Over the previous four years, the Lagos State Real Estate Regulatory Agency (LASRERA) reported that it had retrieved N478.13 million and 18 properties from dishonest real estate agents and given them back to their legitimate owners.
This declaration was made at the Lagos State Ministry of Housing’s ministerial media briefing for 2024 by Mr. Moruf Akinderu-Fatai, the state commissioner for housing in Lagos.
On Thursday in Lagos, this ceremony was organized to mark the start of Governor Babajide Sanwo-Olu’s second term in office.
Akinderu-Fatai highlighted that renters, land purchasers, dishonest real estate brokers, land sellers, and developers participated in the mediation process that allowed LASRERA to accomplish this result.
“The agency has legislative right to explore Alternatives Disputes Resolution (ADR) mechanism as means to amicably settle real estate related disputes.
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“This is done before the cases are escalated to the enforcement authority for detailed investigation and prosecution if required.
“Worthy of note is LASRERA’s intervention in the alleged N40 million land scam issue between Revolution Plus Property Ltd. And a Nigerian in diaspora,” he said.
About 1,702 real estate fraud cases received by LASRERA since 2020
According to the Commissioner, since the establishment of LASRERA in 2020, the agency has received a total of 1,702 real estate fraud-related cases to date. Out of these, 1,458 were mediated upon, and 1,144 were successfully resolved.
The Commissioner revealed that 294 cases were adjourned for further mediation, 141 cases were abandoned due to non-attendance by the parties involved, while 103 cases were referred to appropriate agencies.
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Akinderu-Fatai further stated that the agency has a database of 925 registered individuals and organizations on its registration portal, out of over 2,550 practitioners who have enrolled to be registered.
He advised residents of the state to remain cautious and avoid falling victim to fake or dubious estate agents, urging them to patronize only registered real estate individuals or organizations.
“In addition, there are eight cases in courts; two in Federal High Court, three in State High Court and three in Magistrate Court.
“Let us act responsibly and follow the path of the law. As a centre of excellence, the real estate market’s cycles would be a greater opportunity for the economy as a whole.
“The state will also emerge stronger if all of us can key into the state government’s vision towards a greater Lagos Rising,” he added.
