In a significant move aimed at safeguarding the real estate sector, the Lagos State Real Estate Regulatory Authority (LASRERA) and the Economic and Financial Crimes Commission (EFCC) have unveiled a collaborative effort to tackle fraudulent practices within the industry.

The collaboration was formalized following a productive meeting where Barakat Odunuga-Bakare, the Special Adviser to the Lagos State Governor on Housing, and her team engaged in discussions with the management of LASRERA to address the surge in fraudulent activities associated with real estate transactions in the state.

Addressing the pressing concerns surrounding real estate fraud in Nigeria, Odunuga-Bakare emphasized the critical need for joint efforts, underscoring the significance of maintaining a secure and transparent environment for all stakeholders involved in real estate transactions.

“In response to the escalating cases of real estate fraud, LASRERA and EFCC are set to collaborate in investigating and prosecuting individuals and organizations engaged in various fraudulent practices, including impersonation, property flipping, and document forgery,” she stated.

Emphasizing the strategic alliance, Odunuga-Bakare stressed that the partnership aims to fortify the legal framework and enforcement mechanisms, reinforcing the regulation and ethical standards of the real estate industry to combat fraudulent activities effectively.

Furthermore, Odunuga-Bakare highlighted the potential financial risks and detrimental impact on the sector’s integrity and the broader economy, affirming that the collaboration sends a resolute message that such malpractices will be met with unwavering repercussions.

She noted, “By aligning with EFCC, we affirm our unwavering stance against fraudulent practices, with the agency’s specialized expertise in probing financial crimes contributing significantly to our shared objective of upholding ethical standards within the real estate space.”

As part of the concerted effort, Odunuga-Bakare underscored the EFCC’s role in verifying the registration status of individuals or organizations under scrutiny for real estate-related fraudulent activities through LASRERA’s registration portal, reinforcing the commitment to discerning the authenticity of entities involved in real estate dealings.

As this collaboration takes shape, stakeholders and the general public can be assured that LASRERA and EFCC are resolutely committed to preserving the integrity of real estate transactions, eradicating fraudulent practices, and fostering a climate of trust and transparency within the industry.