The Lagos State Real Estate Regulatory Authority (LASRERA) has intensified its enforcement operations against fraudulent and unregistered real estate practitioners in Lagos, sealing the office of an alleged impostor in the Owutu area of Ikorodu.
The enforcement exercise, carried out on Wednesday in collaboration with the State Task Force, targeted a firm identified as Demeny Ventures, whose operator reportedly posed as a registered LASRERA agent using a fake registration number.
Speaking on the development, the Special Adviser to the Governor on Housing, Barakat Odunuga-Bakare, said the crackdown is part of the Lagos State Government’s ongoing efforts to sanitise the real estate sector, protect residents from fraud, and restore public confidence in property transactions.
She emphasised that only individuals and organisations duly registered with LASRERA are authorised to operate within the state, warning that violators will continue to face strict enforcement measures.
Odunuga-Bakare noted that the move follows increasing complaints from residents who have fallen victim to fake estate agents and dubious property developers.
According to her, such fraudulent operators often collect payments from multiple tenants for a single property or sell non-existent plots of land to unsuspecting buyers.
She added that LASRERA has strengthened its regulatory framework through enhanced monitoring, improved registration processes, and prompt investigation of complaints. The agency has also facilitated dispute resolution and helped victims recover funds through mediation and regulatory interventions.
Residents were advised to verify the registration status of estate agents and developers before entering into any property transaction, and to report suspicious activities for immediate action.
At the sealed premises located on Oladele Adeniji Street, off Isawo Road, Owutu Agric, Ikorodu, the Director of Compliance and Enforcement at LASRERA, Deji Badejo, said the operation followed credible intelligence on the suspect’s activities.
He explained that the action was taken in line with the provisions of the LASRERA Law 2022, pending further investigation and regulatory steps.
Badejo added that the enforcement drive will be sustained and expanded across Lagos, with increased focus on intelligence gathering to identify and sanction fraudulent operators.
He also urged members of the public to support the agency by reporting suspicious activities through LASRERA’s hotlines: 09122000661 and 09122000662.