Barakat Odunuga-Bakare, the Special Adviser to Lagos State Governor on Housing, revealed that the Lagos State Real Estate Regulatory Authority (LASRERA) has been inundated with over 1,577 petitions concerning real estate fraud since 2020.
Speaking at a press briefing in Alausa, Ikeja, on Thursday, Odunuga-Bakare stated, “We have received well over 1,577 petitions from the inception of the agency in 2020 till date. We have been able to resolve 1,027, and we have eight cases in court concerning real estate fraud.”
Expressing concern over the prevalence of both reputable and unscrupulous developers in the sector, Odunuga-Bakare emphasized the importance of registration to sanitize the real estate industry.
She urged brokers, developers, agents, and realtors to register, asserting, “The bad ones do not make you see the good ones as doing anything.”
Odunuga-Bakare assured swift redress for victims of real estate fraud, highlighting the streamlined judicial process facilitated by the Attorney General’s directive. “Anything about real estate would get a special court form which makes it faster and ensures that cases do not last more than 90 days, and a maximum of 24 months in court,” she added.
READ ALSO: Lagos Considers Special Court to Prosecute Real Estate Frauds
In collaboration with the private sector and law enforcement agencies, Odunuga-Bakare underscored the state’s commitment to curbing fraudulent practices in the real estate sector. She revealed a recent partnership with the Economic and Financial Crimes Commission (EFCC) and emphasized the agency’s role in facilitating swift action against offenders.
READ ALSO: BREAKING: FG To Merge EFCC, ICPC, CCB As Tinubu Orders Implementation Of Oronsaye Report
Despite ongoing efforts, Odunuga-Bakare noted a disparity between registered practitioners and the broader real estate community. “At this point, we have less than a thousand real estate practitioners that have registered with the agency, and we have well over a hundred thousand people practicing real estate in Lagos State,” she disclosed.