LASRERA collaborates with EFCC to curb real estate fraudulent practices

The Lagos Real Estate Regulatory Authority (LASRERA) says it has collaborated with the Economic and Financial Crimes Commission (EFCC) to curb real estate fraudulent practices in the state.

The Special Adviser on Housing to Gov. Babajide Sanwo-Olu, Barakat Odunuga-Bakare said this in a statement in Lagos on Friday.

Odunuga-Bakare stated that the collaboration was part of the decisions reached when LASRERA’s management paid a courtesy visit to EFCC.

She added that the partnership was a response to the growing concerns surrounding real estate activities in the state.

The governor’s aide said the collaboration between the two organisations would enhance regulation and enforcement of ethical standards within the real estate industry.

According to her, the initiative will promote a transparent environment for both buyers and sellers of property as well as secure the interests of both investors and the general public.

“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, the two bodies will strengthen the legal framework and enforcement mechanisms in tackling real estate fraud effectively.

“Real estate fraud not only undermines the integrity of the sector but also poses serious financial risks to individuals and the economy as a whole.

“By teaming up with EFCC, we are sending a strong message that such inimical practices would not be tolerated as perpetrators will be held accountable,’’ she said.

The governor’s aide expressed optimism that EFCC would put its expertise and experience in unraveling erring individuals and groups who commits fraud in the sector.

According to her, the commission’s mandate aligns with LASRERA’s mission in regulating and promoting ethical practices in the real estate industry.

She implored the EFCC, Lagos Zonal offices to always confirm the registration status of any individual or organisation who engages for real estate-related activities through LASRERA’s registration portal.

According to her, this will help the commission to know if the person or organisation is genuine or not.

Responding, Zonal Commander, EFCC Lagos Zonal Command, Mr Michael Wetkas, lauded LASRERA’s management for approaching the commission, noting that this would further assist the Commission in investigating corrupt cases related to real estate transactions.

Wetkas said that real estate investment-related issues constitute the major part of complaints received by the commission recently.

The commander said that the partnership between LASRERA and the EFCC would rekindle investors’ confidence in Lagos state’ real estate sector.

According to him, the collaborative effort is expected to have a far-reaching impact on the real estate sector and restore confidence and trust among stakeholders.

Wetkas urged the public to report any suspicious activities related to real estate transactions to the appropriate authorities.