Lagos Governor signs bills to regulate real estate, provide for registration of cooperative societies

Governor Babajide Sanwo Olu has signed bills that enable the regulation of real estate transactions and a law to provide for the registration of cooperative societies in Lagos State.

According to a statement by the Statehouse, the Governor signed the bills on Monday evening, and also swore in Mr. Ope George and Dr. Oluwarotimi Fashola as Special Advisers on Public-Private Partnerships and Agriculture (Rice Mill Initiative) respectively.

A third bill was signed which will also regulate ownership, licensing and sales of pets and to prohibit and restrict people from having in custody dangerous animals in public places. Governor Sanwo-Olu stated that the new bills he assented to will “strengthen government and citizens’ engagement and relationships and for residents of the State to continue to live in an atmosphere where the rule of law is enshrined for people and to know what is expected of them”.

He commended the Lagos State House of Assembly for passing the bills, citing that the state government will continue to ensure that citizens are happy as trust is further deepened in government.

He revealed that the real estate regulation bill will protect residents in Lagos State, and prevent them from falling prey to real estate professionals, and enable stakeholders in the real estate sector to know what is expected of them.

“It is really about ease of doing business and ensuring that we can continue to attract private sector investments into the real estate space. We believe this law would be the very first in the country that has taken a deep dive into what is happening in that space and it further strengthens our intervention in housing through the Ministry of Housing,” he said.

On cooperatives, he said that the law to provide for the registration of cooperative societies in Lagos State will make it easy to regulate the operations of thousands of cooperative societies in the state for harmonious cooperation.

Leave a Reply