LAGOS S.A. On Housing, Barr. BARAKAT ODUNUGA-BAKARE
Special Adviser to the Governor on Housing, Barr. Barakat Odunuga-Bakare, hosted a real estate stakeholders meeting on Tuesday, 28 November, 2023 at Marriot Hotel, Ikeja-GRA, Lagos. At the event, she gave insights into the Mission and Vision of the Lagos State Real Estate Regulatory Agency (LASRERA) a parastatal which she heads and what she will be doing in the office for the next 4 years.
The new Special Adviser on Housing to Governor Sanwo Olu told real estate developers her plans, as directed by the governor.
“I am humbled, excited and it is with great pleasure and a sense of collective responsibility and purpose that I extend a very warm welcome to each one of you at this auspicious gathering of the real estate sector stakeholders.
For me, and I dare say for all of us, today marks a significant milestone as we come together to engage in a meaningful dialogue and chart a new path to an effective regulatory landscape that will shape our industry. Since I was appointed a member of the State Executive Council by Governor Babajide Olusola Sanwo-Olu, this will be my first and major official outing.
“Today in this room, we have a diverse group, representing several parts of the real estate sector: from developers and agents to financiers and government officials. Your attendance here underlines the significance of collaboration and open communication in steering the multifaceted landscape of real estate regulations”.
“As we converse today, our goal is crystal clear: to create and nurture an environment that not only obeys existing regulations but also opens the possibilities for innovation, creativity, sustainability, and, most importantly, the well-being of those we all jointly serve – our communities”.
“Throughout the course of today’s discussions, let’s uncover the issues, challenges and opportunities that lie ahead. Let’s share insights, understand differing perceptions, learn from each other’s experiences, and jointly contribute to the evolution of a regulatory framework that aligns with the dynamic nature of the real estate industry”.
“I encourage each of you to actively participate, ask questions, and contribute your own perspectives. It is through this collaborative effort that we can guarantee the regulatory landscape is not just a set of rules but a dynamic force that nurtures responsible growth and development”.
“I must thank you for making out time out of your horrendous schedule to be here with us. I am extremely confident that our thoughts and conversations today will create the way for a more buoyant and transparent future for the real estate industry”.
“This is why we have taken on a very topical issue for this year’s Marketplace Conference. And I am using this opportunity on behalf of the Lagos State government to seek your support regarding your registration and collaboration in the forthcoming 4th Lagos Real Estate Market Place Conference and Exhibitions, themed, “Real Estate Regulation : A Panacea for disaster mitigation and recovery in Built industry” scheduled for Wednesday, 13th and Thursday, 14th December, 2023 at the Expo Hall, Eko Hotel and Suites, Victoria Island, Lagos State.
“As I wrap up, I want to assure you that I am standing before you today as a representative of the Lagos State Government, and I have come with a very clear message, which is a deliberate commitment to support and collaborate with each of you as you navigate the real estate terrain in Lagos State. Additionally, I want to leave you with the assurances that our government appreciates and values your critical contributions to our economy through your real estate development enterprise”.
During the course of the meeting, salient questions were raised by some developers about the conduct of government agencies related to housing. She assured every stakeholder that she will pass the message to Mr Governor. “I will inform Mr. Governor who couldn’t be here today about this meeting and I will surely feed you back through the Chairman of the Real Estate Developers Association of Nigeria, Lagos State Chapter, Dr Bamidele Onalaja. And it will also be a good idea if we can always have this type of gathering every quarter so that we would be able to resolve many of our challenges.
She vowed that the agency would scale up its enforcement drive against sharp practices in the real estate sector, maintaining that 2024 would no longer be business as usual for perpetrators of fraudulent acts in the real estate sector and unregistered practitioners.
Odunuga-Bakare urged Nigerians in the Diaspora who intend to invest in the sector to always check the website of LASRERA for adequate information before sealing any transactions.
On the allegation of victimisation, she said, “We will launch a proper investigation on complaints by some operators over the demolition of their buildings in some parts of the state to ascertain the claims by some of the developers.”