Lagos State government on Tuesday said it has confiscated two houses used in defrauding unsuspecting residents in the state, warning that any fraudster caught henceforth would be prosecuted. “We have successfully reviewed the Lagos State Estate Agency Regulatory Law, Cap L28, Laws of Lagos State, 2015 (“Law”) presently in operation in the state, which provides for the establishment of the Lagos State Real Estate Regulatory Authority. “The essence of this Law is to regulate real estate transactions in Lagos State by identify persons eligible to be licensed as Real Estate Practitioners and provides for the issuance or renewal of annual permits,” she said. “However, there is a need to sanitise Real Estate transactions in Lagos State. In achieving this, the state must have a database of persons dealing in real estate transactions for it to control their activities.

Source: Nigerian Tribune June 02, 2020 18:53 UTC