The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has recovered the sum of N53 billion from a real estate developer for the Federal Mortgage Bank of Nigeria (FMBN).
Chairman of the commission, Prof. Bolaji Owasanoye made the disclosure during a meeting with the House of Representatives Ad-Hoc committee investigating the operations of real estate developers in the federal capital, FCT.
He stated that the developer took the developer took the money without providing houses for its subscribers.
While noting that the commission would always deploy its mandate against developers who takes public funds without doing what is require of them, the ICPC chair lamented the rising housing deficit in the country noting that unscrupulous real estate developers in the FCT take advantage of desperate civil servants to scam them of their hard-earned money in the name of housing projects.
He said that the Commission was desirous of partnering with the ad-hoc committee to bring sanity to the housing sector because of its critical nature to the government, informing the committee that one of the ways to tackle housing deficit and fraudulent real estate developers in the country was for government to completely deploy technology as well as grant easy access to information.
Earlier, Chairman of the Ad-Hoc committee, Hon. Blessing Onoh stressed that the cases of developers defrauding would be house owners was becoming rampant, noting that it is common for developers to start projects without completing it.
She said that the committee was set up to proffer solutions to the anomalies and ensure that Nigerians who subscribed to housing projects end up owning them in accordance with the terms of agreement they entered.
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