Lagos Recovers Millions and Properties from Real Estate Fraudsters
The Lagos State Real Estate Regulatory Agency (LASRERA) has announced the successful recovery of N478.13 million and 18 properties from fraudulent real estate practitioners. These recovered assets were returned to their rightful owners over the past four years.
Mr. Moruf Akinderu-Fatai, the Lagos State Commissioner for Housing, revealed this achievement during a media briefing. He highlighted LASRERA's role in mediating disputes between tenants, land buyers, agents, vendors, and developers.
"The agency can utilize alternative dispute resolution (ADR) to settle real estate issues amicably," Akinderu-Fatai explained. "This is our preferred approach before resorting to enforcement actions or prosecution."
The Commissioner specifically mentioned LASRERA's intervention in a N40 million land scam case involving Revolution Plus Property Ltd. and a Nigerian living abroad.
Over 1,700 Cases Handled Since 2020
LASRERA was established in 2020 and has since tackled a significant number of real estate fraud cases. According to Akinderu-Fatai, the agency has received a total of 1,702 complaints related to fraud.
LASRERA successfully mediated 1,144 cases, with an additional 294 adjourned for further mediation. However, some cases did not reach resolution due to non-attendance by involved parties (141) or the need for referral to other agencies (103).
LASRERA Encourages Resident Awareness
The Commissioner emphasized the importance of resident awareness in combating real estate fraud. He urged Lagosians to avoid unregistered real estate agents and to only use licensed professionals or organizations.
LASRERA's database currently lists 925 registered individuals and organizations, representing a fraction of the over 2,550 practitioners who have applied for registration.
"Let's all act responsibly and follow the law," Akinderu-Fatai concluded. "A strong real estate sector benefits our entire economy. By working together, we can achieve a greater Lagos Rising."
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