Lagos recovers N270m from fraudulent agents as part of a major effort to protect residents from property scams. The state government announced the recovery during a recent press briefing. This move reflects a stronger push to clean up the real estate sector and restore trust among property buyers.
Government Recovers Funds From Fraudulent Deals
The Lagos State Government has successfully recovered over N270 million from dishonest estate agents and property developers. Authorities returned the funds to residents affected by fraudulent real estate transactions across the state.
Moruf Akinderu-Fatai, the Commissioner for Housing, revealed this update during the 2026 Ministerial Press Briefing. The event took place at the Bagauda Kaltho Press Centre in Alausa, Ikeja.
According to him, the recovery shows the government’s commitment to protecting citizens from exploitation. It also highlights ongoing efforts to tackle unethical practices in the housing sector.
LASRERA Strengthens Oversight in Property Market
The Lagos State Real Estate Regulatory Authority (LASRERA) has stepped up its activities across the state. The agency continues to enforce regulations that promote transparency and fairness in property transactions.
Officials have intensified monitoring efforts to identify illegal operators. At the same time, they engage stakeholders to ensure compliance with existing laws.
Through these actions, LASRERA aims to rebuild confidence in Lagos’ real estate market. Many residents have expressed concerns about fraudulent dealings in recent years. However, the government believes stricter oversight will reduce such cases.
Public Awareness Campaigns Across All LGAs
In addition to enforcement, the state government has launched widespread awareness campaigns. These initiatives cover all 57 Local Government Areas and Local Council Development Areas in Lagos.
The campaigns educate residents on how to avoid falling victim to property scams. They also provide guidance on safe and legal ways to carry out real estate transactions.
Officials stress the importance of due diligence when dealing with agents or developers. Many fraud cases occur because buyers fail to verify credentials before making payments.
Residents Urged to Verify Agents Before Transactions
The government has advised residents to confirm the legitimacy of estate agents and developers before engaging them. Authorities recommend using official LASRERA channels for verification.
This step helps prevent financial loss and reduces the risk of dealing with unregistered operators. Moreover, it ensures that transactions follow legal procedures.
Akinderu-Fatai emphasized that prevention remains the best strategy against fraud. He urged residents to remain cautious and informed at all times.
Lagos recovers N270m as part of a broader effort to sanitize its real estate sector. The government continues to combine enforcement with public education to combat fraud.
While progress is evident, authorities believe more work remains. Residents must also play their part by verifying agents and following proper procedures.
Ultimately, these combined efforts will help create a safer and more reliable property market in Lagos.
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