LASG, EFCC to Work In Hand to Combat Real Estate Fraud in State

The Lagos State Government has collaborated with the Economic and Financial Crimes Commission (EFCC) through its real estate regulatory body to combat fraudulent activities in the real estate sector.

The partnership between Lagos State Real Estate Regulatory Authority (LASRERA) and EFCC was solidified following a courtesy visit on Thursday by Barr. Barakat Odunuga-Bakare, the Special Adviser to the Lagos State Governor on Housing, and the management team of the anti-graft agency.

The collaboration Is a response to increasing concerns about real estate fraud in Nigeria.

The Special Adviser emphasizes that the combined efforts of the two organizations are essential to strengthen regulations and enforce ethical standards in the real estate industry.

She said that 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.

“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.

On his part, the spokesperson for the anti-graft agency in Lagos, Michael Wetkas, expressed that the visit is a positive step that will aid the Commission in probing corruption cases related to real estate transactions.

The Commission has observed a notable surge in complaints related to real estate investment issues. EFCC asserted that the alliance between LASRERA and the Commission is poised to revive investor confidence in Lagos’ real estate sector.

Emphasizing the anticipated widespread impact on the real estate sector, he called for a collaborative effort to rebuild confidence and trust among stakeholders. Additionally, he encouraged the public to report any suspicious real estate activities with a promise of identity protection.