The Lagos House of Assembly during plenary on Tuesday, has proposed new amendments for the Lagos State Mortgage and Property (Amendment) Bill, 2021 in a bid to strengthen the process of mortgage and to further encourage people to go into property transaction in the State. The Majority Leader, Hon. Sanai Agunbiade,while going through the proposed Bill, stated that the Bill has 6 amendments, 5 of which is insertion of new section while the other amends the interpretation section. Adding that the said Bill sets condition precedents about things that must happen before certain steps could be taken. The intending Bill is very prudent due to the fact that, it insert new sections to fill the gaps in the existing extant laws.
‘’You cannot commence a process of sale without having informed in writing the mortgagor first and where such is not intended, the court of law can be approached to give its interim order’’. This will further embolden the mortgage in the State; protect the mortgagor and the property of the mortagee itself. In addition, it will bring in conformity and best practices across the globe in order to ensure both parties and properties are secured. He maintained. While contributing, Hon. Gbolahan Yishawu noted that the amendment is very crucial because a true value of property can be gotten so that people’s property are not sold at a loss or undervalued. The government is trying to ensure that public private sector comes in to fund the housing scheme to boost the economy of the State. Hon. Femi Saheed expressed that it is a known fact that new construction in Africa is the edge of investment. According to economist, it perfects the best edge against inflation. The Speaker, Rt. Hon. (Dr.) Mudashiru Obasa however, committed the Bill to the House Standing Committee on Housing to report back in three weeks. In related development, the Public Office Holders (Payment of Pension) Repeal Bill, 2020 and Lagos State Fire and Rescue Service Bill, 2021 was read for the First time.
