LASRERA & EFCC Officials (Image: Lagos State Government)
EFCC and LASRERA to fight real estate fraud.
The Economic and Financial Crimes Commission and the Lagos State Real Estate Regulatory Authority have declared their intention to work together to stop fraud in the real estate industry.
The collaboration between LASRERA and the EFCC resulted from a courtesy visit by the Special Advisor to Lagos State Governor Barakat Odunuga Bakare, who led the agency’s management team in discussing several fraud-related issues arising from recent real estate deals in the state.
The Special Adviser claims that the partnership is a reaction to the mounting worries in Nigeria about real estate fraud, revealing that the combined efforts of the two organisations are required to improve ethical standards enforcement and regulations in the real estate sector by guaranteeing a safe and open environment for buyers and sellers.
“LASRERA and the EFCC will collaborate closely to investigate and prosecute individuals and organisations engaged in fraudulent practices, including document forgery, property flipping, and impersonation,” the speaker declared.
In order to successfully combat real estate fraud, LASRERA and the EFCC will fortify the legislative framework and enforcement mechanisms by combining their respective areas of expertise and resources.
In her remarks, Odunuga-Bakare emphasised the significance of the two government agencies’ cooperation in defending the interests of the public and investors.
“Real estate fraud poses serious financial dangers to both people and the economy overall, in addition to undermining the integrity of the industry.
By working together with the EFCC, we are making it clear that these kinds of actions will not be accepted and that those who engage in them will face consequences.
The EFCC, which is well known for its proficiency in looking into financial crimes, will contribute its wealth of knowledge and experience to this partnership.
The special adviser continued, “The agency’s mandate perfectly aligns with LASRERA’s mission to regulate and promote ethical practices in the real estate industry.”
As per Odunuga-Bakare’s statement, the Lagos Zonal Command of the EFCC ought to guarantee that the registration status of any individual or organisation under investigation by the commission for fraud related to real estate is verified via the registration portal of LASRERA in order to determine the authenticity of the person or organisation.