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Business

Bill to regulate real estate scales through 2nd reading in Lagos Assembly

A bill that will regulate real estate activities in Lagos has scaled through the 2nd reading in the House of Assembly.

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Lagos Rail Mass Transit, Lagos State House of Assembly, Lagos 2021 Appropriation Bill scales through second reading

The bill that will regulate the real estate activities in Lagos State and for other related purposes has successfully scaled through the second reading at the State House of Assembly on Tuesday.

The bill passed the second reading through voice votes conducted by the Speaker, Mr Mudashiru Obasa, and thereafter committed it to the House Committee on Housing to report back in two weeks.

READ: Lagos 2020 budget performance improved from 56% to 77% at the end of Q3

What they are saying about the Bill

According to Mr Adedamola Kasunmu representing Ikeja II, he succinctly noted that the bill would further redress the anomalies in the real estate business in Lagos. He said:

  • This bill seeks to redress the anomalies of real estate and consultancy services amongst other issues that ought to be looked into in the real estate business. It will also see to the valuation of real estate assets, prevent the breakdown of law observed among the realtors, real estate manager and others. It makes recommendation of policies that influence better deal in the lands bureau, New Town Development Authority NTDA and others, it will also enhance the Internally Generated Revenue (IGR) of the state.”

READ: Sanwo-Olu presents N1.15 trillion 2021 budget to Lagos House of Assembly

Mr. Kehinde Joseph, representing Alimosho II, said:

  • The bill would help streamline the activities of real estate agents”

READ: Landlords offer incentives to counter “work from home” induced vacancy rates

According to Ibraheem Layorde, representing Badagry I, most of the agencies collecting fees are not making adequate returns to government coffers. However, he said:

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  • “When bill is passed and assented to, it would aid speedy dispensation of justice on issues in the real estate business.”

READ: Over 2,100 RSA holders applied for transfer – PENCOM

Bisi Yusuff, Alimosho I, Chairman, House Committee on Housing, is of the view that the bill is long overdue owing to the prevalence of anomalies in real estate transactions in the state and said:

  • There are quack agents collecting rent for owners, yet make no returns nor commit money to those they claim to represent. The Dubai experience and data base that affirms the genuineness of transaction is in view.”

READ: US House passes reform bill to decriminalize marijuana

According to Mr. Mudashiru Obasa, the Speaker of the Lagos State House of Assembly;

  • It stands to cure the challenges faced by our people in Lagos and it also gives an opportunity to attract foreign investors, and having proper regulation makes it attractive and safe for business.”

READ: Lagos State police restricts movement on December 5, for conduct of election

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What this means

  • When the bill is eventually passed into law, sanity will be restored as Lagos state will be able to maintain a register of estate agents/developers, sanction unlicensed estate agency practitioners, collate data on property transactions, investigate complaints and petitions against licensed practitioners and ensure the payment of fees, taxes or charges on property transactions.
  • It will require that any developer that wants to practice the business of estate development or agency must obtain a license from relevant authorities, and the state authority will have unbridled power to monitor completed or uncompleted structures and make recommendations for the revocation of subsisting right of occupancy on the property that failed to comply with notices or standards.
  • The law would, to a large extent, set the sector free of quacks, who are destroying the image of registered practitioners including significant reduction in rental values and ugly incidents of land grabbers or the “Omonile”. Many house seekers have been defrauded by dubious estate agents and landlords. Building collapses are becoming quite common in Lagos.

Johnson is a risk management professional and banker with unbridled passion for research and writing. He graduated top of the class with B.sc Statistics from the University of Nigeria and an MBA degree with specialization in Finance from Ambrose Alli University Ekpoma, with fellowships from the Association of Enterprise Risk management Professionals(FERP) and Institute of Credit and Collections management of Nigeria (FICCM). He is currently pursuing his PhD in Risk management in one of the top-rated universities in the UK.

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Business

Lagos State seeks investors in aquatic and livestock agriculture value chain

The Commissioner revealed that the scheme was in line with the State’s five-year strategic agriculture roadmap.

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Lagos State begins recruitment for Agripreneurship programme, Sanwo-Olu confirms Abisola Olusanya as new Agriculture commissioner

The Lagos State Government announced it is seeking private sector collaboration for Agriculture sector value chain development in livestock feed mills, fisheries and red meat.

This was disclosed by the State Commissioner for Agriculture, Ms Abisola Olusanya, in a statement on Sunday in Lagos.

The Commissioner revealed that the scheme was in line with the State’s five-year strategic agriculture roadmap, as the State identified the 3 main sectors for value chain disruption.

READ: Lagos goes tough on illegal conversion of land use, enforcement begins in Ikeja GRA, Lekki, others

She also added that investment in the sectors would also develop jobs for the industry and boost the State’s GDP growth, through Private Sector collaboration as Lagos residents consume over N5 trillion worth of food annually.

“The objective is to stimulate and encourage more public-private partnerships in the three value chains,” she said.

“When you consider this pool of transactions happening in Lagos, it shows that we are the market. For instance, we demand over 400,000 metric tons of fish on an annual basis.

“But our fishermen and our aquaculture farmers are only able to produce just about 174,000 metric tons with deficit of 200,000 metric tons,” she added.

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READ: CBN invests over N120 billion on 320,000 farmers across CTG within four years

She also disclosed that the state has 9,000 artisanal fishermen, and bringing more youths into the space will increase the level of fish and seafood being harnessed from our water bodies. Looking at the transactional value on an annual basis, the fisheries sector is worth well over N120billion according to her.

In case you missed it: Nigeria exported agricultural products worth N321.5 billion in 2020, representing a 19.16% increase when compared to N269.8 billion recorded in 2019 and a 6.27% increase compared to N302.28 billion recorded in 2018.

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Business

#DigitalSkillsTraining: FG announces conclusion of selection process

Only successful applicants that are contacted by the Ministry are to report at the training venue.

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President Buhari to address Nigerians on Lekki toll plaza shootings after investigation , Youth Investment Fund:  Ministry of Finance and CBN to launch provision of funds- Minister, Federal Ministry of Youth and Sports launch DEEL initiative

The Federal Government through the Ministry of Youth and Sports disclosed that the selection process for the upcoming Digital Skills Training has been concluded for the #DigitalSkillsTraining from April 11th to 30th, 2021.

This was disclosed in a statement by the Ministry of Youth and Sport on Sunday evening.

“The Federal Ministry of Youth and Sports Development wishes to inform the general public and all Nigerian Youths that the selection process has been concluded for successful applicants for the #DigitalSkillsTraining scheduled for April 11 to 30, 2021,” the statement said.

The Ministry added that only successful applicants that were contacted by the Ministry are to report at the training venue. Those who were not successful but arrive at the training would not be admitted.

Upcoming #DigitalSkillsTraining Programmes of the Ministry will be widely publicized on youthandsport.gov.ng , on : noya.ng and on the Ministry’s social media handles,” the statement added.

What you should know 

Recall that Nairametrics reported in November 2020, that the Ministry of Youths and Sports Development announced it will scale up its digital skills training to cover 500,000 youths across the country after securing funding under the COVID-19 stimulus budget.

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