Ex-FirstBank MD, Top Industry Players Make Committee To Drive Real Estate In Lagos
Former Managing Director of FirstBank Plc and Chairman The Address Homes, Mr Bisi Onasanya, has been appointed as the Chairman of the Social/Re Sub-Sector and Re-organisation of the Technical Committee on Real Estate Regulation in Lagos State, Worldtopnewsng reports.
Onasanya and several other top industry players in the Real Estate sector were inaugurated on Thursday, May 27, 2021, at The George Hotel, Ikoyi, Lagos.
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In the document made available to Worldtopnewsng, other members of Onasanya committee include the Special Adviser to the Governor on House, Hon. Toke Benson-Awoyinka; Stanbic IBTC Country Head, Real Estate Services, Mrs. June Majoroh; Data Expert, Mr Roland Igbinoba; Mrs Queen Fanope; Mrs Titi Oshodi and Mrs Jumoke Adio-Moses as Secretary.
In the Legal Committee, the Lagos State Attorney General/Commissioner for Justice, Mr Moyosore Onigbanjo, SAN, as Chairman; Managing Partner Libra Law Practice, Mr Afolabi Balogun; Partner Charles Attorney Legal Practitioner, Mr Charles Adeogun and Mrs Omosanya Modinat as Secretary.
The Finance and Insurance Committees headed by the State Commissioner for Finance, Dr. Rabiu Olowo, encompassed MD Family Homes, Mr Femi Adewole; Office of the Chief of Staff, Mrs Titi Oshodi; representative of International Finance Corporation, Mr Babatunde Obaniyi; MD SL Trustees Ltd, Mrs Funmi Ekundayo and Mrs Temitope Agunbiade as Secretary.
While the Insurance committee comprised former Managing Director Alliance Insurance Plc, Mr Owolabi Salami; MD Nigeria Mortage, Mr Kehinde Ogundimu; Executive Secretary Mortgage Banks Association of Nigeria, Mr Kayode Omotoso; Mr Oseni Taofeeq Idowu and Mr Fatusi Abdmojeed as Secretary.
Benson-Awoyinka in her welcome address noted that the Committee’s mandate is to design a policy and fiscal framework to institute and promote global best practices in the state, curtail the malpractice in the real estate sector while improving financial transparency and fiscal responsibility.
The Committee is also expected to resolve financing, to prioritise the development of a fiscal responsibility and transparency model to promote the inflow of local and international funding required to confront the housing deficit.
“To achieve this, the Committee will be required to tackle the set up of a comprehensive system and framework. To further boost confidence and safeguard investment, the Committee will be responsible for the centralization of insurance management for all real estate assets which will dovetail into the existing Lagos State Risk Management framework.”
“The creation of a trusteeship for the management of real estate remittances for off-takers and a system to stagger payments to Developers where off-plan payments are applicable. The trusteeship would also have the obligation over the administration of diaspora remittances for off-plan payments/sales with the ultimate plan to boost investor confidence, attract, and improve upon Foreign Direct investment in the sector. These funds will be domiciled in a Centrally Managed Fund.”
“To improve upon existing laws and policies, we would oversee the creation and implementation of Strata Title Law to drive revenue. This would encourage the revivification of unused capital in the state as well as improve accessibility to housing for citizens. The items outlined above are by no means exhaustive as the goal is to transform Lagos State to become a pacesetter for financial growth and inclusivity using real estate as a channel for its citizens in Africa.”
“To improve upon existing laws and policies, we would oversee the creation and implementation of Strata Title Law to drive revenue. This would encourage the revivification of unused capital in the state as well as improve accessibility to housing for citizens.”
Olowo in his remark asserted that the main essence of the committees is to bridge the gap and change the narrative with the 2020 Global Real Estate Transparency Index Survey that ranked Nigeria poorly as number 68. “The introduction of a Real Estate Trustee to help manage off takers- investors funds and gradual reimbursements to Real Estate developers at every milestone achieved,” he said.
He explained further that: “In modern cities like Dubai, where real estate accounts for c.20% of its GDP (compared to an average of 7% in most other countries). This statistic calls for a revisit of our real estate model and possible re-appraise our assumptions in other to improve our contribution to the Nigerian economy.”
“The current Global Real Estate Transparency Index Survey carried out in 2020 rates Nigeria poorly as number 68 out of 99 countries with a score of 3.74% as against the United Kingdom as Number 1 and a score of 1.31%. South Africa remains the only country with a positive Real Estate transparency index in Africa ranked number 24 with a score of 2.37.
To plug the housing gap, the World Bank in its 2014 study stated that N59. 5 trillion would be needed at N3.5 million per unit.”
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In his remark, Onasanya made it know that having crossover from finance to real estate, he hopes to bring his wealth of experience as a Chartered Accountant “Crossing over successfully from banking to real estate. Am the Chairman and founder of The Address Homes Ltd. Apart from my banking skills, I also bring in on the table the thirty-eight years of experience as a Chartered Accountant and also you know at The Address Homes we have investment outside of Nigeria in real estate. I’m sure we’ll be useful for the committee.”
The Committee has been charged with addressing the challenges in the sector with particular attention to reforming the Home Ownership Model to increase housing stock and reduce the deficit.
