Real Estate Fraud Epidemic: Lagos Receives 1,577 Petitions In Just Four Years

Real Estate Fraud Epidemic: Lagos Receives 1,577 Petitions In Just Four Years

The Special Adviser to the Governor on Housing in Lagos State, Barakat Odunuga-Bakare, has revealed that the Lagos State Real Estate Regulatory Authority (LASRERA) has received a significant number of petitions related to real estate fraud, totaling 1,577 since its inception in 2020. Speaking during a press briefing in Alausa, Ikeja, Odunuga-Bakare stated that out of these petitions, 1,027 have been successfully resolved, while eight cases are currently in court……….CONTINUE READING

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Expressing concern about the presence of both ethical and unethical developers in the real estate sector, Odunuga-Bakare emphasized the need for industry stakeholders such as brokers, developers, agents, and realtors to register with LASRERA to enhance transparency and integrity in the sector. She highlighted that an association recently reported having 4,000 members, but when questioned about the number of registered practitioners, they were unable to provide a clear answer.

Addressing the issue of fraud, Odunuga-Bakare urged individuals facing challenges with agents or developers to file petitions with LASRERA, assuring swift redress. She also highlighted the collaboration between LASRERA and the Economic and Financial Crimes Commission (EFCC) to combat real estate fraud. Odunuga-Bakare noted that during their collaboration meeting, the EFCC shared over 1,000 cases of real estate fraud, reinforcing the importance of joint efforts.

Regarding registration with LASRERA, the Special Adviser disclosed that fewer than a thousand real estate practitioners have registered with the agency, despite there being over a hundred thousand people practicing real estate in Lagos State. She emphasized the state government’s commitment to facilitating collaboration with the private sector and public engagement to address the housing deficit in Lagos.

Furthermore, Odunuga-Bakare highlighted the Attorney General’s commitment to expediting real estate cases, ensuring a special court process that limits the duration of cases to a maximum of 90 days or 24 months in court, ultimately providing timely justice to victims of fraud in the real estate sector.

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