I welcome you all to the launch of Lagos State Electronic Real Estate Litigation System. (LIS PENDENS ELECTRONIC SYSTEM). Another first in Nigeria!
Since its inception, Governor Akinwunmi Ambode Administration has remained committed to ensuring the safety of lives and interest in properties within Lagos State.
It may be recalled that at the inception of this administration, my office promised to encourage the use of technology to give access to effective and efficient justice system, and in keying into the bigger picture of the Technologically driven mega Lagos plan, has designed this project.
Any economically vibrant city possesses at least three fundamental capitals for its sustenance and growth; these are Financial capital, Human capital, and Real Estate or immovable capital. The third form of capital is why we are all gathered here today.
The Real Estate sector is one which records a very large turn-over within the economy of the State; the enormous amount of applications that are delegated to my office for the statutory endorsement of the governor on various property transactions bear witness to this fact.
From the need to close a transaction at the earliest time (particularly in respect of mortgage transactions), to actually ensuring that value for money is procured, the Real Estate market reflects several complexities. However, there is a constant need to strike a balance between speed and due diligence, so as to reduce the risk involved in such transaction. A risk which though may appear non-existent, but which may be devastating and monumental when dealing in a real estate which is subject of a pending court case; a disputed property.
With the vision of becoming the largest economy in Africa, it is expected that the level of economic and commercial activities in Lagos State would experience an unprecedented level, height and pace. The real estate sector is expected to further attract a significant amount of attention.
The world we know today is at the click of a button technology driven and the Lagos State government is certainly in trend with the time. We have been working endlessly to ensure that Lagos is not left in the dark ages. This is why several initiatives and steps are being taken to make Lagos State as technologically driven as possible.
The Lagos State Electronic Real Estate Litigation System is designed to provide easy access information to anyone who intends to deal in real estate with information primarily on whether the property is subject of litigation (a case in Court).
In addition, it offers end-users the platform for filing a Lis Pendens entry which may be uploaded on the Lis Pendens Online System thus giving actual and constructive notice to the public and innocent purchasers.
The Lagos State Electronic Real Estate Litigation System will be providing the following services:
1) provide members of the public with information on pending Court cases.
2) notify members of the public of real estate/property which are the subject of pending litigation;
3) ensure that members of the public/professional bodies are able to conduct an efficient search of real estate/property that is faster, reliable and convenient,
4) Curtail risk associated with property transactions;
5) Reduce litigation on real estate as the public can now easily confirm if a property is subject of a pending litigation.
6) Enhance due diligence in property transactions.
7) Provide a comprehensive database of real estate/property in Lagos which is subject of litigation;
8) allow the members of the public to file for Lis Pendens i.e. by submitting their case(s) which is subject of a pending Court case and same is regarded as sufficient notice.
This list is endless.
Of course, this project was conceived to ensure that citizens of Lagos State are better served. It is now being delivered as another promise kept for a better Lagos for all. This innovative project has been designed in line with this administration’s drive to promote information technology in the State.
I therefore call on you all to buy into this new initiative, embrace it, and share in our vision of a new, enhanced System of real estate due diligence in Lagos State. This new initiative known as the Lagos State Electronic Real Estate Litigation Electronic System (LIS PENDENS ELECTRONIC System) makes this readily available for properties in Lagos State.
I thank you all.
Itesiwaju ipinle eko lojewalogun