LASRERA, EFCC to combat real estate fraud

The Lagos State Real Estate Regulatory Authority and the Economic and Financial Crimes Commission have announced that they will be collaborating to curb fraudulent practices in the real estate sector.

The partnership between LASRERA and EFCC was a fallout of a courtesy visit by the Special Adviser to Lagos State Governor on Housing, Barakat Odunuga-Bakare, who led the management team of the agency to discuss several issues of fraud emanating from real estate transactions in the state recently.

According to the Special Adviser, the partnership comes as a response to the growing concerns surrounding real estate fraud in Nigeria, disclosing that the joint forces of the two organisations are needed to enhance the regulations and enforcement of ethical standards within the real estate industry by ensuring a secure and transparent environment for both buyers and sellers.

She said, “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.

“By leveraging their respective expertise and resources, LASRERA and EFCC will strengthen the legal framework and enforcement mechanisms to tackle real estate fraud effectively.”

Speaking further, Odunuga-Bakare highlighted the importance of the collaboration between the two government agencies in safeguarding the interests of both investors and the general public.

 “Real estate fraud not only undermines the integrity of the sector but also poses significant financial risks to individuals and the economy as a whole. By teaming up with EFCC, we are sending a strong message that such practices will not be tolerated, and perpetrators will be held accountable.

“The EFCC, known for its expertise in investigating financial crimes, will bring its extensive knowledge and experience to this collaboration. The agency’s mandate aligns perfectly with LASRERA’s mission to regulate and promote ethical practices in the real estate industry,” the special adviser added.

According to Odunuga-Bakare, the Lagos Zonal Command of the EFCC should ensure that the registration status of any individual or organisation being interrogated by the commission for real estate-related fraud is ascertained through the registration portal of LASRERA to know if the person or organisation is genuine or not.