The Lagos State Government has intensified its crackdown on fraud and malpractice in the real estate sector, recovering N295m and sealing multiple illegal properties through the Lagos State Real Estate Regulatory Authority (LASRERA).
Speaking at a ministerial press briefing in Alausa, Ikeja, the Commissioner for Housing, Mr Moruf Akinderu-Fatai, revealed that over 1,200 real estate disputes have been resolved as part of a broader campaign to restore order and protect investors across the state.
Out of 1,899 reported cases, LASRERA successfully mediated 1,243 through its Alternative Dispute Resolution (ADR) mechanism.
A total of 1,580 cases were addressed, while 23 remain active, 147 were abandoned, and 172 were forwarded to other relevant bodies.
Additionally, eight cases are currently in court, spanning federal, state, and magistrate levels.
“Through its interventions, LASRERA has helped recover N295,471,800 on behalf of aggrieved parties and secured the return of 20 properties to rightful owners,” Akinderu-Fatai revealed.
To strengthen regulation, the agency has registered 925 individuals and organisations on its portal from over 2,550 applications.
The commissioner emphasised that engaging in real estate transactions without registration remains a criminal offence in Lagos.
“We urge all residents to verify agents and developers on our portal to avoid falling prey to dubious operators,” he said.
LASRERA has also hosted five editions of the Lagos Real Estate Marketplace Conference and Exhibition, the latest in December 2024, themed “Reimagining Lagos Landscape: Ensuring Sustainable Real Estate Development Practices”.
In addition to fraud prevention, the Ministry of Housing has started enforcing compliance with original estate master plans, marking properties with unauthorised modifications for sealing or possible repossession.
Akinderu-Fatai reaffirmed the state’s commitment to collaborating with other ministries and agencies to streamline real estate regulation, raise public awareness, and promote ethical practices.
“Our mission is clear—protect consumers, enforce standards, and transform the real estate sector into a model of integrity, professionalism and sustainability,” the Commissioner added.
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