The Lagos State Real Estate Regulatory Agency (LASRERA) on Friday said it had put in place measures to tackle real estate fraud in the state.

The Special Adviser to Gov. Babajide Sanwo-Olu of Lagos State on Housing, Barr. Barakat Odunuga-Bakare, who supervises the agency, said this to the News Agency of Nigeria (NAN) in an interview in Lagos.

Odunuga-Bakare expressed concern that land and real estate fraud ranked highest in the Housing Sector, adding that as part of efforts to curb the menace, LASRERA was collaborating with the Economic and Financial Crimes Commission (EFCC).

“For the EFCC to have over a thousand cases of land fraud at hand, it is, therefore, fit for us to partner with them.

“This is because Section 41 of the EFCC Law states that the commission has to partner with state governments for them to be able to persecute offenders and bring defaulters to book.

“A section of the LASRERA Law also supports that the Agency partner with law enforcement agencies to bring realtors, developers and other operators in the real estate sector that act contrary to stipulated guidelines to book,” she said.

According to her, LASRERA will work with the EFCC to deal with issues as a team.

Odunuga-Bakare said that the EFCC would also transfer to the state, some of the petitions and cases sent to the commission that should have been directed to the state government.

She noted that this was to allow the state to take ownership and charge of such cases.

The special adviser said that cases that could not be handled by LASRERA would be transferred to the state’s Ministry of Justice for proper action as directed by the governor.

Odunuga-Bakare disclosed that some of the pending cases of real estate malpractices she met when she came on board had been dealt with, while some others were still in court.

She stressed the preparedness of LASRERA to boost investors’ confidence and increase their trust in investing in the real estate sector.

“Illegality in the real estate sector in the state is a wide net, because real estate is the oil of Lagos.

“In this ongoing year, it will not be business as usual for perpetrators of real estate fraud in the state.

“Furthermore, real estate practitioners will no longer be allowed to practice in Lagos State without being registered or licensed,” the special adviser said.

According to her, the plan of LASRERA is to contribute to the state’s Internally Generated Revenue (IGR) as well as attract more local and international investors into the real estate sector.

Odunuga-Bakare disclosed that the agency also planned to launch a sensitisation and advocacy programme for education realtors across the state, on the need to register with LASRERA and avoid impending implications.

“LASRERA will also partner with local governments by having satellite offices in the local council areas to help it have access to who does what and where.

“Through the local governments, enforcements of the LASRERA law on defaulters will be easier.

“We will also be working with the State House of Assembly for new laws that maybe needed for enforcement, if need be,” she said.