The Special Adviser to Lagos State Governor on Housing, Barr. Barakat Odunuga-Bakare, has said that the Lagos State Real Estate Regulatory Authority (LASRERA) will work closely with the Economic and Financial Crimes Commission (EFCC) to investigate and prosecute individuals and organizations involved in fraudulent practices such as impersonation, property flipping, and document forgery.
She added that her organisation’s collaboration is aimed at curbing real estate fraudulent practices in the sector.
Bakare said this when she led the management team of the agency to discuss several issues of fraud emanating from real estate transactions in the state, recently.
According to the special adviser, the partnership came as a response to the growing concerns surrounding real estate fraud in Nigeria, revealing that the joint forces of the two organisations are needed to further enhance the regulations and enforcement of ethical standards within the real estate industry by ensuring a secure and transparent environment for both buyers and sellers.
By leveraging their respective expertise and resources, the special adviser informed that LASRERA and EFCC will strengthen the legal framework and enforcement mechanisms to tackle real estate fraud effectively.
Odunuga-Bakare highlighted the importance of the collaboration between the two government agencies in safeguarding the interests of both investors and the general public.
She pointed out that 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 EFCC, known for its expertise in investigating financial crimes, will bring its extensive knowledge and experience to this collaboration. The agency’s mandate aligns perfectly with LASRERA’s mission to regulate and promote ethical practices in the real estate industry,” she said.
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