Lagos Govt Recovers Over N270m From Fraudulent Estate Agents, Developers

The Lagos State Government has announced the recovery of over N270 million from fraudulent estate agents and property developers involved in scams targeting unsuspecting residents across the state.

The Commissioner for Housing, Moruf Akinderu-Fatai, disclosed this during the 2026 Ministerial Press Briefing held at the Bagauda Kaltho Press Centre in Alausa, Ikeja.

He said the recovery reflects the government’s ongoing commitment to protecting residents from exploitation and restoring confidence in the real estate sector.

According to him, the Lagos State Real Estate Regulatory Authority (LASRERA) has intensified regulatory oversight through enforcement actions, public sensitisation campaigns, and stakeholder engagement.

“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,” he said.

Akinderu-Fatai explained that LASRERA has continued to engage stakeholders across all 57 Local Government Areas and Local Council Development Areas in the state to educate residents on safe property transactions and discourage illegal operators.

He added that the agency has mounted awareness campaigns across major locations in Lagos, including Surulere, Ikorodu, Epe, Badagry, Marina, and Alausa, urging residents to transact only with registered practitioners.

The commissioner also noted that LASRERA maintains a database of accredited estate agents and developers to help residents verify legitimate operators before engaging in property deals.

As part of its decentralisation efforts, he disclosed that a new LASRERA satellite office has been established in Surulere, bringing the total number of satellite offices to four, alongside existing ones in Ikorodu, Agege, and Ojodu.

He further revealed that the agency, in collaboration with the Lagos State Task Force, sealed the office of an unregistered operator, Demeny Ventures, in Ikorodu for allegedly posing as a licensed estate agent.

Akinderu-Fatai said LASRERA continues to work with professional bodies, developers, and community leaders to strengthen transparency and regulation in the state’s real estate sector.

He urged residents to verify estate practitioners through official channels and report suspicious activities to the appropriate authorities to prevent further fraud.