The Special Adviser to the Governor of Lagos State on Housing, Bakarat Odunuga-Bakare, has disclosed that one developer had been jailed for defrauding 133 victims of N25m in the guise of rental payment.
She disclosed that at a press conference ahead of the 5th Lagos Real Estate Marketplace Conference and Exhibitions, themed “Reimagining the Lagos Landscape: Ensuring Sustainable Real Estate Development Practices”.
She said, “There have been sanctions. But for confidentiality purposes, I cannot disclose all details. However, to serve as a deterrent to others, I will provide examples. One such developer who lived in Ajao Estate, Ayobami Abdullahi Oseni, collected money from 133 people for one apartment. The total amount involved was about N25m.
“He eloped to America. His name was provided to Interpol, leading to his arrest upon his return to Nigeria. The Lagos State Regulatory Authority intervened, and this individual is now in prison. The government has taken possession of the said building, which is now being repurposed for Lagos homes for the populace to occupy.
“The individual has been blacklisted, struck off, and sentenced to 10 years in prison. So, after his sentence, he cannot practice real estate for whatever reason. Additionally, we have over 100 similar cases currently at the High Court, and we continue to work on resolving disputes and recovering funds where possible.”
She asserted that before the first quarter of 2025, the Tenancy Law of the state would have been revised to suit the request of the general populace of Lagosians at large.
She disclosed, “The attorney general is collaborating tirelessly with the assembly, and we anticipate that, by the first quarter of next year, the tenancy laws in Lagos State will be adjusted to reflect the needs of the general populace, because they were emphasising the percentage that agents charge.
“The law specifies that you cannot collect more than 10 per cent on rent, and 15 per cent on sales, but agents in Lagos have manoeuvered it and are doing what they like. However, agents in Lagos State have manoeuvered around this and have been doing as they please.
“I assure you that starting next year, any agent charging more than the stipulated rates by the law will be picked up and sanctioned. Once the laws are fully modified, approved, and passed by the House of Assembly, they will be published for public awareness. This will empower us to enforce these regulations more effectively.”
She further noted that one of the most pressing issues that must be tackled as a state was ensuring that the real estate industry remained transparent, accountable, and professional
“This has made it clear that stronger regulatory frameworks are needed to safeguard the interests of both the public and private sector stakeholders. It is with this in mind that we continue to strengthen the Lagos State Real Estate Regulatory Authority, which is charged with the responsibility of registering and regulating real estate practitioners in Lagos.
“By enforcing standards, monitoring compliance, and encouraging transparency, LASRERA ensures that only qualified professionals are involved in real estate transactions. This is essential in restoring confidence in the sector and ensuring that we do not repeat the mistakes of the past,” she explained.
According to Odunuga-Bakare, the 5th Lagos Real Estate Marketplace Conference will focus on key areas, such as innovation in housing solutions, sustainable building practices, regulatory reforms, and investment opportunities.
“The event will bring together an exciting lineup of speakers and panellists, including thought leaders, real estate developers, investors, policymakers, and regulators who will engage in deep, insightful discussions on these pressing issues.
“We believe that through collaboration, knowledge-sharing, and a collective commitment to change, we can overcome the challenges facing the real estate sector. The conference will also serve as an opportunity for industry professionals to explore new business opportunities, learn from each other’s experiences, and contribute to shaping the future of real estate in Lagos,” she declared.
