By Imisioluwa Afunmiso
The Lagos State Government has disclosed that it recovered N270,020,500 for residents defrauded through fraudulent real estate transactions through the activities of the Lagos State Real Estate Regulatory Authority (LASRERA).
The Commissioner for Housing, Hon. Moruf Akinderu-Fatai, disclosed this during the Annual Ministerial Press Briefing held at the Bagauda Kaltho Press Centre, Alausa, Ikeja, to commemorate the third year of Governor Babajide Sanwo-Olu’s second term in office.
Speaking, the Commissioner noted that sustained interventions in the housing sector increased the state’s housing stock to 10,623 units and generated 4,793 direct and indirect jobs within the last year.
Akinderu-Fatai said the state’s housing interventions were being implemented against the backdrop of a worsening global housing crisis, noting that Lagos currently faces an estimated housing deficit of over 3.3 million units due to rapid urbanization, population growth, and rural-urban migration.
According to him, the Sanwo-Olu administration has continued to tackle the challenge through direct government intervention, affordable housing delivery, and Public-Private Partnerships (PPPs).
Lagos Gov’t recovers N270m from fraudulent estate agents“Partners benefit from simplified approvals, tax incentives, creative financing models, and supportive regulations that collectively boost affordable housing for the low and medium-income brackets,” he said.
The Commissioner revealed that the administration increased Lagos State’s housing stock by 10,623 units within the last seven years, with 4,414 homes delivered through direct budgetary funding and 6,209 units through PPP arrangements.
He stated that the commissioning of the 420-unit Akinsanya Sunny Ajose Estate Phase I and the 233-unit Abraham Adesanya Housing Estate in 2025 raised the total number of estates completed under the Sanwo-Olu administration to 23 since 2019.
Akinderu-Fatai added that five major housing schemes currently under construction are expected to be completed between the second and fourth quarters of 2026.
The projects include the 576-unit Egan-Igando Mixed Housing Scheme, the 528-unit LagosHOMS Sangotedo Phase II, LagosHOMS Ibeshe Phase II, the Epe Housing Scheme at Itamarun, and the Workers’ Village Housing Project in Ipaja.
He further disclosed that ongoing joint venture projects across Ikorodu, Ipaja, Ilubirin, and Eti-Osa are expected to add another 3,791 units to the state’s housing stock, while approvals have been granted for 202 additional units at the Abraham Adesanya Housing Estate and 114 luxury units at Orange Island, Eti-Osa.
Speaking on the activities of the Lagos State Development and Property Corporation (LSDPC), the Commissioner said the agency completed 12 housing projects and delivered 1,190 homes within the last seven years, while 29 ongoing projects are projected to add another 3,149 units.
On housing finance, Akinderu-Fatai said the Lagos State Mortgage Board had assisted over 20,000 residents through its mortgage and Rent-To-Own schemes in the last 12 years.
He disclosed that 100 mortgagors exited the Rent-To-Own scheme in August 2024 after completing their 10-year repayment plans, while another 110 beneficiaries exited in July 2025.
Speaking on consumer protection, the Commissioner said LASRERA received 505 petitions between 2025 and 2026, resolved 39 cases, and recovered N270,020,500 from fraudulent real estate operators.
He noted that the agency intensified stakeholder engagement across the 57 Local Governments and Local Council Development Areas, while satellite offices were established in Agege, Ojodu, and Igbogbo-Baiyeku to strengthen enforcement and accessibility.
Akinderu-Fatai also announced that a new Tenancy Bill before the Lagos State House of Assembly had reached the committee stage and would address concerns surrounding rental practices and tenancy administration in the state.
According to him, the proposed legislation will mandate the registration of estate agents by LASRERA, fast-track tenancy matters, and remove exemptions across all parts of Lagos State.
He added that plans were being finalized for the pilot phase of a monthly rental scheme aimed at reducing the burden of annual rent payments for low-income earners.
The Commissioner stated that the Ministry had already implemented a 40 percent housing rebate for 944 civil servants, while priority housing consideration was also approved for teachers and healthcare workers serving in remote communities.
On employment generation, Akinderu-Fatai said housing construction activities by the Ministry and its agencies created 4,793 direct and indirect jobs within the last year, while facility management structures across government-owned estates generated an additional 888 jobs for cleaners, security personnel, facility managers, and artisans.
He also disclosed that the Ministry rehabilitated 30 housing blocks damaged by natural disasters at the Abiodun Ogunleye Housing Estate, Igbogbo, and spent over N300 million on repairs of the injection substation serving the Lateef Kayode Jakande Gardens, Igando.
Despite challenges such as land encroachment, litigation, and inflationary pressures, the Commissioner assured residents that the government remains committed to innovative financing partnerships, improved monitoring mechanisms, and sustainable housing delivery across the state.