Lagos Govt Recovers N48.13m From Fraudulent Estate Agents


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By Alice Etuka, Abuja

The Lagos State Government has recovered not less than N478,134,000 and 18 properties from fraudulent estate agents.

The states’s Commissioner for Housing, Mr. Moruf Akinderu-Fatai, disclosed this on Thursday, May 9, 2024 during a ministerial press briefing held in Ikeja.

Akinderu-Fatai said, the amount and properties were recovered for third parties who were victims of fraudulent real estate dealers.

He explained that the Lagos State Real Estate Regulatory Authority (LASRERA) had collaborated with the Lagos State Judiciary to expedite court cases related to real estate, ensuring swift justice for victims of fraud.

He said, the Agency had received 1,702 cases to date, out of which 1,458 were mediated upon, and 1,144 were successfully resolved.

He, however, noted that 294 cases were adjourned for further mediation, 141 cases were abandoned due to non-attendance by parties involved, while 103 cases were referred to appropriate agencies.

He added that there were 8 cases in courts (2 in Federal High Court, 3 in State High Court, and 3 in Magistrate Court),” he said.

The Commissioner therefore warned residents not to fall victim to fake or dubious estate agents and to patronise registered real estate individuals/organizations.

β€œIt is also important to note that it is an offence for an individual/organization to engage in real estate business in Lagos State without being registered with LASRERA. Let us act responsibly and follow the path of the law,” he said.

He also mentioned that his Ministry, through an improved revenue generation machinery, was able to collect outstanding debts from defaulting allottees in Millennium Housing Estate, Gbagada; Baba Omojola Housing Estate, Gbagada; Millennium Housing Estate, Oke-Eletu; Emeka Anyaokwu Housing Estate, Ikeja and Millennium Housing Estate, Ojokoro, recouping the sum of ₦176,617,500.


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