FCT Minister pledges to tackle fraudulent property developers in Abuja

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Federal Capital Territory (FCT) Minister Malam Muhammad Musa Bello has pledged to deal ruthlessly with fraudulent developers in the national capital of Abuja.

The Minister said this during a two-day workshop organized by the Federal House of Representatives Ad Hoc Committee of Inquiry into Mass Housing / Real Estate Development in the FCT which was held at the hotel on Monday. Transcorp Hilton from Abuja to Abuja.

According to him, “I will personally ensure that we work together under the guidance of the AD-HOC Committee with strict application of the law and regulations, as previously indicated by the Chairman of the AD-HOC Committee.

“Despite the few challenges, I maintain that the public-private partnership remains the only option available to us to meet the challenges of the houses, which is why, as we look to the future, we have leased the land for infrastructure in one of our districts which is Gwagwa district and subsequently others will also come up with very strict regulations which protect property investors, protect government and protect lessees as well as those who fund the projects throughout the value shift, taking the time to go through the various housing development strategies of the FCTA, over the past few years, the theme of this workshop is very appropriate and of course in the journey so far , the pit falls have been discovered, I am personally convinced that getting the right synergy in the result of this report, we will achieve it in a short time and of course, with hard work.

“The outcome will strengthen and help us further in our quest to develop the FCT and make it more responsive to people’s needs, which is why all relevant department and agency heads who are part of the Housing Constipation Agencies are all here.

“A rapidly growing city of Abuja, and its ever increasing human population, there will always be a need to meet the accommodation needs of all categories of people who have chosen to retire here, over the years, Various changes, strategies have been involved to meet the basic housing needs of FCT residents, starting of course with the government on the first round of civil servants housing in Garki Area One, and some in Gwagwalad and Suleja. These were eventually sold to occupying officials and this is the sale of government houses, thus giving many Nigerians the opportunity to own their own home in the nation’s capital.

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“The FCT administration then introduced the mass housing program to be driven by the private sector. it became clear that the government alone could not meet the housing needs of citizens, while this program provided decent housing, it also had its own challenges, some of which are mentioned by the honorable chair of the AD- HOC in his speech just now,” he added.

Earlier, the chairman of the ad hoc committee to investigate the operations of real estate developers in the Federal Capital Territory (FCT), Hon. Blessing Onyeche Onuh, said that the FCT was losing around N600 billion a year. in income due to it from the real estate sector.

According to her; “The workshop is to discuss the economics of the real estate industry, saying, ‘We will clearly articulate the value chain in this multi-trillion naira industry and identify why the FCT has not gotten its fair share.

“Preliminary findings from this committee indicated that the FCT lost around N600 billion a year in revenue accruing to it from the real estate sector.

“Take for example a house or land sold for N500,000,000.00 (five hundred million naira), the lawyer collects his legal fees, the agent collects his brokerage fees, the bank collects his transaction fees and the government receives nothing if the transaction is not presented for registration.

“And these types of transactions continue every day in unregulated volumes, leaving the government with the eternal struggles to meet its responsibility to provide modern amenities to its population. Many of these transactions are conducted in cash, making the industry a safe haven for money laundering and illicit financial flows. Now is the time to change the narratives,” she argued.

Onuh further stated that “Mr. Minister, you are vested with enormous powers by the constitution to enforce the provisions of the Act Establishing the Federal Capital Territory for the common good of all Nigerians living in or visiting the FCT” .

Meanwhile, the Deputy Speaker of the House of Representatives, the Honorable Idris Wasa, said the house will continue to make laws to end all unethical practices in real estate and other sectors.

He added that real estate is second only to the oil industry in terms of revenue generation, unfortunately real estate players have continued to defraud both the government and buyers.

Wasa promised to collect every Kobo supposed to go into the government coffers.

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FCT Minister pledges to tackle fraudulent property developers in Abuja

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