The Lagos Real Estate Regulatory Authority (LASRERA) has announced its collaboration with the Economic and Financial Crimes Commission (EFCC) to address issues of real estate fraud. Barakat Odunuga-Bakare, the special adviser on housing to Governor Babajide Sanwo-Olu, disclosed this in a statement on Friday.
This collaborative effort stems from decisions made during a courtesy visit by LASRERA’s management to the EFCC. Odunuga-Bakare explained that the partnership aims to respond to growing concerns about real estate activities in Lagos by enhancing regulation and enforcing ethical standards within the industry. The initiative seeks to create a transparent environment for property buyers and sellers, ensuring the protection of investors’ interests and the general public.
The governor’s aide highlighted that LASRERA and EFCC will work closely to investigate and prosecute individuals and organizations involved in fraudulent practices such as impersonation, property flipping, and document forgery. By leveraging their respective expertise and resources, the collaboration aims to strengthen the legal framework and enforcement mechanisms to effectively combat real estate fraud.
Odunuga-Bakare emphasized the significance of addressing real estate fraud, as it not only undermines the sector’s integrity but also poses serious financial risks. She stressed that the collaboration sends a strong message that fraudulent practices will not be tolerated, and perpetrators will be held accountable.
Expressing optimism in the EFCC’s ability to uncover fraudulent activities, she urged the commission to verify the registration status of individuals or organizations engaged in real estate-related activities through LASRERA’s registration portal.
EFCC zonal commander Michael Wetkas commended LASRERA’s management for seeking collaboration, noting that it would assist the anti-graft agency in investigating corrupt cases related to real estate transactions. Wetkas highlighted that real estate investment-related issues constitute a major part of complaints received by the commission and affirmed that the partnership would boost investor confidence in the Lagos real estate sector. He urged the public to report any suspicious activities related to real estate transactions to the appropriate authorities.