remain a central location and good potential for residential and commercial investments with existing great network for Real Estate investors/investees which create wealth and also attract benefits to both parties.

“As Government, we will continue to create enabling environments for the Sector to thrive while also expanding other initiatives aimed at ensuring that new homes are built/constructed, delivered and people have quality, sustainable places to live.

She urged practitioners and professionals to join hands with the State Government in its drive to provide World-Class Real Estate Investment Solutions, Construction Management Services and Sustainable Housing delivery with international Standard that will sustain Lagos as the Real Estate Investment Hub of the 21st Century in Nigeria as it has always been.

Lagos State Attorney General and Commissioner for Justice, Mr. Moyosore Onigbanjo, said the objective of the conference is to create a Real Estate industry that sets the pace and corrects the things that have gone wrong.

“We all know that whatever happens in Lagos state affects the rest of the nation. We are therefore laying the block of first class real estate in Nigeria with international best practices, strong regulatory enforcement and vibrant consumer sector to ensure win win for everyone.”

According to him, “Real Estate is an industry that affects all of us and it is therefore necessary to address the issues which agitates each and everyone of us from regulatory to end user perspective and hence the need for this event.”

Onigbanjo addressed the issue of land grabbers in the state, saying government knows it is a burning issue for many people who acquire property. He advised any one faced with such challenge to report and file a petition to the relevant authority, noting that relevant measures have been put in place to protect citizens right.

Chairman Real Estate Developers Association of Nigeria,REDAN/Group Managing Director/Chief Executive Officer, Revolution Plus, Mr Bamidele Onalaja, appreciated Lagos State Government for all efforts in the area of housing, but emphasised that the government cannot do it alone.

He requested from the Governor to grant REDAN 50 hectares of Land. “Government needs a Joint Venture project. If government brings the land, we the private sector will bring in money to develop and create affordable housing and the credit will go to the state government.”

According to Head, Group Real Estate Group Services, Stanbic IBTC, June Majoroh, the Real Estate Sector is not only filled with opportunities but, it also provides accommodation and financial security, noting that the bank is always ready to partner with investors on mortgage facilities.

Managing Director/CEO, Davisther Brokers Limited, Raphael Abiiba, stressed the need for investors to know their investment is safe and guaranteed in the Real Estate Market.

He said there is insurance available to support the whole chain in the real estate sector, which investors should maximize. He said the company is ready to partner with Government in this area.

“The opportunity of insurance support in Real Estate should be maximized because it is protective in terms of risk transfer and can be a form of economic growth.”

Member of the Technical Committee (Mortgage Sector) of the Financial Systems Strategy 2020 (FSS 202), Dr. Ronald Igbinoba, stressed the need for regulations to protect buyers and sellers in the real estate sector.

“Regulations help financing to work, it should protect buyers and sellers alike, and there should be a policy document that guide against informal buying, so as to address the issue of financing which is a primary problem in housing.

Managing Partner, Olawoyin and Olawoyin, Dr Adewale Olawoyin SAN, while noting that housing system is a good business which everyone is trying to get involved in to solve the challenge of accommodation, lamented the challenge of regulation and finance facing the sector.

According to him, challenges facing the sector can be resolved through legislation.

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