- Lagos Recovers Over ₦270m From Fraudulent Estate Agents, Developers
- Seals Fake Real Estate Office In Ikorodu
- Warns Residents Against Unregistered Estate Agents
The Lagos State Government has disclosed that it recovered over ₦270 million from fraudulent estate agents and property developers on behalf of residents affected by real estate scams across the state.
Eko Hot Blog reports that the Commissioner for Housing, Moruf Akinderu-Fatai, revealed this during the 2026 Ministerial Press Briefing held at the Bagauda Kaltho Press Centre in Alausa, Ikeja.
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According to the commissioner, the recovery of ₦270,020,500 reflects the government’s commitment to protecting residents from exploitation, fraudulent property transactions and unethical practices within the real estate sector.
Akinderu-Fatai stated that the Lagos State Real Estate Regulatory Authority has intensified efforts to sanitise the property market through enforcement operations, public sensitisation campaigns and stakeholder engagement.
“The recovery of ₦270,020,500 underscores the state government’s commitment to protecting residents from exploitation, fraudulent transactions and unethical practices within the real estate sector,” he said.
He explained that LASRERA had continued to strengthen regulatory oversight aimed at restoring public confidence in Lagos’ property market.
The commissioner disclosed that the authority organised engagement forums across the 57 Local Government Areas and Local Council Development Areas in the state to educate residents on safe property transactions and discourage illegal practices.
According to him, the initiative also addressed complaints relating to arbitrary charges and unprofessional conduct by some operators in the sector.
Akinderu-Fatai added that LASRERA expanded its awareness campaigns through billboards placed at strategic locations including Surulere, Ikorodu, Epe, Badagry, Marina and Alausa to educate residents on the importance of dealing only with registered practitioners.
He further stated that the authority maintained a database of accredited estate agents and developers to enable residents verify operators before engaging in transactions.
The commissioner also announced the establishment of a new LASRERA satellite office in Surulere, bringing the number of satellite offices in Lagos to four, alongside those in Ikorodu, Agege and Ojodu.
He noted that the decentralisation was aimed at improving access to regulatory services, strengthening grassroots engagement and ensuring quicker response to complaints.
Akinderu-Fatai further disclosed that LASRERA, in collaboration with the Lagos State Task Force, sealed the office of an alleged unregistered real estate operator, Demeny Ventures, in Owutu, Ikorodu, for allegedly posing as a registered LASRERA agent.
He also revealed that the agency recently hosted the sixth edition of the LASRERA Marketplace, an interactive platform involving developers, legal experts, estate practitioners and residents to discuss compliance and ethical standards within the industry.
The commissioner reaffirmed the state government’s commitment to ensuring a transparent and investor-friendly real estate sector in Lagos.
He urged residents to remain vigilant, verify estate practitioners through official LASRERA channels and promptly report suspicious activities to the authority.
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