LAGOS GOVT RECOVERS N270M FROM FRAUDULENT ESTATE AGENTS, DEVELOPERS
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By Aishat Momoh. O.
Lagos State Real Estate Regulatory Authority has recovered over N270 million from fraudulent estate agents and property developers on behalf of residents affected by real estate fraud across the state.
The Commissioner for Housing, Moruf Akinderu-Fatai, disclosed this during the 2026 Ministerial Press Briefing held at the Bagauda Kaltho Press Centre in Alausa, Ikeja.
According to the commissioner, the recovery demonstrates the Lagos State Government’s commitment to protecting residents from exploitation, fraudulent transactions and unethical practices within the real estate sector.
Akinderu-Fatai stated that the Lagos State Real Estate Regulatory Authority had intensified regulatory oversight through stakeholder engagement, public sensitisation campaigns and enforcement operations aimed at restoring confidence in the property market.
“The recovery of N270,020,500 underscores the state government’s commitment to protecting residents from exploitation, fraudulent transactions and unethical practices within the real estate sector,” the statement partly read.
He explained that the authority organised stakeholder forums across the 57 Local Government Areas and Local Council Development Areas in the state to educate residents on safe property transactions and discourage illegal practices in the industry.
According to him, the engagements also focused on addressing complaints relating to arbitrary charges and unprofessional conduct by some operators in the sector.
The commissioner further disclosed that LASRERA expanded its public awareness campaigns through billboards placed in strategic locations including Surulere, Ikorodu, Epe, Badagry, Marina and Alausa to sensitise residents on the importance of dealing only with registered practitioners.
He added that the authority maintains a database of accredited estate agents and developers to help residents verify practitioners before entering into property transactions.
Akinderu-Fatai also announced the establishment of a new LASRERA satellite office in Surulere, increasing the number of satellite offices to four alongside existing offices in Ikorodu, Agege and Ojodu.
According to him, the decentralisation initiative is aimed at improving access to regulatory services, reducing response time to complaints and strengthening grassroots engagement with stakeholders.
The commissioner also revealed that LASRERA, in collaboration with the Lagos State Task Force, sealed the office of an alleged unregistered operator, Demeny Ventures, in Owutu, Ikorodu, for allegedly posing as a registered LASRERA agent.
He further stated that the authority recently hosted the sixth edition of the LASRERA Marketplace, an interactive platform bringing together developers, legal experts, estate practitioners and residents to discuss compliance with existing laws and ethical standards in the industry.
Akinderu-Fatai reiterated the Lagos State Government’s commitment to collaborating with professional bodies, developers, community leaders and other stakeholders to ensure a transparent and properly regulated real estate sector in the state.
He urged residents to remain vigilant, verify practitioners through official LASRERA channels and promptly report suspicious real estate activities to the authority.
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