The Economic and Financial Crimes Commission (EFCC) has advised Nigerians to be wary of some estate developers in the Federal Capital Territory (FCT), who are in the habit of swindling people who want to buy homes in Abuja.
The advice was contained in a statement released yesterday by the Head, Media and Publicity of the EFCC, Mr Wilson Uwujaren. It noted that it has recorded a rise in the number of reported cases of individuals who have been defrauded after they responded to advertisement for subscription to own property in many of the estates being promoted by unscrupulous developers in the FCT.
“Usually, the so called developers, once they are able to secure land allocation from the FCDA, create gorgeous computer-assisted designs of prototype estate and launch aggressive media blitzs for prospective home owners to subscribe for different categories of houses at attractive prices,”
“They target low and middle income earners who cannot afford outright cash purchase of property in the burgeoning capital city. For this category of citizens, such offers are irresistible as they present immediate escape from the burden of prohibitive yearly rent payments. They embrace such scheme with the hope that the payment spread over many years will provide the cushion to do other things,” the statement added.
“But no sooner than they pay the initial deposits, they are inundated with various excuses as explanation for the developers’ inability to deliver the properties,” it further stated.
The EFCC therefore urged real estate sector and regulatory agencies such as the Nigerian Society of Estate Surveyors and Valuers to collaborate in order to firm up regulatory framework for property development in the FCT.
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