Lagos Shuts Down Fraudulent Real Estate Office in Ikorodu

On Wednesday, Lagos State's real estate regulatory authority, LASRERA, conducted an operation that resulted in the shutdown of a fake real estate office in Ikorodu. This action was taken in collaboration with the state task force and was part of the government's efforts to sanitize the real estate industry and protect residents from fraud.

Barakat Odunuga Bakar, a special adviser to the governor, emphasized the importance of rebuilding trust in property transactions across the state. The fraudulent office was operated by individuals posing as certified LASRERA agents, using fake registration numbers to mislead the public.

Deji Badejo, the director of compliance enforcement at LASRERA, noted that the operation followed credible intelligence regarding fraudulent activities linked to the suspects. The agency warned that those who default would face strict regulatory actions, as several fraudulent operations have been known to collect rents from multiple tenants and sell non-existent land, leaving victims with significant financial losses.