Emmanuel OchayiIn a move to tackle fraudulent practices within the real estate sector, the Lagos State Real Estate Regulatory Authority (LASRERA) has called for increased collaboration with the Economic and Financial Crimes Commission (EFCC).
The call was made during a courtesy visit by LASRERA’s Special Adviser on Housing, Ms. Barakat Odunuga-Bakare, to the Lagos Zonal Commander of the EFCC, ACE I Michael T. Wetkas.
Addressing the need for cooperation, Odunuga-Bakare stated: “Our agency was created to register, monitor, and sanitize the real estate sector in Lagos. We seek the EFCC’s assistance when issues between developers and other parties cannot be resolved, especially in cases of fraudulent malpractices.”
In response, Wetkas acknowledged the prevalence of land fraud in Lagos and commended LASRERA’s initiative, emphasizing the importance of tackling criminalities within land matters.
“Land fraud is a significant issue; someone can claim to have a land for sale when, in fact, he has no land to sell, thereby defrauding unsuspecting victims of millions of Naira,” Wetkas stated.
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Highlighting the opportunities in the land industry, Wetkas called for collective efforts to make Lagos a secure investment destination. “We need to do the right thing and make Lagos a safe haven for investors,” she stated.
Additionally, ACE11 KufreAbasi Alex-Osagie, Head of the Land and Property Fraud Section at the Lagos Zonal Command, shed light on challenges faced by the EFCC in investigating land matters.
She urged LASRERA to contribute by ensuring proper checks on building approvals and addressing the issue of releasing original documents to the wrong hands.
The collaborative effort between LASRERA and EFCC aims to strengthen oversight and curb fraudulent practices, creating a more secure environment for real estate transactions in Lagos.
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