On Thursday 7th April 2022, the Lagos State Real Estate Authority in conjunction with the Construction Projects and Infrastructure Committee (CPIC) of the Section on Business Law (SBL), Nigerian Bar Association (NBA) hosted a Stakeholders' Forum to discuss the newly enacted Lagos State Real Estate Regulatory Authority Law 2021 and the state government's monthly rental payment scheme.
Key provisions of the Law were discussed by a richly constituted panel and pertinent questions asked and addressed by the stakeholders. At the forum, the discussions showed that it has become vital to designate specific regulation to oversee the activities of the real estate sector, especially considering the current state of Lagos as a beehive of construction.
Amongst other things, the new law seeks to create a database of licensed real estate practitioners to serve as a tool for verifying the legitimacy of professionals in a transaction, develop a mediation framework tailored to address disputes arising out of real estate transactions, and generally ensure the protection of stakeholders' investments from fraud and illegal operations.
Our Principal Partner, Mrs. Yetunde Olasope, moderated the panel discussions as an integral part of the Stakeholders' engagement.
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