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ICPC recovers N53billion from real estate developer

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The Independent Corrupt Practices and Other Related Offences Commission (ICPC) says it has recovered N53 billion from a real estate developer for the Federal Mortgage Bank of Nigeria (FMBN).

ICPC’s chairman, spokesperson, Azuka Ogugua, quoted the chairman of the commission, Bolaji Owasanoye, as saying this in a statement on Sunday.

Mrs Ogugua said the ICPC boss made the disclosure about the recovery during a meeting with the House of Representatives Ad-hoc Committee Investigating the Operations of Real Estate Developers in the Federal Capital Territory (FCT), Abuja.

According to Mr Owasanoye, a professor of law and Senior Advocate of Nigeria, the developer from whom the money was recovered, had taken the funds “without providing houses for its subscribers.”

The statement did not disclose the name of the fraudulent developer.

This was despite Mr Owasanoye being quoted as advocating that the government “put information in the public domain where people can easily verify details of land” as a way of tackling fraud perpetrated by real estate developers.

ICPC recovers N53bn from Real Estate Developer for FMBN

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has said that it recovered N53 billion from a real estate developer for the Federal Mortgage Bank of Nigeria.

Chairman of ICPC, Prof. Bolaji Owasanoye who made the disclosure during a meeting with the House of Representatives Ad-hoc Committee Investigating the Operations of Real Estate Developers in FCT, said that the developer took the money without providing houses for its subscribers. He stressed that the Commission will always deploy its mandates against developers who took public funds with the promise to provide houses for the public or civil servants without doing so.

Prof. Owasanoye also lamented the rising housing deficit in the country noting that unscrupulous real estate developers in the Federal Capital Territory took advantage of desperate civil servants to scam them of their hard-earned money in the name of housing projects.

He said that the Commission was desirous of partnering with the ad-hoc committee to bring sanity to the housing sector because of its critical nature to the government.

He told the committee that one of the ways to tackle the housing deficit and fraudulent real estate developers in the country was for the government to completely deploy technology as well as grant easy access to information.

He said, “The lack of openness is also creating problems. Government should at least put information in the public domain where people can easily verify details of the land. A lot of people are scammed from fake layout, double allocations and others.”

Earlier, the Chairman of the Ad-hoc Committee, Hon. Blessing Onoh observed that cases of developers defrauding would-be house owners were becoming rampant.

Onoh maintained that it was common for real estate developers to start projects, later abandon them and move on to other cities after collecting monies from subscribers.

She said that the committee was set up to proffer solutions to the anomalies and ensure that Nigerians who subscribed to housing projects end up owning them in accordance with the terms of agreement they entered.

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