In a bid to combat fraudulent activities within the real estate sector, the Lagos State government revealed its plans to establish a ‘special court’ dedicated to expediting the prosecution of reported real estate-related cases.
This initiative aims to address the rising concerns surrounding fraudulent practices in real estate transactions.
Barakat Odunuga-Bakare, the Special Adviser to the Lagos State Governor on Housing, disclosed this during an interaction with journalists in Lagos.
Expressing alarm over the proliferation of unlicensed real estate practitioners in the state, Odunuga-Bakare emphasized the need for decisive action to curb such illicit activities.
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The collaboration with the Economic and Financial Crimes Commission (EFCC) underscores the government’s commitment to combating fraud in real estate transactions. Odunuga-Bakare highlighted the assurance from the Attorney-General of Lagos State, Lawal Pedro, regarding the establishment of a special court to expedite cases, ensuring swift justice within 90 days or a maximum of 24 months.
Since 2020, over 1,577 petitions have been received, with 1,027 already resolved and 86 cases related to real estate fraud currently in court. Odunuga-Bakare reiterated the agency’s determination to hold perpetrators accountable and protect residents from fraudulent schemes.
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With a focus on enhancing awareness and engagement, the Lagos State Real Estate Regulatory Authority (LASRERA) aims to educate stakeholders about its role and encourage the reporting of fraudulent activities. Collaborative efforts between LASRERA and EFCC will facilitate thorough investigations and prosecution of individuals and organizations involved in fraudulent practices, including impersonation, property flipping, and document forgery.