Lagos Real Estate Regulatory Law Enables LASRERA, FG Collaboration to Stem Fraud, Says Odunuga-Bakare

Bennett Oghifo

The recently enacted Law of Lagos State Real Estate Regulatory Authority (LASRERA), signed by Governor Babajide Sanwo-Olu, in 2022, empowers the agency to collaborate with federal government enforcement agencies to combat fraudulent practices effectively. 

The Special Adviser to Lagos State Governor on Housing, Barr. Barakat Odunuga-Bakare stated this in a keynote speech she delivered at a two-day summit organised by the Association of Estate Agents in Nigeria (AEAN) in Lagos recently.

The AEAN is an affiliate of the Nigerian Institution of Estate Surveyors and Valuers (NIESV).

Odunuga-Bakare said, “By doing so (the collaboration), we aim to restore confidence, trust, and protect the interests of both local and international investors.”

The Law, she said, indicates a significant step towards promoting investment and development within the state’s real estate sector. This legislation mandates the agency with key responsibilities: Issuance and Renewal of Permit licenses annually; Investigation of complaints and petitions against licensed and unlicensed Real Estate Practitioners/Property Developers, and imposition of sanctions where necessary; Elimination of unethical real estate business transactions; and Conducting training for practitioners in the sector.

She said, “In promoting investment and development in this sector, LASRERA has made commendable progress in addressing grievances that emanated from real estate transactions in the State, having resolved 1027 out of 1577 petitions received.

“Worthy of note is the agency’s intervention in the alleged N40 Million Land scam issue some time ago involving one Mr Kayode Oladipo. The outcome of the whole issue, exemplifies our commitment to transparency and zero tolerance for fraudulent activities in Lagos State’s real estate sector.”

According to the Special Adviser, “LASRERA registers only qualified real estate professionals, registered with recognized organizations that operate in the sector. This measure mitigates the risks associated with unregistered agents and briefcase operators prevalent in Lagos State.

“As governments worldwide safeguard investor interests, it is imperative that we provide a conducive environment and adhere to international best standards. LASRERA actively engages in public awareness campaigns to educate citizens about their rights and responsibilities in real estate transactions, thereby empowering them against fraudulent activities.

“As a Professional Body, Investors’ confidence must be restored especially for those in the diaspora, the issues of fake/ dubious practitioners which must be addressed by relevant professional bodies in the industry.

“I am soliciting your cooperation to help us and join hands with us as we are making efforts to stamp out impostors from the real estate sector.

“All individuals and organizations that are practitioners in the real estate sector at this event who are yet to register with LASRERA should please use the avenue of this gathering to do so as we have our officials here to put you through the process.

“Let me emphasize that it is an offence for an individual or organization to engage in Real Estate business in Lagos State without being registered with the Agency, let us act responsibly and follow the path of the law.

“I urge all real estate practitioners present here to comply with the provisions of the State Real Estate Law. Let us work together to regulate and transparently govern Lagos State’s real estate sector, ensuring ample investment opportunities for all. Investors and residents alike are encouraged to seek LASRERA permits for any real estate transactions or visit our website for more information.”

The National Chairman of AEAN, ESV. Isah Jatto, said the inauguration of the Association 10 years ago was “highly remarkable, as it marks the genuine and practical beginning of the sanitisation efforts in estate agency practice in Nigeria. No doubt, ever since, the estate agency has gradually been repositioned into a reputable and respectable professional practice in the country.

“Ever since the Association’s inauguration, we have continued to keep in line with the vision and mission of our founding fathers. We have continued to promote reasonable awareness for training and retraining of estate agency personnel: maintaining a database of estate agents in Nigeria; a high standard of professional ethics and, more importantly, liaising and co-operating with governments and their agencies in the formulation and implementation of policies relating to the real estate sector of the economy, among others.”

Jatto said, “In order to control real estate agency practice market, we have over the years been able to establish state and zonal chapters in some states of the federation and still extending to other states where we are not present.

“Also, the Association in conjunction with the Nigerian Institution of Estate Surveyors and Valuers (NIESV) was to set up a committee and prepared a bill to the National Assembly towards setting up a Commission to oversee the practice of Estate Agency with a view to standardizing it and protect the image ởf practitioners. When the Bill is passed, it would eradicate and checkmate the nefarious inclusion of all unwanted elements within the profession.

“To God be the glory, AEAN, under this regime, we were able to formalise and sign a bilateral partnership agreement with the Washington D.C, U.SA-based National Association of Realtors, NAR, MIAMI Association of Realtors, Long Island Board of Realtors, Mainstream Organization of Realtors and Ghana Real Estate Professionals Association (GREPA) I’m very proud to mention here that we are the first of its kind in the whole of African continent. This noble attainment is sequel to AEAN leadership’s quest to create a similar structure as NAR, which we all worked tirelessly on. With this bilateral partnerships, with these associations we agreed to promote global best practice and the highest level of code of conduct; and also collaborate, share and exchange knowledge to improve businesses amongst members.

“The partnership also introduces AEAN members to global affiliations of over 100 other broker avocations, which implies that our members are now able to transact referral businesses with the majority of these global associations.”

The Vice President, the National Association of REALTORS, Kevin Brown urged stakehoders in the industry to think global, saying, “Our world grows more interconnected by the day. To meet the challenges of today and fulfill the promise of tomorrow, we must think globally. That’s why I’m so appreciative of AEAN for hosting this important summit. I hope you’ll take advantage of all the opportunities this event provides to grow your international network and develop new connections.

“Together, we can build an enduring partnership that ensures a better future for our communities, our organizations, and our industry.”