By Modupe Gbadeyanka

In a bid to sanitise the real estate sector and boost confidence in the system, the Lagos State government has commenced a crackdown on unregistered agents, sealing the office of one in the Ikorodu area of the metropolis.

This enforcement was carried out by officials of the Lagos State Real Estate Regulatory Authority (LASRERA) on Wednesday in conjunction with the Lagos State Task Force.

It was gathered that an operator of Demeny Ventures, who claimed to be registered with LASRERA, was apprehended during the operation.

The Special Adviser to the Governor on Housing, Ms Barakat Odunuga-Bakare, said the clampdown forms part of the government’s ongoing efforts to sanitise the real estate sector, protect residents from fraudulent practices, and restore public confidence in property transactions.

She reiterated that only duly registered and certified practitioners by LASRERA are permitted to operate within the state, warning that individuals and organisations engaging in unlicensed real estate activities will continue to face strict enforcement actions.

According to her, the enforcement initiative comes amid rising complaints from residents who have fallen victim to fake estate agents and property developers.

“Reports indicate that fraudulent practitioners often collect money from multiple tenants for the same property or sell non-existent plots of land to unsuspecting buyers,” she said.

Ms Odunuga-Bakare further disclosed that LASRERA has strengthened its regulatory mechanisms through enhanced monitoring of real estate transactions, improved registration processes, and prompt investigation of complaints.

She added that the authority has successfully resolved numerous disputes and facilitated the recovery of funds for victims of property-related fraud through mediation and regulatory interventions.

The Special Adviser urged residents to always verify the registration status of estate agents and property developers before entering into any property transaction, while also encouraging members of the public to report suspicious activities to LASRERA for prompt action.

She reaffirmed the State Government’s commitment to ensuring transparency, accountability and professionalism within the real estate sector, noting that any individual or organisation found violating the law will be prosecuted accordingly.

Speaking at the premises of the sealed office located on Oladele Adeniji Street, off Isawo Road, Owutu Agric, Ikorodu, the Director of Compliance and Enforcement for LASRERA, Mr Deji Badejo, said the action was taken following credible intelligence on the activities of the suspect.

Mr Badejo noted that the Authority acted in accordance with the provisions of the LASRERA Law 2022 by sealing the office, pending further investigation and necessary regulatory actions.

He added that the enforcement exercise would be sustained and extended to other parts of the State, with increased focus on intelligence gathering to identify, apprehend and sanction fraudulent estate agents.

By Adedapo Adesanya

Nigeria and the United Kingdom have agreed to establish a joint anti-fraud fusion cell to combat cross-border financial crimes, marking a major step in deepening security cooperation during President Bola Tinubu’s state visit to London.

The initiative, which brings together law enforcement agencies, banks, technology firms and communication companies from both countries, is aimed at strengthening intelligence sharing and disrupting criminal networks involved in romance fraud, investment scams and cryptocurrency-related offences.

During the state visit, both countries signed three landmark agreements aimed at deepening cooperation on migration, border security and trade. The agreements – two Memoranda of Understanding and a Statement of Intent- reflect both nations’ commitment to building a transparent, safe and mutually beneficial migration system, while removing barriers to trade and investment between the two countries. They were signed by UK Home Secretary Ms Shabana Mahmood, UK Trade Envoy Ms Florence Eshalomi, and Nigeria’s Minister of Interior, Mr Olubunmi Tunji-Ojo.

The establishment of the joint fraud enforcement cell is aimed at dismantling the international criminal networks that prey on victims in Nigeria and the UK alike. It will enable rapid intelligence sharing to disrupt romance fraud, investment scams and cryptocurrency schemes that damage individuals and economies on both sides.

According to data provided by the UK government, existing collaboration has already resulted in more than 400 arrests and £7.5 million seized, with joint National Crime Agency and Nigerian Police operations uncovering significant fraud networks.

Also, the business visa Statement of Intent removes trade barriers and creates new pathways for Nigerian and British businesses to access each other’s markets, a move Nigeria’s Interior Minister described as essential to building a trillion-dollar economy.

Nigeria stands to benefit from deeper investment ties with the United Kingdom, one of the world’s leading financial centres, while for the United Kingdom, the agreements strengthen a migration partnership grounded in fairness and the rule of law.

Nigeria will, for the first time, recognise UK Letters as valid identification, simplifying a shared administrative process and reflecting the trust both governments have built. Annual returns to Nigeria have nearly doubled to 1,150, part of a broader effort by both governments to maintain the integrity of their immigration systems.

Speaking on the move, Ms Mahmood said, “Nigeria is a vital partner for the UK. These agreements reflect a shared commitment to managing migration fairly and firmly, while opening up trade and investment opportunities that will benefit both our economies.”

UK Minister for Border Security and Asylum, Alex Norris, said, “Anyone who abuses our systems, breaks our laws, or tries to cheat their way into Britain will be stopped and removed. Today’s agreements are another step in our mission to restore order to the border by ensuring those with no right to be here are swiftly removed. Nigeria is a key partner in this work, as the UK’s largest African visa market and home to thousands of Nigerians who have built their lives here.”

While Nigeria’s Minister of Interior, Mr Olubunmi Tunji-Ojo, added that, “This partnership is a testament to our shared determination to build a migration system that is safe, orderly, and mutually beneficial. Hopefully, this strengthened partnership will be a template for other bilateral understandings.”

By Modupe Gbadeyanka

Sunday, March 22, 2026, has been fixed for the unveiling of the 12th cohort of the flagship TEF Entrepreneurship Programme of the Tony Elumelu Foundation.

Business Post gathered that over 265,000 applications were received from all 54 African countries, all vying for a share of the $16 million to be disbursed by the organisers this year. They will join the TEF Alumni community of more than 24,000 entrepreneurs.

Each selected Tony Elumelu Entrepreneur will receive $5,000 in non-refundable seed capital, access to world-class business management training on TEFConnect, one-on-one mentorship, and entry into a powerful network of investors, partners, and other entrepreneurs.

It was learned that this year, the organisation will empower about 3,200 entrepreneurs across all its entrepreneurship programmes, with 1,751 through Heirs Holdings Group: Heirs Energies, Transcorp Power, Transcorp Hotels, and United Capital; 1,049 in partnership with the European Commission, OACPS, BMZ and GIZ; 100 in partnership with Sèmè City Development Agency; 200 entrepreneurs in partnership with DEG, the German Development Agency; 100 entrepreneurs in partnership with the IKEA Foundation, UNICEF’s Generation Unlimited and the Dutch Government; and 100 entrepreneurs in partnership with UNDP and the Rwandan Ministry of Youth and Arts.

The selection process is conducted by Ernst & Young, ensuring an independent and rigorous assessment of applicants.

“The future of Africa will be built by Africans who create businesses, generate jobs and solve the challenges of our continent. At the Tony Elumelu Foundation, we believe that empowering entrepreneurs is the most sustainable path to Africa’s economic transformation.

“I look forward to announcing and congratulating the 2026 cohort of Tony Elumelu Entrepreneurs and look forward to witnessing the impact they will create across our continent,” the founder of the programme, Mr Tony Elumelu, said.

Since its inception, TEF has empowered over 2.5 million young Africans with access to business management training on our proprietary digital hub, TEFConnect, and disbursed over $100 million in seed capital to more than 24,000 selected entrepreneurs.

Collectively, these entrepreneurs have generated $4.2 billion in revenue and created more than 1.5 million direct and indirect jobs.

TEF has also lifted 2.1 million Africans above the poverty line, and positively impacted more than 4 million African households, with 46 per cent of supported entrepreneurs being African women.