Sanwo-Olu to sanction imposters, violators of real estate laws

By Adeola Ogunrinde

The governor of Lagos State, Mr. Babajide Sanwo-Olu has said imposters and violators of real estate regulatory laws would be sanctioned to bring sanity to the sector.

Sanwo-Olu promised to address myriad of challenges facing the growth of real estate sector by enforcing all relevant laws guiding investments across the state.

The Governor who was represented by the Commissioner for Housing, Mr Moruf Akinderu-Fatai, made the promise at the opening of the 4th Lagos Real Estate Market Place and Exhibition.

Sanwo-Olu said the government would not hesitate to sanction erring practitioners where neccessary.

The Governor said that he signed the amended law on LASRERA to ensure proper disaster management, urging all players to avoid undermining the process but abide by the rules in the sector.

Sanwo-Olu maintained that licensing and certification of key stakeholders would ensure adherence to ethical standards for investor’s confidence and fair competition among players.

Meanwhile, the Senator representing Lagos Central Senatorial District, Sen. Wasiu Sanni-Eshinlokun applauded the intervention of the private sector in the Real Estate industry in the last ten years in the state.

Sanni-Eshinlokun said that it was never the intention of government to make the environment hostile to the players, advising practitioners to key into appropriate insurance policies.

Earlier, the Special Adviser to the Governor on Housing, Barakat Odunuga-Bakare explained that the forum was initiated for all stakeholders in the industry to proffer solution to emerging challenges including curtailing the activities of fraudsters and quacks that has chased away innocent investors.

Giving a goodwill message at the conference, the founding Partner, Diya Fatimilehin and Co, Mr Gboyega Fatimilehin predicted that the Market place will soon be a place for transactions of billion dollar investment.