Lagos recovers N270m from fraudulent estate agents

The Lagos State Government says it has recovered N277,020,500 from fraudulent real estate transactions and expanded its housing stock to 10,623 units, as part of broader interventions in the housing sector. The Commissioner for Housing, Moruf Akinderu-Fatai, disclosed this on Wednesday during the annual ministerial press briefing at the Bagauda Kaltho Press Centre, Alausa, Ikeja. He said the recovery was achieved through strengthened regulatory enforcement, while housing delivery efforts within the state had also generated 4,793 direct and indirect jobs over the past year. “Lagos State’s housing interventions are being implemented against the backdrop of a worsening global housing crisis,” he said, citing United Nations-Habitat data, which he said showed that “nearly half of the world’s population, estimated at 3.4 billion people, currently lacks access to secure, safe and adequate housing.” He added that Nigeria’s housing deficit stood at “14.925 million units,” with an additional “15.2 million homes classified as structurally inadequate or substandard.” For Lagos, he said the deficit remained above “3.3 million units,” driven by rapid urbanisation and population growth. Akinderu-Fatai said the Governor Babajide Sanwo-Olu administration had responded through a mix of direct construction and public-private partnerships. “Partners benefit from simplified approvals, tax incentives, creative financing models and supportive regulations,” he said. He disclosed that Lagos’ housing stock had risen by 10,623 units over the last seven years, with 4,414 units delivered through budgetary provisions and 6,209 through PPP arrangements. He listed recently completed estates, including the 420-unit Akinsanya Sunny Ajose Estate Phase I and the 233-unit Abraham Adesanya Housing Estate, bringing completed estates under the administration to 23 since 2019. He also said five major housing projects are expected to be completed in 2026, including schemes in Egan-Igando, Sangotedo, Ibeshe, Itamarun in Epe and Ipaja. On housing regulation, he said the Lagos State Real Estate Regulatory Authority received 505 petitions between 2025 and 2026, resolving 39 cases and recovering N270,020,500 from fraudulent operators. He said the agency had intensified enforcement of the 10 per cent agency fee cap and expanded outreach across local government areas. Akinderu-Fatai also said a new Tenancy Bill before the Lagos State House of Assembly would strengthen rental regulation, mandate agent registration and fast-track tenancy disputes. “Plans are being finalised for the pilot phase of a monthly rental scheme aimed at reducing the burden of annual rent payment, particularly for low-income earners,” he said. On employment, he said housing projects had generated 4,793 jobs in the last year, with an additional 888 jobs created through estate facility management roles. He added that 100 mortgagors had exited the Rent-To-Own scheme in August 2024 after completing repayment, while another 110 exited in July 2025. The commissioner said ongoing rehabilitation works were underway across 52 government estates, including repairs to flood-damaged structures and electrical infrastructure. He acknowledged challenges such as land encroachment, litigation, and inflation, but said the government remained committed to expanding partnerships and improving delivery systems. The briefing forms part of the state’s annual review of sector performance across ministries and agencies.