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Lagos Moves Against Fraudulent Practices In Real Estate Sector

The Lagos State Government has vowed to prosecute any real estate agent caught indulging in fraudulent practices as government will no longer tolerate sharp and unwholesome practices in the sector.

Commissioner for Housing, Prince Gbolahan Lawal made the vow on Tuesday at the second edition of the 2017 Stakeholders Forum in Lagos, with the theme: “Prevalence of Fraudulent Practices In Real Estate Transaction In Lagos State,” held in Ikeja, Lagos, Southwest Nigeria.

Lawal lamented that there had been series of complaints by aggrieved Lagosians who had been defrauded by some unscrupulous estate agents, saying it was totally unacceptable.

In his words: “What we currently see in the Real Estate sector is that we get complaints from innocent Lagosians that have been duped. That is basically the essence of this forum. We have had one in August, and we want to ensure that we have two in a year where we can educate our Real Estate developers and agents, especially for them to fish out the fraudulent ones among them who’re showcasing them in bad light.

“There will be penalties for any erring agent. It is a criminal offence and anyone found wanting would be made to face the full wrath of the law.”

Lawal also appealed to stakeholders in the real estate industry to cooperate with the government to make Lagos investors friendly, saying that the fact that Lagos is Nigeria economic nerves centre had made it susceptible to influx of people which in turn put continuous pressures on the state’s infrastructure.

“About 87 people per hour enter Lagos on daily basis. This has led to unusual pressure on land and housing infrastructural facilities. And these have even led to inadequate housing and increased number of slums in the state. Today, the state has about three million units of housing deficit. But in the next four years, we planned to provide 20,000 units of houses in the next four years,” he disclosed.

Lawal said the current administration had appointed facilities managers for both its old and news housing estates, saying that with such appointments, the tide of continuous depreciation in values of such houses would be stemmed.

Special Adviser to Governor on Housing, Adebimpe Akinsola said the forum sought to dissect and find lasting solutions to the prevalence of fraudulent practices in the real estate transactions in the state in particular and Nigeria in general.

She said the government was ready to ensure that the three million housing deficit in the state was curbed.

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