The Lagos State Real Estate Regulatory Authority and the Economic and Financial Crimes Commission have announced that they will be collaborating to curb fraudulent practices in the real estate sector.
This happened after a visit from the Special Adviser to the Lagos State Governor on Housing, Barakat Odunuga-Bakare. They discussed rising cases of fraud in real estate transactions in the state.
According to the special adviser, the partnership aims to address these concerns and improve regulations in the real estate industry. Their goal is to create a secure and transparent environment for buyers and sellers by enforcing ethical standards.
“Real estate fraud not only undermines the integrity of the sector but also poses significant financial risks to individuals and the economy as a whole.
By teaming up with EFCC, we are sending a strong message that such practices will not be tolerated, and perpetrators will be held accountable”, the special adviser stated.
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According to Odunuga-Bakare, the Lagos Zonal Command of the EFCC should ensure that the registration status of any individual or organisation being interrogated by the commission for real estate-related fraud is ascertained through the registration portal of LASRERA to know if the person or organisation is genuine or not.
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