To mitigate fraudulent practices in the real estate sector, Lagos State government, yesterday, said it planned to set up a ‘special court’ for speedy prosecution of reported real estate-related matters.
It also said that it had established partnership with the Economic and Financial Crimes Commission (EFCC) as part of efforts to curb fraud from real estate transactions in the state.
Special Adviser to Lagos State Governor on Housing, Barakat Odunuga-Bakare, who stated this during a chat with journalists in Lagos, expressed concerns on the huge number of people practising real estate in Lagos, saying that majority of them are not licensed to practise.
According to her, the Attorney-General of Lagos State, Lawal Pedro, has given the assurance that the agency would get a special court to make cases faster, as well as ensure that cases don’t last more than 90 days or at most 24 months in court before judgment.
She said over 1,577 petitions were received from 2020 till date, with 1,027 resolved while about 86 of such cases on real estate frauds are in court.
Odunuga-Bakare, who also supervises the Real Estate Regulatory Authority (LASRERA), said: “The agency has met with the Real Estate Developers Association of Nigeria and others. Anybody that thinks he can defraud residents and go away with their money is lying.”
“Most people don’t know that the agency exists. The agency is improving advocacy and engagement with stakeholders to create awareness about its roles and the need for people to report cases.
“LASRERA and EFCC will work closely to investigate and prosecute individuals and organisations involved in fraudulent practices, such as impersonation, property flipping and document forgery.”
