Lagos seals fake realtor office in Ikorodu as LASRERA intensifies crackdown on unlicensed agents and property fraud

The Lagos State Real Estate Regulatory Authority has sealed the office of a suspected impostor operating as a realtor in Ikorodu, marking a decisive move as authorities intensify efforts to curb fraud in the property sector.

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The agency disclosed on Wednesday that the operation, carried out in collaboration with the Lagos State Task Force, targeted an individual allegedly posing as a licensed agent under the name Demeny Ventures.

According to the statement, the suspect reportedly used a fake registration number to present himself as a certified practitioner registered with the authority, prompting swift enforcement action.

The Special Adviser to the Governor on Housing, Barakat Odunuga-Bakare, said the crackdown forms part of a broader strategy to sanitise the real estate sector and protect residents from fraudulent schemes.

Barakat Odunuga-Bakare warned that only duly registered practitioners are permitted to operate in Lagos, stressing that individuals or organisations engaging in unlicensed real estate activities would face strict penalties.

She noted that fraudulent operators often exploit unsuspecting victims by collecting payments from multiple tenants for the same property or marketing non-existent land, practices that have continued to undermine public trust.

The agency also revealed that it has strengthened its regulatory framework through enhanced monitoring of transactions, improved registration systems, and faster investigation of complaints.

Speaking at the sealed premises, the Director of Compliance and Enforcement at LASRERA, Deji Badejo, said the action followed credible intelligence on the suspect’s activities.

Deji Badejo stated that the operation was conducted in line with the provisions of the LASRERA Law 2022 and forms part of ongoing enforcement measures pending further investigation.

He added that the clampdown is specifically aimed at protecting accommodation seekers, who are often the most vulnerable to deceptive practices in the property market.

Authorities have urged residents to verify the credentials of estate agents and property developers before entering into transactions and to report suspicious activities for prompt intervention.

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The latest enforcement highlights a growing regulatory push to restore confidence in Lagos’ real estate market and deter fraudulent actors exploiting housing demand.