Lagos State Government (LASG) has clawed back nearly half a billion naira (N478.13 million) and 18 properties from fraudulent real estate transactions. This success follows a four-year investigation by the Lagos State Real Estate Regulatory Agency (LASRERA).
LASRERA was established in 2020 to combat malpractice within the Lagos property market. The recovered funds and properties were retrieved from individuals who obtained them through fraudulent means.
According to Mr. Moruf Akinderu-Fatai, the Lagos State Commissioner for Housing, LASRERA achieved these recoveries through mediation, resolving disputes between parties involved in the fraudulent transactions. This mediation process aimed to find amicable solutions before resorting to prosecution.
The Commissioner disclosed that over the past four years, LASRERA has dealt with a total of 1,702 real estate fraud cases. They were able to resolve 1,144 of these cases through mediation.
LASRERA’s efforts targeted a range of fraudulent practices. These included forging Certificates of Occupancy (C of O), processing fake documents, and illegally converting government properties for private use.
The recovered money has been returned to the state treasury, while the rightful owners have been reunited with their stolen properties. LASRERA’s success highlights the prevalence of real estate fraud in Lagos and the agency’s commitment to tackling the issue.
This crackdown serves as a warning to those considering fraudulent practices in Lagos’ real estate market. LASRERA is actively working to protect Lagosians and ensure a fair and safe property market.
