The Lagos State Real Estate Regulatory Authority (LASRERA) and the Economic and Financial Crimes Commission (EFCC) have formed a partnership to combat fraud in the real estate market. The collaboration between LASRERA and the EFCC arose from a courtesy visit by the Special Adviser to the Lagos State Governor on Housing, Barakat Odunuga-Bakare, who led the agency’s management team to review many concerns of fraud arising from real estate transactions in the state recently.
According to the Special Adviser, the collaboration is in response to growing concerns about real estate fraud in Nigeria, and the two organizations’ combined powers are needed to improve legislation and enforce ethical standards in the real estate market.
She went on to say, “LASRERA and EFCC will work closely to investigate and prosecute individuals and organisations involved in fraudulent practices such as impersonation, property flipping, and document forgery.” LASRERA and the EFCC will develop the legislative framework and enforcement measures to combat real estate fraud efficiently by leveraging their respective skills and resources.
Furthermore, Odunuga-Bakare emphasized the significance of coordination between the two government institutions in protecting the interests of both investors and the general public. She added “Not only does real estate fraud undermine the sector’s integrity, but it also poses significant financial risks to individuals and the economy as a whole. We are sending a strong message by collaborating with the EFCC that such activities will not be condoned, and perpetrators will be held accountable.
According to Odunuga-Bakare, the EFCC’s Lagos Zonal Command should ensure that the registration status of any individual or organization being investigated by the commission for real estate-related fraud is verified through the LASRERA registration portal to determine whether the individual or organization is genuine or not.
