The Lagos State Real Estate Regulatory Agency (LASRERA) said it has recovered N478.13 million and 18 properties from fraudulent real estate practitioners, returning them to their rightful owners over the past four years.
Mr. Moruf Akinderu-Fatai, Lagos State Commissioner for Housing, made this announcement at the 2024 ministerial media briefing of the Lagos State Ministry of Housing.
This event was held to commemorate the first year of Governor Babajide Sanwo-Olu’s second term in office, on Thursday, in Lagos.
Akinderu-Fatai emphasized that LASRERA achieved this success through a mediation process involving tenants, land buyers, fraudulent estate agents, land vendors, and developers.
“The agency has legislative right to explore Alternatives Disputes Resolution (ADR) mechanism as means to amicably settle real estate related disputes.
“This is done before the cases are escalated to the enforcement authority for detailed investigation and prosecution if required.
“Worthy of note is LASRERA’s intervention in the alleged N40 million land scam issue between Revolution Plus Property Ltd. And a Nigerian in diaspora,” he said.
About 1,702 real estate fraud cases received by LASRERA since 2020
According to the Commissioner, since the establishment of LASRERA in 2020, the agency has received a total of 1,702 real estate fraud-related cases to date. Out of these, 1,458 were mediated upon, and 1,144 were successfully resolved.
The Commissioner revealed that 294 cases were adjourned for further mediation, 141 cases were abandoned due to non-attendance by the parties involved, while 103 cases were referred to appropriate agencies.
Akinderu-Fatai further stated that the agency has a database of 925 registered individuals and organizations on its registration portal, out of over 2,550 practitioners who have enrolled to be registered.
He advised residents of the state to remain cautious and avoid falling victim to fake or dubious estate agents, urging them to patronize only registered real estate individuals or organizations.
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“In addition, there are eight cases in courts; two in Federal High Court, three in State High Court and three in Magistrate Court.
“Let us act responsibly and follow the path of the law. As a centre of excellence, the real estate market’s cycles would be a greater opportunity for the economy as a whole.
“The state will also emerge stronger if all of us can key into the state government’s vision towards a greater Lagos Rising,” he added.
What you should know
Earlier in May 2021, the Lagos State Government had moved to regulate real estate practice in the state with the inauguration of a 16-man Technical Committee on Real Estate Regulation to facilitate the restoration of investor and public confidence in the Lagos State real estate sector.
The committee’s mandate is to design a policy and fiscal framework to institute and promote global best practices in the sector.
Also in January 2024, Nairametrics reported that the government was collaborating with the Economic and Financial Crimes Commission (EFCC) through its real estate regulatory body to combat fraudulent activities in the real estate sector.
The collaboration is a response to increasing concerns about real estate fraud in Nigeria.
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