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Business

Lagos moves against ‘briefcase’ real estate agents, developers, to protect professionals

The Lagos State Government has urged Lagosians to support its efforts to eliminate fraudulent practices in the real estate industry.

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Nigeria’s real estate industry attracts foreign investors, Real Estate: Still not out of the woods

The Lagos State Government has moved against briefcase real estate agents/property developers and artisans saying it will not allow them to take over the real estate sector to the detriment of professionals in the state.

This is as the state government has urged Lagosians to support its efforts to eliminate fraudulent practices in the Real Estate Industry by patronising registered Real Estate Practitioners/Property Developers.

The Special Adviser to the Lagos State Governor on Housing, Mrs Toke Benson-Awoyinka made this known on Friday, March 26, 2020, while reviewing Real Estate practice in the state during an online interview session with Thinkmint Nigeria – a marketing and communications company.

READ: Lagos moves against estates without layout approvals, to commence enforcement

What the Special Adviser to the Lagos State Governor on Housing is saying

Benson-Awoyinka in her statement said, “We should not allow ‘briefcase’ Real Estate Agents/Property Developers and Artisans take over the Real Estate Sector to the detriment of professionals that abound across the State.’’

While noting that Real Estate is not only about buying and selling properties but also about the provision of quality services to potential clients, she advised stakeholders in the sector to leverage the limitless opportunities in the value chain of the sector.

The Special Adviser stated that the Mega City Status of the State necessitated the establishment of the Lagos State Real Estate Regulatory Authority (LASRERA) for the safety of residents and investors, and the protection of the interest of players in the Real Estate industry, adding that with the Agency as the regulator, there would be maximum value and Return On Investment for investors in the industry.

READ: Nightclub owners in Lagos appeal to government to allow safe reopening

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Benson-Awoyinka who described Real Estate as Lagos State’s goldmine maintained that the sector must be protected and public trust restored for the genuine practitioners to have a deep penetration of the Real Estate Market.

She said, “With the judgment of the Federal High Court in Lagos on Monday, 22nd March 2021, which affirmed the constitutionality of the Lagos State Government, through Lagos State Real Estate Regulatory Authority (LASRERA), to regulate the sector in the State, the Agency has legal right to sanitise the real estate sector for increased growth and more investment opportunities across the State.’’

She also revealed that a bill has been sent to the State Assembly for inclusion of the Foreclosure Clause in the Lagos State Mortgage Law. This is part of the governor’s efforts at increasing investor confidence and transparency in the sector.

READ: Lagos to execute development plans in Lekki, others, calls for expression of interest

Stanbic 728 x 90

What you should know

  • It can be recalled that in a bid to sanitize the real estate sector, the Lagos state government, in June 2020, announced a mandatory registration for real estate practitioners like house agents, property developers and professionals in the sector, with the state.
  • The state government through the Lagos State Real Estate Regulatory Authority (LASRERA), launched a website and registration database for real estate practitioners in Lagos State as part of efforts to checkmate the activities of fraudsters in the sector.
  • The State Governor, Babajide Sanwo-Olu, had approved the change of name of the government department, from Lagos State Real Estate Transaction Department to Lagos State Real Estate Regulatory Authority (LASRERA).
  • The state government also recently enacted a Law, Lagos State Real Estate Transaction Regulatory Authority Law, which will curb activities of unscrupulous real estate agents and those who pose as estate developers to scam investors.
  • Although, the department has now been upgraded to an agency called Lagos State Real Estate Regulatory Authority (LASRERA). The regulatory agency will coordinate, monitor and regulate the activities of practitioners in the real estate business in Lagos.

 

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Business

Just-in: President Buhari restores ownership of OML 123, 124, 126 and 137 to NNPC

The President has ordered the restoration of ownership of OML 123, others to NNPC.

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Buhari sacks DG National Directorate of Employment, Nasiru Argungu

President Muhammadu Buhari has approved the restoration of the leases on OMLs 123, 124, 126 and 137 to the Nigeria National Petroleum Corporation (NNPC) which is in production sharing contract with Chinese government-0wned, Addax Petroleum.

President Muhammadu has approved the return of ownership of leases on OMLs 123, 124, 126 and 137 to the Nigeria National Petroleum Corporation (NNPC).

This announcement was made known by the President’s Senior Special Assistant on Media and Publicity, Garba Shehu via a social media statement.

“In line with the current administration’s commitment to the rule of law, fairness & enabling a stable business climate for investment, President @MBuhari has approved the restoration of the leases on OMLs 123, 124, 126 & 137 to @NNPCgroup which is in production sharing contract with Addax Petroleum, a company wholly owned by Government of the People’s Republic of China on the blocks. The leases belonging to the Federation were revoked on March 30, 2021,” Shehu tweeted.

The Presidential spokesman noted that the “development reaffirms the commitment of President Buhari to the rule of law and sanctity of contracts” as the Department of Petroleum Resources, DPR, have already been directed to retract the letter of revocation of the leases.

More details soon…

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Dangote acquires 400 trucks from ANAMMCO plant in Enugu, brings total to 4,000

Dangote Group has taken delivery of another set of 400 Shacman trucks from Transit Support Services Limited and assembled in the former ANAMMCO plant in Enugu.

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Dangote Cement, Dangote Dividends, Dangote on Forbe's richest list, Dangote Refinery, Africa's wealthiest billionaires, Aliko Dangote, Apapa Road, Flour Mills, Sugar, Pasta, Employment, Dangote boasts of creating over 25,000 jobs with cement business 

The Dangote Group has taken delivery of another set of 400 Shacman trucks from Transit Support Services Limited and assembled in the former ANAMMCO plant in Enugu.

This brings the total number of trucks bought by the Dangote Group from Transit Support Services Limited to about 4,000 units since the entry of the brand into the country in 2016.

According to a report from the Punch, this disclosure is contained in a statement issued by the Head of Public Relations and Media at the Transit Support Services Limited, Iyere Ikhide.

Ikhide in the statement said that the Dangote-Shacman partnership has led to the resuscitation of the ANAMMCO plant in Enugu.

It described Dangote as the biggest customer of the Enugu-based auto assembler, noting that the partnership had resulted in the provision of more jobs for many youths; rejuvenation of the Onne Port in Rivers State and the attendant economic benefits.

The statement from Transit Support Services Limited partly reads, “Following the partnership deal and commitments to quality, the biggest customer of Shacman brand in Nigeria, Dangote Group, has taken delivery of additional 400 units of Shacman trucks.

Dangote Group has since the entrance of Shacman vehicles into the Nigerian market through Transit Support Services Limited as Shacman Nigeria six years ago, bought over 3,500 units of the brand.’’

What you should know

  • It can be recalled that in February 2020, the largest Indigenous Industrial Conglomerate in West Africa, the Dangote Group, invested about N63 billion in a local automaker with an assembling plant in Enugu with the purchase of 3,500 trucks while going into a long-term partnership with them.
  • The automaker, which goes by the name Transit Support Services Limited, went into a long-term agreement with Dangote Group and has already supplied 3,500 Shacman trucks to the company from its Anambra Motor Manufacturing Company assembly plant in Emene Enugu State.

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