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Lagos receives over 1,577 real estate fraud petitions – Sanwo-Olu’s aide.

March 5, 2024

Lagos real estate

 The Special Adviser to Governor Babajide Sanwo-Olu of Lagos State on Housing, Barrister Barakat Odunuga-Bakare, has attributed the rising inflation in the country and the population as major factors affecting the delivery of massive housing schemes to residents in the state’s government’s drive to bridge the deficit.

Odunuga-Bakare, however, revealed that the agency has received over 1,577 petitions between 2020 till date.

This came as she said the state government will commence enforcement of the monthly house-renting policy by the end of the year or early next year, 2025.

Odunuga-Bakare, stated these while speaking with newsmen on her activities since the assumption of office and set goals for her office in 2024, held in in Alausa, Ikeja, Lagos.   

On inflation issues, she said, “This inflation issue is a global thing. It’s not just Nigeria alone and it affects everybody. The CBN is trying to come up with policies for dollar (rate) to regularise and not just keep going up at will.

“It’s a different amount in the morning and when checking back in the afternoon is different by the time you check back at night is different. But I can tell you that things will stabilize soon. The Lagos State government can not get involved and say this is not how much to sell property.

“We can’t do anything per se in that, it’s inflation that is affecting everybody and our contractors as well. When they get jobs and they don’t do it at the time when they are supposed to do it, people come back for variation and all sorts because of the way the dollar keeps going up and down.

“It’s something that we can’t intervene in. We just have to wait and let the economy stabilize on its own.

“Also, because, we have quite a lot of people migrating to Lagos every year and the statistics are rising. We have about 500,000 people migrating to Lagos every year.

“And that 500,000 are just the ones that we know, not the ones that enter through the back door. And the landmass that we have in the state is so small. I wouldn’t say it’s overpopulated yet, but it’s getting near overpopulated and we don’t really have enough to go around everybody.

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