LAGOS INTENSIFIES CRACKDOWN ON REAL ESTATE FRAUD, SEALS FAKE AGENT’S OFFICE IN IKORODU
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By ‘Sefiu Ajape
The Lagos State Real Estate Regulatory Authority (LASRERA) has stepped up its enforcement campaign against fraudulent and unregistered real estate practitioners, sealing the office of an unregistered agent in the Owutu area of Ikorodu.
The operation, carried out on Wednesday in collaboration with officials of the State Task Force, led to the closure of an office operated by Demeny Ventures, whose proprietor allegedly posed as a registered LASRERA agent using a fake registration number.
Speaking on the development, the Special Adviser to the Governor on Housing, Barakat Odunuga-Bakare, said the move is part of ongoing efforts by the Lagos State Government to sanitise the real estate sector, protect residents from fraud, and rebuild trust in property transactions.
She emphasised that only practitioners duly registered and certified by LASRERA are authorised to operate in the state, warning that those engaging in illegal real estate activities will continue to face strict enforcement.
According to her, the clampdown follows increasing complaints from residents who have fallen victim to fraudulent agents and property developers.
“Reports indicate that fraudulent practitioners often collect money from multiple tenants for the same property or sell non-existent plots of land to unsuspecting buyers,” she said.
Odunuga-Bakare also disclosed that LASRERA has enhanced its regulatory framework through improved monitoring of transactions, streamlined registration processes, and prompt investigation of complaints. She added that the agency has resolved several disputes and helped victims recover funds through mediation and regulatory actions.
She urged residents to always verify the registration status of estate agents and developers before engaging in any property transaction and encouraged the public to report suspicious activities for swift intervention.
The Special Adviser reaffirmed the state government’s commitment to promoting transparency, accountability, and professionalism in the real estate sector, noting that violators will be prosecuted in accordance with the law.
At the sealed premises on Oladele Adeniji Street, off Isawo Road, Owutu Agric, Ikorodu, the Director of Compliance and Enforcement, LASRERA, Deji Badejo, said the action followed credible intelligence on the suspect’s activities.
“Today’s operation is in response to reports of an individual in this area impersonating LASRERA with a fake registration number and defrauding unsuspecting members of the public, particularly accommodation seekers,” he said.
Badejo added that the Authority acted in line with the provisions of the LASRERA Law 2022 by sealing the office pending further investigation and necessary regulatory action.
He noted that the enforcement drive will be sustained across other parts of the state, with increased focus on intelligence gathering to identify and prosecute fraudulent estate agents.
The Director also urged members of the public to support LASRERA’s efforts by reporting suspicious activities through its dedicated hotlines: 09122000661 and 09122000662.
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