The Lagos State Government says it has recovered over N270 million for residents who fell victim to real estate fraud across the state.
Commissioner for Housing, Moruf Akinderu-Fatai, disclosed this on Tuesday during the 2026 Ministerial Press Briefing at the Bagauda Kaltho Press Centre in Alausa, Ikeja.
He said the recovery shows the government’s commitment to protecting residents from exploitation, fraudulent transactions, and unethical practices in the property market.
According to Akinderu-Fatai, the Lagos State Real Estate Regulatory Authority, LASRERA, has stepped up regulatory oversight through stakeholder engagement, public sensitisation, and enforcement operations. The goal is to restore confidence and ensure safer property transactions for Lagosians.
The authority has held forums across the state’s 57 Local Government Areas and Local Council Development Areas to educate residents on safe property deals, discourage illegal practices, and address complaints about arbitrary charges and unprofessional conduct.
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LASRERA has also mounted billboards in Surulere, Ikorodu, Epe, Badagry, Marina, and Alausa to remind residents to deal only with registered practitioners.
To make verification easier, the agency maintains a database of accredited estate agents and developers. It recently opened a new satellite office in Surulere, bringing its total to four alongside existing offices in Ikorodu, Agege, and Ojodu. The decentralisation is meant to bring services closer to residents and speed up complaint resolution.
In one recent enforcement action, LASRERA and the Lagos State Task Force sealed the office of Demeny Ventures in Owutu, Ikorodu, for allegedly posing as a registered agent.
The authority also hosted the sixth edition of the LASRERA Marketplace, bringing together developers, legal experts, estate practitioners, and residents to discuss compliance and ethical standards.
Akinderu-Fatai urged residents to verify agents through official LASRERA channels and report suspicious activities promptly, stressing that the government will continue working with professional bodies and community leaders to keep the real estate sector transparent and investor-friendly.
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