Lagos – The Lagos State Government has announced the successful recovery of more than N270 million from fraudulent real estate agents and property developers on behalf of residents who fell victim to various scams.
The Commissioner for Housing, Mr. Moruf Akinderu-Fatai, disclosed this during the 2026 Ministerial Press Briefing held in Alausa, Ikeja.
He credited the achievement to the Lagos State Real Estate Regulatory Authority (LASRERA), which has intensified enforcement and mediation efforts to protect citizens from exploitation in the property sector.
According to the Commissioner, the exact amount recovered stands at N270,020,500. The funds were retrieved from unethical practitioners involved in double sales of land, fake allocation letters, unapproved projects, and other fraudulent practices common in Lagos real estate transactions.
Key Highlights:
LASRERA facilitated the refunds through mediation between victims, agents, developers, and land vendors.
The recovery underscores the state government’s commitment to sanitizing the real estate sector and restoring public confidence.
This latest figure adds to previous recoveries by the agency, which had earlier returned hundreds of millions of naira and several properties to rightful owners in past years.
The Commissioner warned fraudulent operators to desist from sharp practices, noting that the state would continue to clamp down on unprofessional conduct in the sector.
This development comes as Lagos continues to experience high demand for housing amid rapid urbanization, making regulatory oversight by LASRERA even more critical for residents seeking land and property.
Comparison with Previous Recoveries:
This latest recovery adds to LASRERA’s track record since its establishment:
In previous years (up to around 2024), the agency recovered over N478 million and returned 18 properties to rightful owners.
By mid-2025, cumulative recoveries had reached figures like N295 million plus multiple properties in various interventions.
The N270 million recovered in this recent drive demonstrates sustained momentum in protecting Lagos residents from exploitation amid high demand for land and housing.
Common Real Estate Scams in Lagos
According to officials and reports, the most prevalent scams include:
1. LDouble sale of land/property
Fake allocation letters and forged documents
2. Unapproved projects and nonexistent estates
3. Fake agents operating without LASRERA registration
4. Title fraud and “Omo Onile” (land grabber) issues
The story is still developing as more victims may come forward for redress.
About the Author
