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By Izunna Nkwachukwu
Lawyers have opined that some property owners whose buildings were recently demolished by the Lagos State government should blame themselves for the losses they suffered, stating that they lacked requisite knowledge on what needed to be done from the outset.
They surmised that aggrieved property owners did not carry out due diligence and particularly failed to engage lawyers prior to embarking on developing their real estate projects.
Speaking at the 2025 Legal Business Conference in Lagos, panelists who deliberated on ‘Legal and Regulatory Frameworks for a Thriving Real Estate Market’, agreed that lack of proper documentation, record keeping, non-compliance with regulations and not engaging professionals in the real estate value chain for any civil and structural project, is a bane for property owners.
Representative from the Lagos State Real Estate Regulatory Authority (LASRERA), Chief Estate Officer & Head of E.Care Unit, Mrs. Adeyinka Shomorin, affirmed that in line with the Authority’s vision, “to provide an enabling environment and transparent Real Estate Sector, conforming with international best practices while safeguarding the interests of all Stakeholders”, the state government would not lose focus to achieve its vision.
Shomorin added that the government would ensure it pursue its mission to ‘create an innovative and sustainable environment to promote Lagos as a real estate investment destination in Africa and the World’ rigorously. “when we do the right thing, you will not have problem with anybody” she affirmed.
Fielding questions from newsmen, the Convener, Barrister Ifeoma Ben, said it was high time the government and the professionals in the real estate value chain sat down to fix the foundational problems bedeviling the sector.
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Ifeoma advised Nigerians to carry out background checks, risk assessment and compliance review to ascertain the ‘the root of title’ of any property in order to be in a better position to take informed decision. She urged the state governments to engage the Media to sensitize the public to address grey issues of real estate.
The legal luminary implored the Lagos State government in particular to weed out some persons who are misrepresenting it at different strategic quarters and misleading the unsuspecting public. “Even when you go to Alausa in Ikeja, you are not sure who you are dealing with. There are people who pose as government agents, but they are not.
“There should be a platform where anyone can seamlessly access and obtain accurate information and status of any piece of land or property. This will save people a whole lot because people would take informed decisions and make better plans for themselves.
“So the government, investors and stakeholders should fish out the bad eggs from the system. We need sanity, honesty and transparency. Real estate management is a serious business that must follow due process.” she added.
The keynote speaker, Mr. Akin Opatola, a real estate enthusiast, called on project managers to prioritize quality works across all structural projects going on in the country as real estate affects Gross Domestic Product.
Opatola who is the President, the Nigerian chapter of International Real Estate Federation (FIABCI) added that global finance fund is not sentimental in deciding where to go. “We need to sit up in the real estate market. Real estate finance fund is very selfish, they don’t look for friends, they look for where to make the highest returns. So if played very well, it’s a catalyst for rapid economic growth. As we are having reforms in different sectors, we need same in the real estate sector for our economic development,” he maintained.
