Do Something-Governor Babajide Sanwo Olu: Significant real estate business leaders are crying in Lagos
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A profile picture of a crying black woman
Credit:Adobe stock |
Since January 2023, no Governor’s Consent has been signed by the administration of Governor Babajide Sanwo-Olu. Successive governors of Lagos State have adopted the Tinubu governorship style of delegating the signing of Governor’s Consent to two Commissioners who are members of the executive cabinet.
This is to speed up the process of obtaining Governor’s Consent and to remove delays usually caused by the Governor’s tight schedule. This is the style adopted by the present governor but alas it is not working as it ought to. While Governor Tinubu designed a template that made it possible to obtain a Governor’s Consent in one month, the experience under this administration is a situation where it is difficult to get this very important document in even a year.
This situation has devastating effect on construction industry and property developers who requires Governor’s Consent to access loan facility for their projects and associated job opportunities for the entire construction value chain including engineers, surveyors, architects, bricklayers, electricians, carpenters, tilers and building material suppliers in general. It has also severely reduced revenues accruable to government through consent fees, capital gains tax, registration fee, income tax and so on.
According to impeccable sources from the Nigerian Institution of Estate Surveyors and Valuers, Lagos State Branch, many transactions are kept hanging until the Governor's consent is signed.
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| Sanwo-Olu |
Also, sources from Nigeria Bar Association alluded that this situation has caused a lot of frustration for lawyers who are often charged with processing this document at the Lands Registry of the State.
In the same situation, impeccable sources from the Lagos Chamber of Commerce and Industry also confirmed that the chamber is contacting the Governor.
When you buy a property from a vendor with a Certificate of Occupancy, the legal title you can obtain to become a legal owner is the Governor's Consent. This consent is a crucial step in the property transaction process, and not signing it by the governor or his appointed commissioners has a significant negative impact on the real estate sector.
They are also used as collateral to obtain money from banks and other financial institutions for business and other reasons. Furthermore, real estate developers require a registered title to make their projects viable, as it is a crucial factor influencing prospective buyers' purchase decision. The title converts interest in a property from equitable interest to registered interest, making it legally transferable.
This is an urgent appeal for help from the large business community in Lagos State who are adversely affected by this situation to His Excellency Governor Babajide Sanwo Olu, who himself is a seasoned professional in the real estate industry to use his good office to intervene on this matter and to generally improve on the ease of doing business in Lagos State.
By a concerned Stakeholder
|
A profile picture of a crying black woman
Credit:Adobe stock |
Since January 2023, no Governor’s Consent has been signed by the administration of Governor Babajide Sanwo-Olu. Successive governors of Lagos State have adopted the Tinubu governorship style of delegating the signing of Governor’s Consent to two Commissioners who are members of the executive cabinet.
This is to speed up the process of obtaining Governor’s Consent and to remove delays usually caused by the Governor’s tight schedule. This is the style adopted by the present governor but alas it is not working as it ought to. While Governor Tinubu designed a template that made it possible to obtain a Governor’s Consent in one month, the experience under this administration is a situation where it is difficult to get this very important document in even a year.
This situation has devastating effect on construction industry and property developers who requires Governor’s Consent to access loan facility for their projects and associated job opportunities for the entire construction value chain including engineers, surveyors, architects, bricklayers, electricians, carpenters, tilers and building material suppliers in general. It has also severely reduced revenues accruable to government through consent fees, capital gains tax, registration fee, income tax and so on.
According to impeccable sources from the Nigerian Institution of Estate Surveyors and Valuers, Lagos State Branch, many transactions are kept hanging until the Governor's consent is signed.
|
| Sanwo-Olu |
Also, sources from Nigeria Bar Association alluded that this situation has caused a lot of frustration for lawyers who are often charged with processing this document at the Lands Registry of the State.
In the same situation, impeccable sources from the Lagos Chamber of Commerce and Industry also confirmed that the chamber is contacting the Governor.
When you buy a property from a vendor with a Certificate of Occupancy, the legal title you can obtain to become a legal owner is the Governor's Consent. This consent is a crucial step in the property transaction process, and not signing it by the governor or his appointed commissioners has a significant negative impact on the real estate sector.
They are also used as collateral to obtain money from banks and other financial institutions for business and other reasons. Furthermore, real estate developers require a registered title to make their projects viable, as it is a crucial factor influencing prospective buyers' purchase decision. The title converts interest in a property from equitable interest to registered interest, making it legally transferable.
This is an urgent appeal for help from the large business community in Lagos State who are adversely affected by this situation to His Excellency Governor Babajide Sanwo Olu, who himself is a seasoned professional in the real estate industry to use his good office to intervene on this matter and to generally improve on the ease of doing business in Lagos State.
By a concerned Stakeholder
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