The Lagos State Real Estate Regulatory Authority (LASRERA) has intensified enforcement against unregistered estate agents, sealing an illegal office in Owutu, Ikorodu as part of efforts to regulate property transactions in Lagos State.
Eko Hot News reports that the operation, carried out in collaboration with the State Task Force, led to the closure of an office operating under the name Demeny Ventures for allegedly using a fake LASRERA registration number.
The enforcement action took place on Wednesday in the Owutu area of Ikorodu, where authorities acted on credible reports of fraudulent real estate activities targeting unsuspecting residents.
Speaking on the development, the Special Adviser to the Governor on Housing, Barakat Odunuga-Bakare, said the exercise is part of ongoing measures to sanitise the real estate sector and protect residents.
She noted that only agents properly registered and certified by LASRERA are permitted to operate within the state. She added that enforcement actions will continue against individuals and organisations engaging in unlicensed practices.
Odunuga-Bakare explained that the initiative follows increasing complaints from residents who have encountered fraudulent agents and questionable property deals across Lagos.
She disclosed that such illegal operators often collect payments from multiple clients for the same property or advertise properties that do not exist, leading to financial losses for victims.
The Special Adviser stated that LASRERA has strengthened its regulatory systems through improved monitoring of transactions, better registration processes, and timely investigation of reported cases.
According to her, the agency has also resolved several disputes and helped recover funds for affected residents through mediation and regulatory interventions.
She urged members of the public to verify the registration status of estate agents and property developers before engaging in any transaction. She also encouraged residents to report suspicious activities to LASRERA for prompt response.
At the sealed premises located on Oladele Adeniji Street, off Isawo Road in Owutu, the Director of Compliance and Enforcement, Deji Badejo, said the action followed credible intelligence on the suspect’s activities.
He explained that the individual had been impersonating LASRERA using a fake registration number, misleading accommodation seekers in the area.
Badejo added that the authority acted in line with the provisions of the LASRERA Law 2022, noting that further investigations are ongoing to determine appropriate regulatory actions.
The Lagos State Government reaffirmed its commitment to ensuring transparency, accountability, and professionalism within the real estate sector. Officials emphasised that regulatory enforcement remains key to restoring public confidence in property transactions.
