Special Adviser to Gov. Babajide Sanwo-Olu on Housing and Supervisor of Lagos State Real Estate Regulatory Agency (LASRERA), Barr. Barakat Odunuga-Bakare, has announced measures to combat real estate fraud in Lagos.

She revealed the measures in an interview in Lagos.

Expressing concern over the prevalence of land and real estate fraud, Odunuga-Bakare revealed LASRERA’s collaboration with the Economic and Financial Crimes Commission (EFCC) to tackle the issue.

She cited Section 41 of the EFCC Law, which emphasizes collaboration with state governments, highlighting the need for joint efforts to prosecute offenders. LASRERA, under its legislation, will work with law enforcement agencies to hold real estate operators accountable.

Odunuga-Bakare disclosed that LASRERA and the EFCC would address issues collaboratively, with the EFCC transferring relevant petitions and cases to the state for proper handling. Cases beyond LASRERA’s jurisdiction will be directed to the state’s Ministry of Justice.

Emphasizing the pivotal role of the real estate sector in Lagos, she stressed a crackdown on fraud, signaling a departure from business as usual for perpetrators in the ongoing year. Odunuga-Bakare highlighted the agency’s commitment to enhancing investor confidence, enforcing registration and licensing for real estate practitioners, and contributing to the state’s Internally Generated Revenue (IGR).

Also read:

Federal Mortgage Bank Sets to Hold Three-Day Retreat

Additionally, LASRERA plans to launch a sensitization and advocacy program to educate realtors on the importance of registration and compliance. The agency aims to establish satellite offices in local council areas, collaborating with local governments for more effective enforcement and exploring new laws with the State House of Assembly if required.

Source: Africa Housing News

RELATED ARTICLESMORE FROM AUTHOR