The House of Representatives has resolved to investigate sharp practices by real estate developers in the Federal Capital Territory, Abuja, where clients are allegedly exposed to hidden clauses in agreements with the firms.
At the plenary on Wednesday, the House resolved that an ad hoc committee be constituted to investigate complaints on misconduct of real estate developers and create a forum for members of the public to lodge complaints against such fraudulent developers.
The committee is also to ‘fully investigate the real estate developers suspected of violating applicable laws and liaise with enforcement agencies with a view to prosecution, as this will hopefully put an end to these sharp practices’.
Also, the committee is to work with relevant stakeholders and ministries, departments and agencies towards ‘formulating a law, issuing guidelines or other appropriate legislations/regulations for this trillion-naira sector’.
The House said this would enhance monitoring, regulation and ensure protection of investors of subscribers from illegal transactions and eliminate unethical real estate practices in the FCT.
Furthermore, the committee is to liaise with relevant MDAs to revisit the issue of compiling a database on property transactions and newly approved developments.
In addition, the committee is to ensure that real estate developers are duly licensed before engaging in the practice, while it would liaise with the Nigerian Financial Intelligence Unit, the Economic and Financial Crimes Commission, the Federal Mortgage Bank of Nigeria, National Health Fund and the Independent Corrupt Practices and Other Related Offences Commission towards plugging financial crime in the sector.
These resolutions were based on a motion moved by a member from Rivers State, Boma Goodhead, titled ‘A motion of urgent public importance: Need to investigate the operations of real estate developers in the Federal Capital Territory’.
Source: Punch NG
