The Lagos State Government has escalated its war against fraudulent property dealings, with the Lagos State Real Estate Regulatory Authority (LASRERA) sealing the business premises of an unregistered practitioner in the Owutu area of Ikorodu.
The enforcement operation, which took place on Wednesday, targeted an entity identified as Demeny Ventures. Officials revealed that the operator had been allegedly parading himself as a licensed agent, using a falsified LASRERA registration number to deceive the public.
The exercise was led by the Agency’s Director of Compliance and Enforcement, Deji Badejo, in collaboration with the State Task Force. According to Badejo, the action followed “credible intelligence” regarding the suspect’s activities, which specifically targeted unsuspecting accommodation seekers in the Ikorodu axis.
Speaking on the development, the Special Adviser to the Governor on Housing, Barakat Odunuga-Bakare, emphasized that the clampdown is a critical component of the State’s strategy to sanitize the multi-billion naira real estate sector.
“Only duly registered and certified practitioners by LASRERA are permitted to operate within the state. Individuals and organisations engaging in unlicensed real estate activities will continue to face strict enforcement actions,” Odunuga-Bakare warned.
She further noted that the initiative was spurred by a surge in petitions from residents. Common fraudulent tactics identified by the agency include:
- Double-letting: Collecting rent from multiple tenants for a single apartment.
- Ghost Listings: Selling non-existent plots of land.
- Impersonation: Using fake government credentials to gain trust.
The operation was carried out under the provisions of the LASRERA Law 2022, which empowers the authority to regulate, register, and monitor real estate transactions across Lagos. Beyond enforcement, Odunuga-Bakare disclosed that the agency has successfully facilitated the recovery of funds for several victims through mediation.
She urged Lagosians to perform “due diligence” by verifying the status of any agent or developer on the LASRERA portal before committing funds to property transactions.
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The state government has vowed that this is not a one-off exercise. Enforcement teams are expected to extend their reach to other parts of the metropolis, relying on increased intelligence gathering to flush out “briefcase” agents.
Members of the public are encouraged to support the sanitization of the sector by reporting suspicious real estate activities via the agency’s dedicated hotlines: 09122000661 and 09122000662.
