The House of Representatives has moved to investigate the operations of developers in the Federal Capital Territory, Abuja following complaints by members of the public.
The House mandated its Ad Hoc Committee investigating the operations of real estate developers in Abuja to sanitise the sector.
Blessing Onuh, the chairman of the committee, said the committee will liaise with stakeholders to create legislation aimed at sanitising the sector and curbing sharp practices.
She said that there would be a public hearing as part of the ongoing investigations into the sharp practices and rots in the real estate sector in the FCT.
The public hearing is slated to hold on Thursday at the Conference Room 028 of the House of Representatives complex.
“The committee calls for submission of memoranda and invites all stakeholders in the real estate sector, government agencies, investors, homebuyers, and the general public to a one-day public hearing on the above investigation,” Onuh said in a statement on Monday.
There have been complaints that estate developers take money from subscribers without providing the residential houses as promised.
In August 2021, the Independent Corrupt Practices and Other Related Offences Commission, EFCC, announced that it had recovered N53 billion from one of such developers.
Asides failing to deliver, they also lease or sell the same properties to multiple clients, deliver poorly constructed homes, among other irregularities.
A 2020 report by Civil Society Legislative Advocacy Centre, CISLAC, an affiliate to Transparency International, TI, identified cities like Abuja, Lagos, and Port-Harcourt as major black spots of high-level capital flights.
The report said: “The real estate sector has long provided opportunities for persons and companies to launder illegally acquired funds.”
“The share of the real estate services to the nominal Gross Domestic Product, GDP, is estimated at around seven percent per annum.
“It is a significant contributor to the economy and has the capacity to fast-track the growth of the nation’s economy, if adequately structured.”
Source: The Nation
