The Economic and Financial Crimes Commission (EFCC) has advised the Lagos State Real Estate Regulatory Authority (LASRERA) to adopt stricter enforcement measures, including the blacklisting of fraudulent estate agents, to strengthen regulatory compliance and protect members of the public from real estate fraud.
EFCC’s Ag. Zonal Director, Lagos Zonal Directorate II, ACE 1, Bawa Usman Kaltungo, gave the advice when the Permanent Secretary, Ministry of Housing, Engineer Abdulhafis Gbolahan Toriola, paid a visit to the EFCC office in Lagos with some management staff of LASRERA.
He emphasised the importance of continuous information sharing and coordinated operations in tackling emerging threats within the sector.
He reaffirmed EFCC readiness to work closely with LASRERA by leveraging its investigative and enforcement capabilities to identify, investigate and prosecute individuals and organisations engaged in fraudulent real estate activities.
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He also commended LASRERA for championing the LASRERA Law 2022, and implementing it effectively. He cited several cases already with the EFCC relating to individuals and organisations who have been defrauded by fake estate agents.
However, the two agencies of reaffirmed their commitment to strengthening collaboration aimed at eliminating criminality and sanitising the real estate sector in the State.
Toriola emphasised that the state government remains committed to ensuring transparency, accountability and professionalism in the real estate sector.
He noted that the collaboration with the EFCC would further strengthen regulatory compliance and enhance public confidence in real estate transactions across the state.
Real estate experts believe that introducing stronger regulatory systems similar to those operating in the UAE would reduce fraud, improve transparency, encourage mortgage financing and increase both local and international investment in Nigeria’s housing sector.
The experts argued that effective regulation is no longer optional, but essential.
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