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LASRERA and FELIREP have jointly recognized the need for updated real estate regulations

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The Lagos State Government recognizes the urgent need for modernized real estate laws to cater to the evolving demands of investors and stakeholders in the built sector," stated Barakat Odunuga-Bakare, Special Adviser to the Governor on Housing. She emphasized this point during the inaugural Female Lawyers in Real Estate Practice (FELIREP) conference, which focused on the lack of updated legislation in the Nigerian real estate market.

Odunuga-Bakare highlighted the rapid growth of Lagos’ real estate market and its role as a commercial hub, underscoring the need for legislation that promotes transparency, fairness, and sustainable growth.

“The Lagos State real estate market remains a vibrant force within the national economy, attracting investors seeking diversification and steady returns.

“To ensure its continued success, it is imperative to actively review and update real estate laws, rules, regulations, and policies while establishing effective monitoring mechanisms,” she noted.

Odunuga-Bakare underscored LASRERA’s role in promoting accountability and protecting stakeholders’ interests through its regulatory oversight.

She added that the Lagos State Real Estate Regulatory Authority – LASRERA has been pivotal in registering practitioners and enforcing compliance within the sector.

Odunuga-Bakare further highlighted the importance of embracing technological advancements such as the E-GIS digital systems and the state’s land administration portal launched under Governor Babajide Sanwo-Olu’s administration.

In the welcome address, the President of FELIREP, Peace Anomneze, expressed concerns over the outdated regulatory framework currently governing the Nigerian real estate landscape.

“In an era marked by rapid transformations and disruptive technologies, our regulatory framework must remain agile and responsive.

She said that the missing gap in our regulatory framework must be bridge towards a future characterised by growth, sustainability, and resilience.

The absence of updated laws and regulations not only stifles innovation but also exposes stakeholders to risks and uncertainties.” Anomneze urged.

Speaking during the Panel Session on the Roles of industry professionals in Regulating the Market and the Legal Barriers Confronted by the Real Estate Developments, the need for reform, the Group Managing, SURU Homes, Mr Edward Akinlade highlighted a comparison between the approval processes in the real estate sector in the UK and Nigeria, saying that the approval process for real estate projects in Nigeria is not as efficient as expected.

He advised those in the sector to always use professionals so that corruption can be curbed in the sector.

The inaugural conference of Female Lawyers in Real Estate Practice (FELIREP) brought together leading legal minds and industry professionals to discuss critical issues facing the Nigerian real estate market.

The event featured discussions on:

• Comparative Analysis: Seasoned real estate lawyers examined the differences between foreign property laws and those in Nigeria, identifying gaps and recommending necessary changes.
• Regulation & Barriers: Experts explored the roles of industry professionals in regulating the market, highlighting the legal barriers faced by developers and the need for reform.
• Emerging Trends: During a plenary session, Dr. Roland Igbinoba, founder of Proptech Nigeria, outlined emerging trends in the real estate sector and proposed areas for new legislation, rules, and regulations.

The conference concluded with a unified call for stakeholders to collaborate in advocating for comprehensive real estate reform. Participants emphasized the urgency of legislative amendments to promote sustainable development, enhance market credibility, and align the sector with international best practices.

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Lagos schedules meeting with owners of distressed buildings.

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The Lagos State Government has said it would soon arrange a meeting with developers/owners of distressed buildings on how best to address the redesign and remodelling of such structures by November.

This was disclosed recently by the Commissioner for Physical Planning and Urban Development, Oluyinka Olumide, at a function in Alahusa, Lagos.

Olumide said the prevalence of distressed buildings in different parts of the state was worrisome and needed the urgent attention of all stakeholders.

He said, “The Ministry of Physical Planning and Urban Development as mandated by the Lagos State Urban and Regional Planning and Development Law, 2019, as amended, was willing to extend its responsibility for approving the remodelling of existing buildings to provide technical assistance to developers and owners of distressed buildings, especially on the design and remodelling of such buildings.

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FG threatens contractors over Enugu-Onitsha road delay

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The Federal Government has instructed the contractors responsible for the 107km Enugu-Onitsha road dualization to expedite the project.

This directive was given by the Minister of Works, Senator David Umahi, during a meeting with MTN, the Enugu State Government, and the contractors, RCC Ltd and Nigercat Ltd, on Friday.

According to a statement released on Friday, the minister said he is disappointed over the slow pace of work on the project, he said, “Let me express my disappointment over the slow pace of work on that project. It is one of the worst roads in this country.

“Everywhere we have diversion; diverting from the one that RCC and Nigercat had completed, the contractors are not kind enough to even put stone based on the diversion points.”

He added, “So, by the reason of the launching of our Operation Free our Roads, it is now a violation of the policy on the side of the controllers and directors of the Federal Ministry of Works where we have vehicles falling on any project that is ongoing or where there are potholes on our roads.”

He also blamed the sufferings of road users on the lack of commitment and insensitivity of the contractors.

“The public must know that the President’s intention is not for them to suffer while trying to fix the roads, and it is their right to insist that contractors should fix the roads that they are engaged on,” he said.

The Minister commended the Enugu state government for their resolve to fund the construction of a 20 KM section of the road and expressed hope that MTN would execute the second phase of the project.

He noted, “Why the Enugu State government is intervening is because of the slow pace of work by the contractors and because of funding issues. The essence of tax credit is for funds to be made available. And so, I don’t see RCC going to keep their promise to finish this project in 6 months.

“My advice to MTN is to look for another contractor within that axis if they want to get the job done. Division of labour is even the best. While they are doing the road, and if Nigercat is doing a good job, you can give them greater scope to do if you want to finish that job.”

He warned contractors that the Federal Government would not accept phased handovers of projects and has phased out Variation of Price in contract administration.

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Ekiti state government mediates land dispute between traditional ruler and family in Epe-Ekiti

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The Ekiti State government has intervened to resolve a longstanding land dispute between the Elepe of Epe-Ekiti, Oba Ayodele Adesoye, and the Atolagbe family. The government cautioned against the misuse of modernization as an excuse to disregard traditional customs.

In line with the community’s traditions, the government has ordered the release of resources, including palm trees at Oko Oba Farmland, to Oba Adesoye for his administration. This decision ensures the continued adherence to age-old practices.

Ekiti State Deputy Governor, Chief (Mrs) Monisade Afuye, announced the resolution in Ado-Ekiti. The decision was made after considering the Elepe’s claim to Oko Oba Farmland based on historical evidence.

Mrs. Afuye acknowledged the Elepe’s right to be the custodian of Oko Oba Farmland, citing longstanding traditions that support his claim. The decision reflects the importance of respecting historical practices and ensuring their preservation.

The deputy governor, however, told the monarch in clear terms that other princes and princesses from all the three ruling houses should be allowed to farm on the land without payment of royalty.

Mrs Afuye appealed to the community to comply with the government’s position to restore unity, peace and orderliness to the beleaguered community.

Oba Adesoye expressed gratitude for the government’s decision and pledged to foster peace and unity between the throne and the community, aiming to accelerate Epe’s development.

Representing the Atolagbe family, Dr. Yemi Agbeleoba acknowledged their willingness to cede Oko Oba Farmland to the monarch. However, he emphasized the need for all three ruling houses to participate for a lasting and traditional solution.

Agbeleoba expressed appreciation for the government’s directive, believing it will contribute to resolving the long-standing conflict.

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