FIC Report (Lagos State) – The Lagos State Real Estate Regulatory Authority, LASRERA, and the Economic and Financial Crimes Commission, EFCC, Lagos Zonal Directorate II, have pledged to deepen collaboration to rid the state’s real estate sector of fraud and criminality.
The renewed commitment was made on Wednesday during a strategic visit by LASRERA management to the EFCC office in Lagos.
Speaking during the visit, the Permanent Secretary, Ministry of Housing, Engr. Abdulhafis Gbolahan Toriola, said the state government remains focused on bringing transparency and professionalism to property transactions.
“The Lagos State Government remains committed to ensuring transparency, accountability and professionalism in the real estate sector”, Toriola said.
He added that the partnership with the EFCC would “further strengthen regulatory compliance and enhance public confidence in real estate transactions across the State.”
The visit, he noted, was part of ongoing efforts by LASRERA to work with law enforcement agencies in tackling sharp practices that have continued to undermine the sector.
In his response, the Acting Zonal Director of EFCC Lagos Zonal Directorate II, ACE 1 Bawa Usman Kaltungo, reaffirmed the Commission’s readiness to support LASRERA with investigative and enforcement action.
“EFCC is ready to work closely with LASRERA by leveraging its investigative and enforcement capabilities to identify, investigate and prosecute individuals and organisations engaged in fraudulent real estate activities,” Kaltungo said.
He commended LASRERA for championing and effectively implementing the LASRERA Law of 2022. According to him, the law has provided a stronger legal backing for regulating real estate activities in the state.
Kaltungo also disclosed that the Commission currently has several cases involving individuals and organisations defrauded by fake estate agents.
To further curb the menace, he advised LASRERA to “adopt stricter enforcement measures, including the blacklisting of fraudulent estate agents, to strengthen regulatory compliance and protect members of the public from real estate fraud.”
He further stressed that intelligence sharing between both agencies would be critical in staying ahead of new fraud patterns.
“The importance of continuous information sharing and coordinated operations cannot be overemphasized in tackling emerging threats within the sector,”he said.
Stakeholders say the collaboration comes at a time when complaints of fake agents, double sales, and undocumented transactions have continued to rise in Lagos.
With both agencies now aligning on enforcement, monitoring and public enlightenment, officials expressed optimism that the partnership will restore trust and sanity to Lagos’ multi-billion-naira real estate market.
Sourced by ,
Okeke Ebere .
SIO / PRO .
31/07/26.
