Lagos govt, legal experts seek stronger regulation of real estate

The Lagos State government and legal experts have called for stronger regulation and compliance in Nigeria’s real estate sector to curb quackery, fraudulent practices, and consumer exploitation. Speaking at a seminar of the Association of Estate Agents in Nigeria (AEAN), Lagos State Chapter, Barr. Barakat Odunuga-Bakare, Special Adviser to Governor Babajide Sanwo-Olu on Housing represented […]

The Lagos State government and legal experts have called for stronger regulation and compliance in Nigeria’s real estate sector to curb quackery, fraudulent practices, and consumer exploitation.

Speaking at a seminar of the Association of Estate Agents in Nigeria (AEAN), Lagos State Chapter, Barr. Barakat Odunuga-Bakare, Special Adviser to Governor Babajide Sanwo-Olu on Housing represented by Akinbola Temitope Director (lands) Monitoring and Compliance Department said the state is committed to enforcing existing laws and strengthening the Lagos State Real Estate Regulatory Authority (LASRERA) to ensure professionalism in the sector.

Odunuga-Bakare noted  “While over 1,000 practitioners have registered with LASRERA, the number of unregistered operators is far higher. These quacks are behind fraudulent transactions ranging from multiple sales of the same property to rent collection for non-existent apartments,” she said.

According to her, real estate–related complaints are among the top five consumer grievances in the state, with tenants facing unfair rent hikes and hidden charges, while buyers contend with title fraud and delayed property delivery.

She identified affordability as a major challenge, stressing that nearly 70 per cent of Lagosians live in rented accommodation. “Access to housing finance remains difficult, with mortgage rates often beyond the reach of average citizens. This pushes many toward informal arrangements with unregulated agents,” she said.

In a separate presentation, legal practitioner Akinboyo Ayorinde provided a broader legal perspective, noting that real estate contributed 15.9 per cent to Nigeria’s GDP in 2025, making it the third-largest contributor to the economy. He stressed that property ownership and transactions are governed by a web of federal and state laws, with the Land Use Act of 1978 central to Nigeria’s land tenure system.

“The Land Use Act vests all land in a state in the governor, who grants occupancy rights and must give consent before any transfer or mortgage. Without such consent, land transactions are invalid,” Ayorinde explained, citing Supreme Court precedent.

He also highlighted Lagos-specific regulations such as the Land Registration Law 2015, the Land Use Charge Law 2018, and the Tenancy Law 2011, which, among other provisions, prohibits landlords from demanding more than one year’s rent in advance from yearly tenants.

He also referenced the pending Real Estate Regulatory Council Bill, which, if passed, would establish a national framework for licensing practitioners and standardising practices across Nigeria.