As a measure to protect prospective home seekers in Lagos, the State Government, through its Real Estate Regulatory Authority (LASRERA), has intensified enforcement against fraudulent and unregistered real estate practitioners across the state.
The state government commenced a clampdown on unregistered operators in Lagos State, sealing the office of an unregistered agent in the Owutu area of Ikorodu.
The operation, carried out in collaboration with officers of the State Task Force, led to the closure of the office of an impostor, Demeny Ventures, who allegedly paraded himself as a registered LASRERA agent using a fake registration number.
Speaking on the exercise, the Special Adviser to the Governor on Housing, Barakat Odunuga-Bakare, said the clampdown forms part of the State Government’s ongoing efforts to sanitise the real estate sector, protect residents from fraudulent practices, and restore public confidence in property transactions.
She reiterated that only duly registered and certified practitioners by LASRERA are permitted to operate within the State, warning that individuals and organisations engaging in unlicensed real estate activities will continue to face strict enforcement actions.
According to her, the enforcement initiative comes amid rising complaints from residents who have fallen victim to fake estate agents and property developers.
“Reports indicate that fraudulent practitioners often collect money from multiple tenants for the same property or sell non-existent plots of land to unsuspecting buyers,” she said.
Odunuga-Bakare further disclosed that LASRERA has strengthened its regulatory mechanisms through enhanced monitoring of real estate transactions, improved registration processes, and prompt investigation of complaints. She added that the Authority has successfully resolved numerous disputes and facilitated the recovery of funds for victims of property-related fraud through mediation and regulatory interventions.
The Special Adviser urged residents to always verify the registration status of estate agents and property developers before entering into any property transaction, while also encouraging members of the public to report suspicious activities to LASRERA for prompt action.
She reaffirmed the State Government’s commitment to ensuring transparency, accountability and professionalism within the real estate sector, noting that any individual or organisation found violating the law will be prosecuted accordingly.
Speaking at the premises of the sealed office located on Oladele Adeniji Street, off Isawo Road, Owutu Agric, Ikorodu, the Director of Compliance and Enforcement, LASRERA, Deji Badejo, said the action was taken following credible intelligence on the activities of the suspect.
“Today’s operation is in response to reports of an individual in this area impersonating LASRERA with a fake registration number and defrauding unsuspecting members of the public, particularly accommodation seekers,” he said.
Badejo noted that the Authority acted in accordance with the provisions of the LASRERA Law 2022 by sealing the office, pending further investigation and necessary regulatory actions.
He added that the enforcement exercise would be sustained and extended to other parts of the State, with increased focus on intelligence gathering to identify, apprehend and sanction fraudulent estate agents.
The Director also called on the public to support LASRERA’s efforts by reporting suspicious activities through its dedicated hotlines: 09122000661 / 09122000662.
