Abuja - The Economic and Financial Crimes Commission (EFCC) has alerted the general public on activities of unscrupulous estate developers in Abuja.
According to the commission, the illegal estate developers are defrauding aspiring home owners through bogus offers.
EFCC said it had in recent weeks recorded an upsurge in the number of reported cases of individuals, mostly low and middle-income earners that had been swindled after responded to advertisements for subscription to own properties.
“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,” EFCC stated.
It added that the dishonest developers target low and middle income earners who could not 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.”
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The commission called on stakeholders in the real estate sector, as well as the regulatory agencies such as the Nigerian Society of Estate Surveyors and Valuers to collaborate, review and firm up the regulatory framework for property development in the Abuja to check the activities of unscrupulous private developers.
“It is also imperative for intending home owners to ascertain the credibility and capacity of developers before subscribing to their offers."
- CAJ News