Agencies pledge tougher enforcement, intelligence sharing, and stricter regulation to protect property buyers and restore confidence

The Lagos State Real Estate Regulatory Authority (LASRERA) and the Economic and Financial Crimes Commission (EFCC) have stepped up efforts to tackle fraud and other criminal activities in the state’s real estate sector.

Both agencies reaffirmed their commitment to closer collaboration during a strategic meeting held at the EFCC Lagos Zonal Directorate II office, where top officials discussed measures to sanitise the industry and protect the public from fraudulent practices.

Speaking during the visit, the Permanent Secretary of the Lagos State Ministry of Housing, Engr. Abdulhafis Gbolahan Toriola, said the state government remains resolute in promoting transparency, accountability, and professionalism in property transactions.

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He noted that stronger cooperation with the EFCC would enhance regulatory compliance and boost public confidence in the sector, which has in recent years been plagued by cases of land scams and fake estate agents.

“The Lagos State Government is committed to ensuring that the real estate space operates within the bounds of the law. This partnership will help strengthen oversight and restore trust among investors and residents,” Toriola said.

On his part, the Acting Zonal Director of EFCC Lagos Directorate II, ACE I Bawa Usman Kaltungo, assured that the commission is ready to support LASRERA through its investigative and enforcement powers.

Kaltungo disclosed that the EFCC is already handling multiple cases involving victims defrauded by individuals and organisations posing as legitimate real estate operators.

He commended LASRERA for implementing the LASRERA Law 2022, describing it as a critical step toward regulating the sector, but urged the agency to intensify enforcement efforts.

According to him, stricter measures such as blacklisting fraudulent agents and firms would go a long way in deterring criminal activities and safeguarding the public.

He also stressed the need for continuous intelligence sharing and coordinated operations between both agencies to effectively tackle emerging threats in the real estate industry.

The renewed partnership is expected to tighten regulatory oversight in Lagos’ booming property market and curb the activities of unscrupulous operators who exploit unsuspecting buyers.