/ Aug 15, 2026
/ Aug 15, 2026

Real Estate: LASRERA, EFCC to combat fraud

Published on

By

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.

Read Also:

EFCC confirms arrest of ex-power minister Agunloye

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.

You May Like

One thought on “Real Estate: LASRERA, EFCC to combat fraud

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

Must Read

Nasarawa State Governor Abdullahi Sule at the signing of a $2 million supplementary lithium agreement with Chinese investors in Abuja.

Governor Sule seals $2m Lithium deal with Chinese Firm

Nasarawa State Governor Abdullahi Sule has presided over the signing of a $2 million supplementary lithium agreement between the state government and Diamond New Energy, following his recent visit to China.   The agreement was signed at the Nasarawa State Governor’s Lodge in Abuja on Friday, August 14, 2026. Sule said the deal would help keep the company’s lithium processing factory operational while protecting jobs created by the investment. > “We are going to keep your factory functional, and we also have an interest as license owners in whatever you are doing in your company. More importantly, the people you have employed will remain employed,” the governor said. According to Channels Television, the governor said the state moved quickly to secure the relevant mining licence to ensure continued access to raw materials and prevent another party from obtaining the licence. The Commissioner for Environment and Natural Resources, Margaret Elayo, expressed appreciation to the investors and said the partnership could encourage further investment in Nasarawa. The signing was witnessed by officials from the state Ministry of Justice, Ministry of Environment and Natural Resources, the Nasarawa State Investment Development Agency (NASIDA), Diamond New Energy and Ganfeng Lithium Industry Limited. Sule also urged the company to maintain peaceful relations with host communities and contribute to their development. He disclosed that payments due to the state under the agreement would be made in foreign currency directly to Nasarawa Mining Company Limited, with the terms subject to periodic review. Agreement builds on 2024 mining deal NASIDA Managing Director and Chief Executive Officer Ibrahim Abdullahi said the state government had signed an exclusive mining cooperation agreement with the company in 2024. He said the partnership had contributed to the completion of what he described as the largest lithium processing refinery in West Africa. The supplementary agreement allows the continued supply of lithium materials from the state government’s mining block to serve as feedstock for the refinery. Abdullahi said the arrangement was expected to create further employment opportunities for young people and women in Nasarawa. He added that the state would receive $2 million immediately upon signing, with additional revenues expected under the agreement. A representative of Diamond New Energy, David Siong, said the company remained committed to expanding its operations in Nasarawa, including local processing of resources, job creation and supporting economic development in host communities. The Attorney-General and Commissioner for Justice, Isaac Danladi, also presented copies of a deed of assignment transferring the mining rights and interests of Nasarawa Mining Company within 3.5 mining cadastral units in Endo, Nasarawa Local Government Area, to Ganfeng Lithium Industry Limited.
Read more

Editor's Pick

Trending News

Newsletter

Enter your email address and receive notifications of news by email.

You have been successfully Subscribed! Ops! Something went wrong, please try again.

© 2026 GongNews. All Rights Reserved.