Lagos Cracks Down on Real Estate Fraud with LASRERA Law, Enabling Collaboration with FG

Lagos State is taking a significant step towards curbing fraud in its booming real estate sector. The recently enacted Lagos State Real Estate Regulatory Authority (LASRERA) Law, signed by Governor Babajide Sanwo-Olu in 2022, empowers LASRERA to collaborate with federal enforcement agencies to combat fraudulent practices more effectively.

This is according to Barr. Barakat Odunuga-Bakare, the Special Adviser to the Lagos State Governor on Housing. She delivered a keynote speech at a recent two-day summit organized by the Association of Estate Agents in Nigeria (AEAN). Odunuga-Bakare emphasized that this collaboration “aims to restore confidence, trust, and protect the interests of both local and international investors.”

The LASRERA Law is seen as a major step forward in promoting investment and development within the Lagos State real estate market. By working together with federal agencies, LASRERA will be better equipped to identify and address fraudulent activities, offering greater security for investors and fostering a more transparent market.

This is a positive development for Lagos, a state with a dynamic real estate sector that has unfortunately been susceptible to fraud. The LASRERA Law and the collaboration with federal enforcement agencies represent a strong effort to clean up the market and make it more attractive to legitimate investors.


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