LASRERA Seeks EFCC Collaboration Against Real Estate Fraud in Lagos
In a bid to combat fraudulent practices plaguing the real estate sector in Lagos, the Lagos State Real Estate Regulatory Authority (LASRERA) has called for enhanced cooperation with the Economic and Financial Crimes Commission (EFCC).
During a courtesy visit to the Lagos Zonal Commander of the EFCC, Special Adviser on Housing at LASRERA, Ms. Barakat Odunuga-Bakare, emphasized the necessity of collaboration. The visit aimed to strengthen ties between the agencies, particularly in addressing issues where developers fail to meet obligations or refuse refunds to aggrieved parties.
“Our agency was created by the government to register, monitor, and sanitize the real estate sector in Lagos,” Odunuga-Bakare stated. “We need the EFCC when we are unable to resolve issues, and there are fraudulent malpractices in the real estate industry.”
In response, Assistant Commander of the EFCC, ACE I Michael T. Wetkas, acknowledged the severity of land fraud in Lagos and applauded LASRERA’s initiative. He highlighted the challenges faced by the EFCC in tackling criminal activities related to land matters.
“Land fraud is one of the biggest issues we are battling in Lagos here,” Wetkas emphasized. “Recently, at a stakeholders’ engagement, posers were raised as to whether we should be dabbling in the issues of land.”
Wetkas shed light on various criminalities associated with land matters, including false documentation, cloning of records, and fraudulent land sales. He underscored the need to educate the public about the criminal aspects of land transactions.
The Zonal Commander also stressed the economic opportunities linked to a transparent and secure land industry. “Look at how much Lagos can generate from land deals. People want to invest in land all over the world. But for the fear of land fraud, they can’t invest. So, we need to do the right thing and make Lagos a safe haven for investors,” he asserted.
In addition, Head of the Land and Property Fraud Section, ACE11 Kufre Abasi Alex-Osagie, urged LASRERA to collaborate in ensuring proper checks on building approvals and preventing the release of original documents into the wrong hands. The collective efforts of LASRERA and the EFCC aim to create a safer and more transparent real estate environment in Lagos.
