By Levinus Nwabughiogu-Abuja
The House of Representatives on Wednesday formed an ad hoc committee to investigate alleged corrupt activities by real estate developers in the Federal Capital Territory, FCT, Abuja.
The resolution followed a series of developer misconduct complaints.
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In a motion by the Hon. Rivers State’s Boma Goodhead in plenary, the House said complaints of misrepresentation, deception, fraud, non-delivery, incessant breach of contract without consequences, impunity, unethical / illegal clauses that don’t offer no protection for the client’s investment, money laundering, shoddy houses, among others, continued to dominate the real estate industry.
Speaker of the House, Femi Gbajabiamila appointed Hon. Bénédiction Onu as chairman of the ad hoc committee.
The Committee was also responsible for creating a forum for members of the public to lodge complaints against these fraudulent developers and also to investigate developers suspected of violating applicable laws and to liaise with enforcement agencies. in order to
The committee will also work with relevant stakeholders and MDAs to formulate legislation, issue guidelines or other laws / regulations appropriate for the sector to improve oversight, regulation and ensure protection of Underwriters’ investors against illegal transactions and to eliminate unethical real estate practices in the CTF.
To essentially achieve the objective, the committee will liaise with the relevant MDAs to re-examine the issue of compiling a database of real estate transactions and newly approved developments while ensuring that developers were duly authorized before. to engage in practice.
He will also liaise with other NFIU, EFCC, FMBN, NHF, ICPC concerned with a view to
financial crime in the sector.
Introducing the motion earlier, the Hon. Goodhead said the lack of regulation has resulted in financial losses.
“The harsh inhuman implication of these embezzlements on
people who have paid for their accommodation in full continue to pay their rent
respective houses while waiting for their houses to be completed without
delivery date because contracts are constantly broken.
“Lack of regulation or ineffective regulation, impunity and
the lack of accountability of real estate developers has resulted in ﬁ nancial losses and has caused and continues to cause untold hardship for investors
“Despite the operation of oversight agencies such as FCT Hrban and the regional department, Federal Capital Development Authority
(FCDA), EFCC, embezzlement in the real estate sector persists, ”she said.
When put to a vote, the motion received overwhelming support in the House and was carried.