The Lagos State Real Estate Regulatory Agency (LASRERA) has made significant strides in combating fraudulent practices in the real estate sector, as evidenced by its recent recovery of N478.13 million and 18 properties from fraudulent practitioners.
This achievement was highlighted by Mr. Moruf Akinderu-Fatai, Lagos State Commissioner for Housing, during the 2024 ministerial media briefing of the Lagos State Ministry of Housing. He emphasized that LASRERA’s success was a result of its mediation process, which involved various stakeholders such as tenants, land buyers, fraudulent estate agents, land vendors, and developers.
Since its establishment in 2020, LASRERA has received a total of 1,702 real estate fraud-related cases. Out of these, 1,458 cases were mediated upon, with 1,144 successfully resolved. The agency’s use of Alternatives Disputes Resolution (ADR) mechanisms has been instrumental in resolving disputes before they escalate to enforcement authorities.
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One notable case mentioned by Akinderu-Fatai was LASRERA’s intervention in an alleged N40 million land scam issue between Revolution Plus Property Ltd. and a Nigerian in diaspora.
LASRERA has also been proactive in registering real estate practitioners, with 925 individuals and organizations currently registered out of over 2,550 enrolled practitioners.
To safeguard residents from falling victim to fake or dubious estate agents, Akinderu-Fatai advised them to patronize only registered real estate individuals or organizations.
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LASRERA’s collaboration with the Economic and Financial Crimes Commission (EFCC) reflects the government’s commitment to combatting fraudulent activities in the real estate sector. This collaboration aims to restore investor and public confidence in the Lagos State real estate market, ensuring that it operates with global best practices.
As Lagos continues to strive towards becoming a center of excellence, LASRERA’s efforts are crucial in maintaining the integrity of the real estate market and contributing to the overall economic growth of the state.
