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

The special adviser on housing to Governor Babajide Sanwo-Olu, Barakat Odunuga-Bakare, said this in a statement on Friday.

Ms 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 Lagos.

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 and secure the interests of investors and the general public.

Ms Odunuga-Bakare explained, “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.”

She added, “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.”

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

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

She urged the EFCC to confirm the registration status of any individual or organisation engaging in real estate-related activities through LASRERA’s registration portal.

According to her, this will help the commission know if the person or organisation is genuine.

EFCC zonal commander Michael Wetkas lauded LASRERA’s management for approaching the commission, noting that this would further assist the anti-graft agency in investigating corrupt cases related to real estate transactions.

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

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

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

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

(NAN)