The Lagos State Government has sealed the office of a non-certified real estate agent in Ikorodu, as part of an intensified crackdown on fraudulent and unregistered practitioners in the property sector.
The operation targeted Demeny Ventures, located on Oladele Adeniji Street, Owutu Agric, which allegedly presented itself as a registered agent under the Lagos State Real Estate Regulatory Authority (LASRERA) using a fake registration number. The enforcement exercise was carried out on Wednesday in collaboration with officers from the State Task Force, following credible intelligence on the firm’s activities.
Speaking on the operation, Barakat Odunuga-Bakare, Special Adviser to the Governor on Housing, stressed that the move is part of ongoing efforts to sanitize the real estate market, protect residents from scams, and boost confidence in property transactions.
“LASRERA has intensified its enforcement drive against fraudulent and unregistered agents operating in Lagos State,” Odunuga-Bakare said. “Only practitioners duly registered and certified by LASRERA are legally permitted to operate. Anyone found violating this will face strict sanctions.”
Deji Badejo, Director of Compliance and Enforcement at LASRERA, added that the clampdown will be sustained and expanded across the state. “We are increasing intelligence gathering to identify, apprehend, and sanction illegal operators,” he said during a visit to the sealed office.
Lagos has long struggled with informal estate agents who flout regulatory frameworks. Such agents often charge tenants illegal fees, sometimes exceeding the legally capped 10 per cent of annual rent under the Lagos State Tenancy Law, 2011, collecting multiple fees for the same property or selling/renting non-existent units.
The rise of informal practices has contributed to widespread fraud, disputes, and loss of public trust in the property market. LASRERA has been stepping up regulatory measures, including:
- Monitoring real estate transactions statewide.
- Streamlining registration processes.
- Investigating complaints and facilitating mediation for victims of fraud.
Experts note that while challenges persist due to high housing demand and entrenched informal practices, professionalizing the sector is key to fostering a fairer, more transparent rental market.
LASRERA’s ongoing enforcement drives are expected to strengthen compliance, protect tenants, and ensure agents operate within legal and ethical frameworks. Residents are advised to verify that any real estate practitioner they engage is certified and to report suspected fraudulent activity immediately.
By cracking down on unlicensed agents, Lagos State is sending a clear signal: real estate malpractice will no longer be tolerated, and professional, regulated practice is central to a safe, transparent property market.
