Nigeria’s House of Representatives says it is investigating allegations of misconduct and violation of applicable laws by estate developers within the Federal Capital Territory with a view to eliminating financial crimes in the sector.
The Committee is also to liaise with enforcement agencies with a view to ensuring prosecution of those found to have gone against the required regulations with a view to putting an end to such sharp practices.
The House is also to work with relevant stakeholders and MDAs towards formulating laws, issuing guidelines and other appropriate legislations/regulations for this trillion-naira sector. This will enhance monitoring, regulation, and ensure protection of investors of subscribers from illegal transactions and eliminate unethical real estate practices in the FCT.
They are also to liaise with relevant MDAs to revisit the issue of compiling a database on property transactions and newly approved developments while also ensuring that real estate developers are duly licensed before engaging in the practice.
Goodhead said the Federal Capital Territory (FCT) is one of Nigeria’s top property hotspot as well as the political and governmental heart of the country as well as one of the two primary international business gateways into Nigeria.
She said this has allowed FCT to develop a burgeoning real estate industry to meet the growing need for housing, adding that “real estate development means further economic growth as evidenced by the growing number of real estate developers in the FCT proposing off-takers housing solutions to individuals.”
