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ABOUT LASRERA?

In the quest and vision of the current Governor of Lagos State , Mr. Babajide Olusola Sanwo-Olu in making Lagos a 21st Century economy, the Office of the Special Adviser on Housing had the mandate responsibilities to oversee the erstwhile Lagos State Real Estate Transaction Department in the Ministry of Housing as established by Law on the 18th of May, 2007 .

The Law was expedient due to reported/ increasing cases of fraud in the Real Estate Sector. However, after careful examination of the extant laws and engagements with relevant Stakeholders within the public and private space , Mr Governor unveiled the intention of his Administration to put an end to fraudulent and unscrupulous practices in the real estate sector.

In a memo Ref. No: CIR/HOS/’20/Vol.1/027 dated the 7th February 2020 Mr. Governor approved the transition of Lagos State Real Estate Transaction Department (LASRETRAD) from a Department to a full Agency now known as Lagos State Real Estate Regulatory Authority(LASRERA).

The Lagos State Estate Agency Regulatory Law, Cap L28, Laws of Lagos State, 2015 (“Law”) presently in operation in the State, provides for the establishment of the Lagos State Real Estate Regulatory Authority. The essence of this Law is to regulate real estate transactions in Lagos State by identifying persons eligible to be licensed as Real Estate Practitioners and provides for the issuance or renewal of annual permits, as well as collating and registering Real Estate transactions in the State.

Specifically, the Authority has the responsibility for maintaining a register of Licensed Real Estate Practitioners and sanctioning of unlicensed Estate Agents in the State.

In its bid to sanitize and promote transparency, the State must keep a database of persons dealing in Real Estate transactions, regulate and monitor the activities of all Practitioners. Thus, the State must ensure strict compliance and adherence to the law in its efforts to protect its citizens and rid the State of unethical practices in the Sector.

VISION

To provide an enabling environment and transparent Real Estate Sector, conforming with International best practices while safeguarding the interests of all Stakeholders.

MISSION

Creation of an innovative and sustainable environment to promote Lagos as a Real Estate investment destination in Africa and the World.

PRACTICE GUIDELINES

The following PRACTICE GUIDELINES shall apply in the course of business:

For Real Estate Practitioners:

  1. A Licensed Estate Agent / Property Developer shall not carry on Business of Real Estate in the State unless licensed by the Lagos State Real Estate and Regulatory Authority.
  2. A Licensed Real Estate Practitioner shall have an ascertained business premises/office within the State.
  3. A Licensed Real Estate Practitioner shall register the business with the Corporate Affairs Commission (CAC).
  4. A Licensed Real Estate Practitioner shall have records of business transactions, and shall open a separate client account.
  5. A Licensed Estate Practitioner shall not act for two (2) principal (Clients) on a transaction.
  6. A Licensed Real Estate Practitioner shall be paid fees by his principal only.
  7. A Licensed Estate Practitioner shall not collect money from more than one prospective tenant or purchaser in respect of the same premises and shall remit money collected to the landlord within fourteen (14) days, unless otherwise directed in writing by the landlord and such money collected shall be receipted for.
  8. A Licensed Real Estate Practitioner shall ensure that his client performs all his obligations to the Government under the existing laws, such as the deduction and remittance of Withholding Tax, Valued Added Tax or other charges payable on the property he handles.
  9. Agency fee(s) shall be as follows:
    • Letting: Not more than 10 percent of the total rent collected on any transaction.
    • Sale or Purchase of interests in Land and Buildings where two or more agents are retained by the owner/vendor for the sale, the fee shall not be more than 15 percent of the total proceeds of sale.
  10. A Licensed Real Estate Practitioner shall not prepare any legal document pertaining to any transaction handled by him but must be prepared by a Legal Practitioner and the fees shall not be more than 12.5 percent of the total consideration.

For Property Developers:

  1. A Property Developer shall not practice the business of a Real Estate Agency or enter into any Real Estate developments in the State without due license from the Authority for that purpose.
  2. A Developer shall not advertise, market, book, sell or offer for sale, or invite persons to purchase in any manner any plot, apartment or building, as the case may be, in any real estate project or part of it, in any planning area, without registering the real estate project with the Real Estate Regulatory Authority.
  3. A Developer shall make an application to the Authority for registration of the real estate project in such form, manner, within such time and accompanied by such fees as may be specified by the regulations made by the Authority.
  4. A Developer shall provide the names and addresses of his Real Estate Agents, if any, for the proposed project.
  5. A developer shall submit the names and address of the contractors, architect, structural engineer, if any and other persons concerned with the development of the proposed project to LASRERA.
  6. A Developer shall collect money for only the number of units built and available for sale.

EXECUTIVE TEAM

Babajide Olusola Sanwo Olu is a Lagos State indigene. He was born on the 25th of June in the year 1965. He studied at the University of Lagos before moving into Lagos Business School, London Business school and later the John F. Kennedy School of Government (public policy and public administration school of Harvard University in Cambridge, Massachusetts, United States).

He is a member of the All Progressive Congress party and is a full-time politician in Lagos State. He contested for the 2019 Lagos State Gubernatorial elections under the APC flag and won the primaries against the sitting Governor at the time, Akinwunmi Ambode. He studied Surveying at the University of Lagos, where he obtained a corresponding degree in the field before going back to the University of Lagos for his MBA. Thereafter, he moved on to the London Business School and lastly Lagos Business School.

He currently holds the position of a Fellow of the Nigerian Institute of Training and Development. In addition, he is an associate member of the Chartered Institute of Personnel Management. Babajide went into the Nigerian labor force as a treasurer. This position he held at the former Lead Merchant Bank from 1994 to 1997. After this, he served as the head of the foreign money market at the United Bank for Africa. From this position, he moved to the First Inland Bank Plc (Now Part of First City Monument Bank Plc). At this bank, he served as the Divisional Head and the Deputy General Manager.

Babajide has also been a board member at the Department of International Development Fund and Audit committee of Calverton Offshore as well as Chairman of the Baywatch Group Limited and First-Class Group Limited. Babajide began his political journey back in 2003. At the time, he received an appointment as Special Adviser on Corporate Affairs by the deputy governor of Lagos State, Femi Pedro. He was later moved to the position of Acting Commissioner for Economic Planning and Budget (till 2007).

In 2007, he became the Commissioner for Commerce and Industry as appointed by Bola Tinubu the Governor at the time. He has also been appointed in many other positions such as the position of the Managing Director/CEO of Lagos State Development and Property Corporation, Commissioner for Establishments, Training, and Pensions (appointed by Babatunde Fashola). During his time in the public service, Babajide has made tremendous impacts in lives. Some of which include the LAGBUS system, the Alausa Control & Command Center, supervision of the Bureau of public enterprises as well as many other privatization projects.

Babajide Sanwo Olu set out to run for the Office of the Governor of Lagos State on the 16th of September, 2018. When he made these declarations, endorsements were made by different stakeholders including Lagos State House of Assembly members, as well as the Governor’s Advisory Council of the Lagos chapter of the APC.

Adetoke Benson-Awoyinka, a Legal Practitioner is grounded in different areas of the Law profession ranging from Insurance Law including Underwriting policies, Risk and Claims Management. She also possesses expertise in Litigation, Probate and Land matters.

Born on 12 of June, 1967 she had her education at Marywood Grammar School, Ebute-Metta and the Lagos State University (LASU). She graduated with a Bachelor of Laws at LASU and was called to the Nigerian Bar in 1990.

She started her career at Standard Insurers where she learnt the ropes in Insurance Law, and moved to full time legal practice and litigation with Yemi Peters & Co and then to B.O Benson Law Office working with the best hands in Probate and Land matters.

She further challenged herself forging partnerships with Gbenga Afolabi Benson & Co, Lenox and Blair Estates, venturing into Oil and Gas Law and Consultancy.

She worked variously at Sprint United – a Telecommunication Company in the United States as a Lawyer and Technical Consultant; Head of Corporate Strategy and Policy implementation at Dvyn Inc. also in the United States.

On her return to Nigeria, armed with a wealth of experience in policy making and implementation, she was part of the team that crafted the Development Agenda for Western Nigeria (DAWN) seeking Pillars of development for Western Nigeria that fits into the peculiarities as a region.

Her vibrancy and concern for the greater development of Nigeria influenced her diverse and political engagements over the years and brings with her years of experience in Law, Business Solutions Management and Corporate Governance. She is currently a special adviser to Lagos State Governor on Housing.