The Economic and Financial Crimes Commission (EFCC) has urged the Lagos State Real Estate Regulatory Authority (LASRERA) to strengthen enforcement against fraudulent estate agents. The anti-graft agency also advised the regulator to create a denylist for individuals and companies found guilty of real estate fraud.

The recommendation came during a meeting between the Acting Zonal Director of EFCC Lagos Zonal Directorate II, ACE I Bawa Usman Kaltungo, and the Permanent Secretary of the Lagos State Ministry of Housing, Engineer Abdulhafis Gbolahan Toriola. Senior officials from LASRERA also attended the meeting.

Kaltungo said stronger regulation would help protect homebuyers, investors and property developers. He also called for regular information sharing between both agencies to improve investigations and enforcement.

EFCC Offers Investigative Support

The EFCC said it will continue to support LASRERA with investigations into fraudulent property transactions. Kaltungo explained that closer cooperation would help identify offenders faster and ensure they face prosecution under the law.

He also praised LASRERA for implementing the Lagos State Real Estate Regulatory Authority Law 2022. According to him, the law has created a stronger foundation for regulating the real estate industry in Lagos.

The commission disclosed that it is handling several cases involving alleged fake estate agents and property-related fraud. These cases involve individuals and organisations accused of misleading members of the public through illegal real estate transactions.

Lagos Reaffirms Commitment to Transparency

Engineer Abdulhafis Gbolahan Toriola said the Lagos State Government remains committed to promoting transparency, accountability and professionalism in the property market.

He noted that stronger collaboration with the EFCC would improve compliance with existing regulations. He added that the partnership would also increase public confidence in buying, selling and investing in property across the state.

Both organisations agreed to deepen their cooperation as part of efforts to reduce criminal activities within the real estate sector.

Why Stronger Regulation Matters

Property fraud remains a major challenge in Nigeria’s housing sector. Many buyers lose money through fake land sales, forged documents, multiple sales of the same property and unregistered estate operators.

These practices weaken investor confidence and slow the growth of the housing market. They also create risks for mortgage lenders, developers and genuine estate professionals.

Industry experts have consistently argued that stronger regulation can improve transparency and attract more investment into Nigeria’s real estate sector. Better enforcement can also encourage responsible housing development and strengthen consumer protection.

As Lagos continues to expand, effective regulation will play an important role in creating a safer property market. Closer cooperation between regulators and law enforcement agencies could help reduce fraud and improve confidence in real estate transactions across the state.

The post EFCC Urges LASRERA to Tighten Oversight, Denylist Fraudulent Estate Agents appeared first on Housing TV Africa.

The warning, delivered by the Commissioner for Housing, Moruf Akinderu-Fatai, emphasized the importance of compliance with the registration requirements set by the Lagos State Real Estate Regulatory Authority (LASRERA). Failure to comply would result in legal consequences.

Commissioner Akinderu-Fatai highlighted the necessity of this warning to maintain order and ensure that real estate transactions are conducted in a transparent and fraud-free manner across Lagos State. He urged residents to be cautious and verify the registration status of real estate agents they engage with to avoid falling victim to fraudulent practices.

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In addition to the warning, Commissioner Akinderu-Fatai provided updates on the progress of various housing schemes across the state.

These include the Egan-Igando Mixed Housing Scheme, which comprises 846 units in the Igando-Ikotun Local Council Development Area, and the LagosHOMS Sangotedo Phase in Eti-Osa East LCDA, which consists of 528 housing units and is expected to be completed by the fourth quarter of 2024.

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Other ongoing projects mentioned by the commissioner include the Epe Housing Scheme in Itamarun, Epe Local Government, which is set to produce 112 housing units by the fourth quarter of 2024, and the LagosHOMS Ajara in Badagry Local Government, comprising 420 home units with a projected completion date in the first quarter of 2025.

Additionally, the LagosHOMS Ibeshe Phase 2, with 192 housing units in Igbogbo-Baiyeku LCDA, is proposed to be completed by the second quarter of next year.

The post Lagos State Government Issues Ultimatum to Unregistered Estate Agents appeared first on Housing TV Africa.