Lagos recovers N270m for victims of real estate fraud

The Lagos State Government says it has recovered more than N270 million from fraudulent estate agents and property developers on behalf of residents affected by real estate scams across the state.

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Commissioner for Housing Moruf Akinderu-Fatai disclosed this during the 2026 Ministerial Press Briefing held in Alausa, Ikeja, stating that the recovery reflects the government’s efforts to protect residents from exploitation and unethical practices in the property sector.

According to the government, the Lagos State Real Estate Regulatory Authority (LASRERA) has intensified regulatory oversight through stakeholder engagement, public awareness campaigns, and enforcement actions aimed at improving transparency and restoring confidence in the real estate market.

The commissioner said LASRERA organised sensitisation forums across all local government and local council development areas in the state to educate residents on safe property transactions and discourage illegal practices by operators in the sector.

He added that the agency also launched awareness campaigns through billboards placed in areas including Surulere, Ikorodu, Epe, Badagry, Marina, and Alausa, urging residents to deal only with registered practitioners.

Akinderu-Fatai noted that LASRERA maintains a database of accredited estate agents and developers to help residents verify operators before carrying out transactions. The commissioner further disclosed that a new LASRERA satellite office had been opened in Surulere to improve accessibility and response to complaints, bringing the total number of satellite offices in the state to four.

He also revealed that LASRERA, working with the Lagos State Task Force, sealed the office of an alleged unregistered operator, Demeny Ventures, in Ikorodu for allegedly posing as a registered agent. The state government reiterated its commitment to strengthening regulation in the real estate sector and urged residents to verify agents through official LASRERA channels and report suspicious activities promptly.