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.

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The Lagos State Ministry of Housing has refunded N23.2 million to verified subscribers of the Egan-Igando Mixed Housing Scheme following delays in project delivery.

The refund became necessary after the housing scheme was transferred to the Ministry and timelines shifted, prompting some subscribers who had made partial payments to withdraw from the project.

Subscribers Receive Refund Cheques

At a meeting held on Tuesday, affected subscribers were presented with refund cheques after completing a verification process.

The Permanent Secretary of the Ministry, Abdulhafis Gbolahan Toriola, stated that the government remains committed to fairness and due process in handling public housing matters.

He added that subscribers who finalised full payments after the project transfer have been allocated their housing units, assuring that no beneficiary would be unfairly disadvantaged.

Verification Conducted To Ensure Transparency

To strengthen accountability, the Ministry carried out a detailed verification exercise before authorising the refunds.

The Director of Accounts, Yesirat Adewale, confirmed that all documentation submitted by beneficiaries was carefully examined to ensure compliance with financial regulations.

Commitment To Public Housing Integrity

Officials commended subscribers for their patience during the transition period, describing their cooperation as vital to maintaining trust in the state’s housing programmes.

The Egan-Igando Mixed Housing Scheme forms part of Lagos State’s broader strategy to improve access to housing and enhance service delivery in the real estate sector.

The refund process, according to the Ministry, reflects its determination to uphold financial integrity while advancing housing development initiatives across the state.

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