The Lagos State government has collaborated with the Economic and Financial Crimes Commission (EFCC) through the Lagos State Real Estate Regulatory Authority (LASRERA) , its real estate regulatory body to combat fraudulent activities in the real estate sector
The partnership between LASRERA and EFCC was sealed on Thursday during a courtesy visit by the Special Adviser to Lagos State Governor on Housing, Barr. Barakat Odunuga-Bakare when she led the management team of the agency to discuss several issues pertaining to fraud emanating from real estate transactions in the state.
To combat fraudulent activity in the real estate sector, the Lagos State government has partnered with the Economic and Financial Crimes Commission (EFCC) through its real estate regulating body, the Lagos State Real Estate regulating Authority (LASRERA).
The collaboration between LASRERA and EFCC was formalized on Thursday during a courtesy visit by Barr. Barakat Odunuga-Bakare, the Special Adviser to the Lagos State Governor on Housing, who led the agency’s management team in a discussion of various fraud-related issues arising from real estate transactions in the state.
She said, “Real estate fraud not only undermines the integrity of the sector but also poses significant financial risks to individuals and the economy as a whole. By teaming up with EFCC, we are sending a strong message that such practices will not be tolerated, and perpetrators will be held accountable.
“The EFCC, known for its expertise in investigating financial crimes, will bring its extensive knowledge and experience to this collaboration. The agency’s mandate aligns perfectly with LASRERA’s mission to regulate and promote ethical practices in the real estate industry,” she added.
During his remarks, Michael T. Wetkas, the Assistant Commander of the EFCC1 and Zonal Commander of the EFCC Lagos Zonal Command, praised the visit as a wise decision that will help the commission look into corrupt cases involving real estate transactions.
He noted that a significant portion of the complaints the commission has received recently are related to real estate investments.
The Zonal Commander insisted that investors’ faith in Lagos’ real estate market will be restored by LASRERA and the EFCC’s collaboration.