EFCC, LASRERA join forces against real estate fraud in Lagos
The Economic and Financial Crimes Commission (EFCC) and the Lagos State Real Estate Regulatory Authority (LASRERA) have agreed to strengthen collaboration to tackle the growing incidence of real estate fraud in Lagos State.
The resolution was reached on Wednesday during a courtesy visit by a LASRERA delegation, led by its Permanent Secretary, Engr. Gbolahan Toriola, to the Acting Zonal Director of the EFCC’s Lagos Zonal Directorate 2, ACE I Bawa Usman Kaltungo.
Toriola said the partnership was aimed at sanitising the real estate sector, protecting investors and restoring public confidence. He disclosed that LASRERA had received more than 505 petitions this year and resolved over 300, adding that some developers fraudulently sell or lease the same property to multiple buyers or tenants.
“We came to seek your assistance in addressing these issues. This year alone, we have received over 505 petitions and have attended to more than 300,” Toriola said, adding that all real estate developers are required by law to register with LASRERA before operating.
Responding, Kaltungo described the visit as timely, noting that real estate fraud now accounts for a significant number of petitions received by the commission and has discouraged many investors, including Nigerians in the diaspora.
He assured LASRERA of the EFCC’s readiness to investigate all genuine petitions regardless of the amount involved and urged the agency to seek legislative backing to blacklist fraudulent developers as a deterrent.
Also speaking, LASRERA’s Assistant Director of Legal, Jumoke Omosanya, said the authority has powers to suspend erring developers and disclosed that the Lagos State Government was working on amendments to the Lagos State Tenancy Law to strengthen regulation of the sector.
The Head of Legal and Prosecution, EFCC Lagos Zonal Directorate 2, DCE Deborah Ademu-Eteh, said the commission plans to organise a seminar for developers on legal compliance and consumer protection, while ACE II Henry Anasoh called for stronger laws to criminalise real estate fraud and enhance collaboration between LASRERA and the EFCC.
