The Lagos State Government has recovered ₦270,020,500 from fraudulent estate agents and property developers on behalf of aggrieved residents.
This major financial recovery was officially announced by the Lagos State Real Estate Regulatory Authority (LASRERA) during the Ministerial Press Briefing. The state has intensified its efforts to clean up the housing sector, clamp down on unregistered operators, and protect residents from predatory housing scams.
Exactly ₦270,020,500 was reclaimed and returned to defrauded accommodation seekers. LASRERA has expanded its regulatory reach by partnering with local Community Development Associations (CDAs) to identify fraudulent actors at the neighborhood level.
Officials reiterated that real estate agency fees in Lagos State must strictly range between 0% and 10% of the total rent transaction. Anything higher is legally classified as exploitation.
The state task force recently sealed several rogue offices, including Demeny Ventures in Ikorodu, for operating with fake registration numbers.
Conducting property business in Lagos without active validation from LASRERA is a criminal offense. Out of 2,550 applicants, only 925 developers and agents have successfully passed the state’s vetting process.
