The Lagos State Real Estate Regulatory Authority has shut down the office of a suspected fraudster allegedly posing as a licensed property agent in the Ikorodu area.
The agency also confirmed that it has intensified enforcement actions against unregistered real estate practitioners operating within the state.
This was disclosed in a statement issued on Wednesday, which indicated that the operation was conducted alongside officials of the Lagos State Task Force.
The statement identified the affected firm as Demeny Ventures, noting that the operator allegedly masqueraded as a certified LASRERA agent by using a falsified registration number.
The Special Adviser to the Governor on Housing, Barakat Odunuga-Bakare, explained that the move was part of broader efforts by the state government to rid the real estate sector of sharp practices, shield residents from exploitation, and restore confidence in property dealings.
She stressed that only individuals and firms properly registered with LASRERA are authorised to transact business in the sector, warning that defaulters would face stiff penalties.
Odunuga-Bakare noted that fraudulent operators frequently dupe unsuspecting victims by collecting payments from multiple tenants for a single apartment or marketing non-existent land to buyers.
She added that LASRERA has reinforced its oversight functions through tighter monitoring, improved registration systems, and prompt handling of complaints from the public.
The special adviser urged residents to always confirm the legitimacy of estate agents and developers before entering into agreements, while encouraging the public to report suspicious activities to the agency.
An official of the authority, Badejo, was quoted as saying the action followed credible reports of impersonation and fraudulent activities in the area targeting accommodation seekers.
He added that the sealing of the office was in line with the provisions of the LASRERA Law 2022, pending further investigations and necessary regulatory steps.