Real Estate: LASRERA, EFCC to combat fraud

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Real Estate: LASRERA, EFCC to combat fraud

Published on

January 15, 2024

Gong

The Lagos State Real Estate Regulatory Authority and the Economic and Financial Crimes Commission (EFCC) have announced that they will be collaborating to curb fraudulent practices in the real estate sector.

The partnership between LASRERA and EFCC was a fallout of a courtesy visit by the Special Adviser to Lagos State Governor on Housing, Barakat Odunuga-Bakare, who 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 comes as a response to the growing concerns surrounding real estate fraud in Nigeria, disclosing that the joint forces of the two organisations are needed to 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.

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She said, “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.

“By leveraging their respective expertise and resources, LASRERA and EFCC will strengthen the legal framework and enforcement mechanisms to tackle real estate fraud effectively.”

Speaking further, Odunuga-Bakare highlighted the importance of the collaboration between the two government agencies in safeguarding the interests of both investors and the general public.

“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,” the special adviser added.

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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Finland ends landline era after nearly 150 years of telephone service

Finland has officially ended an era in telecommunications, switching off its final landline telephone network nearly 150 years after fixed-line services were first introduced. According to TheCable, citing developments in Finland, telecom operator Elisa ended its landline service on Tuesday with a symbolic final call between the company’s chief executive officer, Topi Manner, and Jarkko Saarimäki, head of Finland’s communications and transport agency. During the call, the two reflected on the role landline telephones once played in everyday life. Manner recalled living in London as a teenager during the 1980s, when he would arrange a weekly call home so his family would be available to answer. The conversation ended with the Finnish farewell “kuulemiin”, meaning “speak later”. Finland’s landline network dates back to the 1880s and became a key part of the country’s communications infrastructure. By the 1960s, Finland ranked seventh in Europe for landline subscriptions, with household connections reaching their highest levels in the early 1990s. The rapid rise of mobile phones, however, led to a steady decline in landline use. Finland, the home of mobile phone pioneer Nokia, became one of the world’s earliest adopters of mobile technology, accelerating the shift to wireless communication. Most major telecom operators began phasing out landline services from 2019, while another provider stopped supporting fixed-line networks earlier this year. Elisa said it had not sold new landline subscriptions for several years because customers had increasingly embraced digital and mobile services. The company said private customers can retain their existing landline numbers by transferring them to mobile-based subscriptions. It also said it would work with business customers to provide suitable replacement communication solutions. The shutdown marks the end of one of the world’s longest-running national landline networks and reflects the continued global transition towards mobile and digital communications.

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