…Declares unregistered real estate practice a criminal offence
By Sodiq Adelakun
The Lagos State Government has mandated that all individuals and organisations operating in the real estate sector must obtain certification from the Lagos State Real Estate Regulatory Authority (LASRERA), warning that unregistered practitioners and their clients now risk criminal prosecution.
At a press briefing held on Saturday at Alausa, Ikeja, the Special Adviser to the Governor on Housing and Head of LASRERA, Barrister Barakat Odunuga-Bakare, issued a stern directive, stating that the era of unregulated property dealings in the state was over.
“Anyone operating as a realtor, agent, or property consultant in Lagos without registration with LASRERA is in breach of the law,” Odunuga-Bakare said.
She further asserted that both real estate operators and their clients would be held accountable for transactions conducted without proper certification.
“It is now a criminal offence for any individual or corporate body to engage or transact with a practitioner who does not possess a LASRERA certificate of practice,” she said, adding that the law applies equally to buyers, sellers, and intermediaries.
The crackdown forms part of a broader initiative by Governor Babajide Sanwo-Olu’s administration to eliminate fraudulent practices, price manipulation, and multiple property sales that have plagued Lagos’ real estate landscape.
Speaking on the issue of arbitrary fees, Odunuga-Bakare cautioned agents against charging above the state-mandated limit of 10 percent for agency services. She encouraged residents to report any cases of extortion, misrepresentation, or unauthorised fees to LASRERA for prompt investigation.
“The government has fixed agency fees between zero and ten percent. Any breach of this regulation should be reported. We are committed to protecting the interests of the public,” she said.
Odunuga-Bakare revealed that LASRERA is working in partnership with law enforcement agencies and professional real estate associations to track and prosecute offenders. Illegal operations will be shut down, and those responsible will face legal consequences.
She urged Lagos residents to verify the registration status of all property agents and firms before conducting any transactions. Certified practitioners, she noted, can be confirmed through the LASRERA online portal or customer service helpdesk.
“Before you part with money or sign any documents, verify that the agent or company is registered. The tools are available, and we want everyone to take advantage of them,” she added.
The enforcement directive signals a new chapter in the state’s efforts to sanitise the property sector, protect investors, and restore public confidence in real estate dealings across Lagos.