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Reps to investigate misconduct by real estate developers in FCT

The House of Representatives is to investigate allegations of misconduct and violation of applicable laws by estate developers within the Federal Capital Territory with a view to plugging financial crimes in the sector.

The decision of the House followed a motion sponsored by Rep Boma Goodhead (PDP, Rivers) alleging misconduct on the part of estate developers in the FCT, asking the House to create a forum for members of public to lodge complaints against such “fraudulent developers.”

The Committee is also to liaise with enforcement agencies with a view to ensuring prosecution of those found to have gone against the required regulations with a view to putting an end to such sharp practices.

The House is also to work with relevant stakeholders and MDAs towards formulating laws, issuing guidelines and other appropriate legislations/regulations for this trillion-naira sector.

This will enhance monitoring, regulation, and ensure protection of investors of subscribers from illegal transactions and eliminate unethical real estate practices in the FCT.

They are also to iaise with relevant MDAs to revisit the issue of compiling a database on property transactions and newly approved developments while also ensuring that real estate develop is are duly licensed before engaging in the practice.

Rep. Goodhead said the Federal Capital Territory (FCT) is one of Nigeria’s top property hotspot as well as the political and governmental heart of the country as well as one of the two primary international business gateways into Nigeria.

She said this has allowed FCT to develop a burgeoning real estate industry to meet the growing need for housing, adding that “real estate development means further economic growth as evidenced by the growing number of real estate developers in the FCT proposing off-takers housing solutions to individuals.”

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