The Lagos State Government has sealed the office of a non-LASRERA-certified real estate agent in Ikorodu as part of its intensified crackdown on unregistered real estate practitioners.
The disclosure was made in a statement posted on the official Facebook account of the Lagos State Government on Thursday.
This action follows growing complaints from residents who have fallen victim to fraudulent estate agents and property developers.
What they are saying
According to the statement, the operation targeted the office of Demeny Ventures in the Owutu area, which allegedly paraded itself as a registered LASRERA (Lagos State Real Estate Regulatory Authority) agent using a fake registration number.
The clampdown was carried out on Wednesday in collaboration with officers of the State Task Force.
- “The Lagos State Real Estate Regulatory Authority (LASRERA) has intensified its enforcement drive against fraudulent and unregistered real estate practitioners operating in Lagos State, sealing the office of an unregistered agent in the Owutu area of Ikorodu.”
- “The operation, carried out on Wednesday in collaboration with officers of the State Task Force, led to the closure of the office of an impostor, Demeny Ventures, who allegedly paraded himself as a registered LASRERA agent using a fake registration number,” the statement read.
Barakat Odunuga-Bakare, Special Adviser to the Governor on Housing, explained that the initiative is part of ongoing efforts to sanitize the real estate sector, protect residents from fraud, and restore public confidence in property transactions.
More insights
The statement emphasized that only practitioners duly registered and certified by LASRERA are legally permitted to operate within Lagos State, warning that individuals or organisations engaging in unlicensed real estate activities would face strict enforcement actions.
- LASRERA has strengthened regulatory mechanisms through enhanced monitoring of real estate transactions, improved registration processes, and prompt investigation of complaints.
- The Authority has reportedly resolved numerous disputes and facilitated the recovery of funds for victims of property-related fraud through mediation and regulatory interventions.
- Speaking at the premises of the sealed office on Oladele Adeniji Street, off Isawo Road, Owutu Agric, Ikorodu, Deji Badejo, Director of Compliance and Enforcement at LASRERA, said the action followed credible intelligence on the activities of the suspect.
Badejo added that the enforcement exercise would be sustained and extended to other parts of the state, with increased focus on intelligence gathering to identify, apprehend, and sanction fraudulent estate agents.
Get up to speed
In June 2025, the Lagos State Government declared it illegal to engage in real estate practice without registration with LASRERA.
- Any individual or organisation involved in real estate transactions, whether as an agent, realtor, or practitioner, must obtain a valid LASRERA certificate before conducting business in Lagos.
- LASRERA regulates all real estate activities in the state, monitoring transactions and investigating complaints to protect residents from fraud.
- Registration ensures transparency, reduces malpractice, and improves confidence in the property market.
This directive forms the legal basis for the recent crackdown and ongoing enforcement actions across Lagos.
What you should know
Lagos has long faced challenges from informal real estate agents who operate outside regulatory frameworks.
- Unlike certified agents, informal agents mostly do not abide by statutory limits on agency and legal fees, often charging tenants amounts far above what is legally permitted.
- Tenants sometimes end up paying agency and legal fees equal to or exceeding the annual rent, despite the Lagos State Tenancy Law, 2011, capping each fee at 10% of the annual rent.
- Informal agents may collect fees from multiple tenants for the same property, charge illegal sums for legal or administrative processes, or sell/rent non-existent properties.
- LASRERA’s crackdown is critical for protecting tenants and standardizing practices, aiming to enforce fee limits and restore public confidence in property transactions.
Experts note that while enforcement challenges persist—driven by high housing demand and entrenched informal practices—professionalizing the sector is a key towards a fairer, more transparent rental market.
By targeting unlicensed agents, Lagos State is working to professionalize the real estate sector and protect residents from fraudulent practices.
