In a significant move to tackle fraudulent activities in the real estate sector, the Lagos State Government has joined forces with the Economic and Financial Crimes Commission (EFCC) through its real estate regulatory body.
The collaboration between the Lagos State Real Estate Regulatory Authority (LASRERA) and EFCC was formalized after a courtesy visit on Thursday by Barr. Barakat Odunuga-Bakare, the Special Adviser to the Lagos State Governor on Housing, and the management team of the anti-graft agency.
This strategic partnership is a response to the growing concerns about real estate fraud in Nigeria. The Special Adviser underscored the importance of the joint efforts of the two organizations in enhancing regulations and upholding ethical standards in the real estate industry.
LASRERA and EFCC will closely collaborate to investigate and prosecute individuals and organizations engaged in fraudulent practices, including impersonation, property flipping, and document forgery.
“Real estate fraud not only undermines the integrity of the sector but also poses significant financial risks to individuals and the economy as a whole. By teaming up with EFCC, we are sending a strong message that such practices will not be tolerated, and perpetrators will be held accountable,” stated the Special Adviser.
Highlighting the expertise of EFCC in investigating financial crimes, the spokesperson for the anti-graft agency in Lagos, Michael Wetkas, expressed optimism that the collaboration would assist the Commission in probing corruption cases related to real estate transactions.
With a notable increase in complaints related to real estate investment issues, EFCC asserted that the alliance between LASRERA and the Commission aims to restore investor confidence in Lagos’ real estate sector.
Emphasizing the expected widespread impact on the real estate sector, Wetkas called for a collaborative effort to rebuild confidence and trust among stakeholders. He also encouraged the public to report any suspicious real estate activities, assuring identity protection for those who come forward.