•Governor Babajide Sanwo-Olu and a housing estate
The Lagos State government has disclosed that it recovered over N270m from fraudulent estate agents and property developers on behalf of residents affected by real estate fraud across the state.
According to a statement made available to our correspondent yesterday, the Commissioner for Housing, Moruf Akinderu-Fatai, disclosed this during the 2026 Ministerial Press Briefing held at the Bagauda Kaltho Press Centre, Alausa, Ikeja.
Akinderu-Fatai noted that the recovery reflected the state government’s commitment to protecting residents from exploitation, fraudulent transactions, and unethical practices in the real estate sector, reports The PUNCH.
Akinderu-Fatai stated that the Lagos State Real Estate Regulatory Authority had continued to strengthen regulatory oversight through stakeholder engagement, public sensitisation campaigns, and enforcement operations aimed at restoring confidence in the property market.
The statement read in part, “The recovery of N270,020,500 underscores the state government’s commitment to protecting residents from exploitation, fraudulent transactions and unethical practices within the real estate sector.
“LASRERA has continued to strengthen regulatory oversight through aggressive stakeholder engagement, public sensitisation campaigns and enforcement operations targeted at restoring confidence in the property market.”
He explained that the authority collaborated with relevant stakeholders to organise forums across the 57 Local Government Areas and Local Council Development Areas in the state.
According to him, the engagements were aimed at educating residents on safe property transactions, discouraging illegal practices, and addressing complaints surrounding arbitrary charges and unprofessional conduct by some operators in the sector.
The commissioner also disclosed that LASRERA intensified public awareness campaigns through billboards installed at strategic locations, including Surulere, Ikorodu, Epe, Badagry, Marina, and Alausa, to sensitise residents on the need to transact only with registered practitioners.
He added that the agency maintained a comprehensive database of accredited estate agents and developers to enable residents to verify practitioners before engaging in property transactions.
Highlighting efforts to improve accessibility and service delivery, Akinderu-Fatai announced the establishment of a new LASRERA satellite office in Surulere, bringing the number of satellite offices to four, alongside existing offices in Ikorodu, Agege, and Ojodu.
He explained that the decentralisation initiative was introduced to bring regulatory services closer to residents, improve response time to complaints, and strengthen grassroots engagement with stakeholders.
The commissioner further disclosed that LASRERA, in collaboration with the Lagos State Task Force, sealed the office of an alleged unregistered operator, Demeny Ventures, in Owutu, Ikorodu, for allegedly posing as a registered LASRERA agent.
Akinderu-Fatai also stated that the authority recently hosted the sixth edition of the LASRERA Marketplace, an interactive platform that brought together developers, legal experts, estate practitioners, and residents to discuss compliance with existing laws and ethical standards within the industry.
He reiterated the state government’s commitment to collaborating with professional bodies, developers, community leaders, and other stakeholders to ensure a transparent, investor-friendly, and properly regulated real estate sector in Lagos.
The commissioner urged residents to remain vigilant, verify practitioners through official LASRERA channels, and promptly report suspicious real estate activities to the authority.
