The Special Adviser to the Governor of Lagos State on Housing, Bakarat Odunuga-Bakare, revealed that a developer has been jailed for defrauding 133 victims of a total of N25 million under the guise of rental payments.
Speaking at a press conference ahead of the 5th Lagos Real Estate Marketplace Conference and Exhibition, Odunuga-Bakare disclosed that the fraudster, identified as Ayobami Abdullahi Oseni from Ajao Estate, had collected money from 133 individuals for the same apartment. The total amount involved in the scam was about N25 million.
Oseni had fled to the United States after committing the crime but was arrested by Interpol upon his return to Nigeria. The Lagos State Regulatory Authority intervened and took possession of the building, which will now be repurposed for housing Lagos residents.
“This individual has been blacklisted and sentenced to 10 years in prison,” Odunuga-Bakare stated. “After serving his sentence, he will no longer be allowed to practice real estate. We currently have over 100 similar cases at the High Court, and we are working hard to resolve these disputes and recover funds where possible.”
Odunuga-Bakare also noted that Lagos State’s Tenancy Law would be revised by the first quarter of 2025 to address concerns raised by residents, particularly regarding the high percentage charges by agents. She assured the public that agents charging more than the legal 10% fee for rent or 15% for sales would face legal action.
“The new laws will be fully enforced starting next year, and any agents caught violating these regulations will be sanctioned,” she confirmed.
She emphasized the need for stronger regulatory frameworks in the real estate industry to protect both public and private stakeholders. This includes strengthening the Lagos State Real Estate Regulatory Authority (LASRERA) to ensure only qualified professionals engage in real estate transactions, promoting transparency, and restoring confidence in the sector.
Odunuga-Bakare also shared that the upcoming 5th Lagos Real Estate Marketplace Conference will focus on innovation in housing solutions, sustainable building practices, regulatory reforms, and investment opportunities. The event will feature discussions with real estate leaders, developers, investors, policymakers, and regulators.
