The Lagos State Real Estate Regulatory Authority (LASRERA) says it recovered N270 million from fraudulent estate agents and practitioners between 2025 and 2026.
The Commissioner for Housing, Mr. Moruf Akinderu-Fatai, disclosed this at the 2026 Ministerial Press Briefing commemorating the third year of the second term of Gov. Babajide Sanwo-Olu, on Tuesday in Ikeja.
Akinderu-Fatai said the recovery was part of ongoing efforts to sanitise the real estate sector and protect residents fprom fraudulent practices.
He said LASRERA also received 505 petitions from members of the public over disputes arising from real estate transactions within the period.
According to him, the agency resolved 39 cases and recovered three properties for affected residents.
He cited an operation carried out on March 18 in collaboration with the Lagos State Task Force, during which the office of Demeny Ventures in Owutu, Ikorodu, was sealed.
According to him, the operator allegedly posed as a registered LASRERA agent and conducted real estate business without obtaining the required permit from the agency.
Akinderu-Fatai reaffirmed the agency’s commitment to protecting property buyers, tenants and investors through strict regulation and enforcement of standards in the real estate sector. (NAN)
