In 2024 and 2025, the Lagos State Real Estate Regulatory Authority recovered a total of N773.6m and 38 properties through mediation on behalf of third parties.
This was disclosed in a recent statement issued after the ministerial press briefing marking Governor Babajide Sanwo-Olu’s second year in office for his second term.
“In 2024, the agency recovered funds amounting to the sum of N478,134,000 only, and 18 properties on behalf of third parties through the mediation process between tenants, land buyers, fraudulent estate agents, land vendors, and developers.
“In 2025, the agency also recovered funds amounting to the sum of N295,471,800 only. A total of 20 properties were recovered on behalf of third parties through a mediation process involving tenants, land buyers, fraudulent estate agents, land vendors, and property developers.
“Protection of investors/investees of the state from illegal real estate business transactions, worthy of note is the agency’s intervention in the alleged N40,000,000 land scam issue between Revolution Plus Property Limited and a Nigerian in Diaspora.”
Speaking on the activities/achievements of the Lagos State Real Estate Regulatory Authority, the statement noted that the agency has a database of 925 registered individuals/organisations on its registration portal, out of over 2,550 practitioners who have enrolled to be registered.
It added, “The agency has the legislative right to explore Alternative Dispute Resolution mechanisms as a means to amicably settle real estate-related disputes before real estate cases are escalated to the enforcement authority for detailed investigation and prosecution if required. Consequently, the number of cases received by the agency to date is 1,899, out of which 1,580 were mediated upon and 1,243 were successfully resolved.
“However, 23 were adjourned for further mediation, 147 cases were abandoned due to non-attendance at the sessions by parties involved, while 172 were referred to appropriate Agencies. In addition, there are eight cases in courts (two in the Federal High Court, three in the State High Court, and three in the Magistrate Court.”
The agency also raised awareness on the need for the residents not to fall victim to fake/dubious estate agents and to patronise the registered real estate individuals/organisations.
“It is also important to request that we spread the warning across every platform that it is an offence for an individual/organisation to engage in the real estate business in Lagos State without being registered with LASRERA. Let us act responsibly and follow the path of the law.”
