RismadarVoice Reporters
July 29, 2026
The Economic and Financial Crimes Commission (EFCC) and the Lagos State Real Estate Regulatory Authority (LASRERA) have agreed to strengthen collaboration to combat the growing wave of real estate fraud in Lagos, following increasing complaints of multiple property sales, project abandonment and other fraudulent transactions.
The decision was reached on Wednesday during a courtesy visit by a LASRERA delegation, led by its Permanent Secretary, Engr. Gbolahan Toriola, to the Acting Zonal Director of the EFCC Lagos Zonal Directorate 2, Assistant Commander of the EFCC (ACE I), Bawa Usman Kaltungo.
Speaking during the meeting, Toriola said the partnership was aimed at sanitising the real estate sector, protecting investors and restoring public confidence in property transactions across the state.
He disclosed that LASRERA had received more than 505 petitions this year, with over 300 already addressed, noting that many cases involved developers who sold or leased the same property to multiple buyers or tenants.
According to him, the agency prioritises mediation but seeks the intervention of the EFCC where criminal elements are established.
Toriola also reminded operators that Lagos State law requires all real estate developers to register with LASRERA before commencing business, warning that unregistered developers and agents are operating illegally.
The Authority’s Assistant Director of Legal Services, Jumoke Omosanya, said LASRERA was established in response to widespread complaints of fraudulent practices in the property sector and revealed that the Lagos State Government was reviewing the Tenancy Law to strengthen regulation.
Responding, Kaltungo described the visit as timely, saying real estate fraud now accounts for a significant proportion of petitions received by the Commission.
He expressed concern that fraudulent developers had caused substantial financial losses to investors, including Nigerians in the diaspora, thereby eroding confidence in the country’s real estate market.
The Acting Zonal Director assured LASRERA of the Commission’s readiness to investigate every genuine complaint regardless of the amount involved, stressing that every victim deserved justice.
He also urged the regulatory authority to pursue stronger legal measures, including blacklisting developers found guilty of fraudulent practices, to deter future offences.
Meanwhile, the Head of Legal and Prosecution, EFCC Lagos Zonal Directorate 2, Deputy Commander of the EFCC (DCE) Deborah Ademu-Eteh, disclosed that the Commission was planning a stakeholders’ seminar for real estate developers to promote legal compliance and consumer protection.
She identified recurring disputes over additional charges imposed on subscribers after project completion and urged LASRERA to intensify public awareness campaigns on safe property transactions.
