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Real Estate: FCT Loses N800bn Annually To Fraudulent Developers – National Assembly

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The illegal activities of developers in Abuja, including scamming unsuspecting subscribers and cheating the government out of revenue have been condemned by the House of Representatives’ ad hoc committee investigating the operations of real estate developers in the Federal Capital Territory.

According to the committee, the Federal Capital Territory is losing N800bn annually to the sharp practices by the real estate developers.

The Chairman of the committee, Blessing Onuh, raised the issue in Abuja on Monday at the opening of a two-day workshop on the operations of real estate developers in the FCT.

Onuh said the committee made the discoveries in its preliminary investigation.

She said, “This is necessitated from the hundreds of petitions submitted to this committee by the teeming members of the public who have been short-changed by dubious developers operating freely in the industry.

“A pathetic case is the case of the Petroleum and Natural Gas Senior Staff Association of Nigeria, which paid over N4.2bn to a developer since 2019 and has yet to get even one house delivered to its staff (members)…and there are thousands of similar cases.”

Onuh said the committee hoped to discuss consumer protection laws relating to the real estate sector.

The lawmaker said the committee, within the short period of time it commended the probe, had found out that the level of impunity by developers across the sector was unprecedented.

She said, “To discuss the economy of the real estate industry, we shall clearly articulate the value chain in this multi-trillion naira industry and identify why the FCT has not been getting its fair share from the trillion-naira transactions that have been consummated in the industry since the revolution.

“This committee’s preliminary findings indicated that the FCT has been losing an estimated N800bn annually in revenues accruable to it from the real estate sector.”

Onuh added, “Take, for example, a house or land is sold for N500m; the lawyer gets his legal fees, the agent gets his brokerage fee, the bank gets its transaction charges but the government gets nothing if the transaction is not presented for registration.

“And this kind of transactions go on in volumes every day unregulated, leaving the government with the perennial struggles of meeting up its responsibility of providing decent welfare for its staff and providing modern amenities to its people.

“Many of these transactions are done in cash, making the industry a safe haven for money laundering and illicit financial flows.”

BIG STORY

National Assembly Suspends Plenary Till July 22 To Honour Buhari

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Legislative proceedings in the national assembly have been put on hold to pay respect to Muhammadu Buhari, the former president of Nigeria.

Buhari passed away on Sunday at a London clinic after battling a long-term illness.

The clerk of the national assembly, Kamoru Ogunlana, shared this update through a statement released on Monday.

“I am directed by the president of the senate and the speaker of the house of representatives to inform all members of the national assembly and the general public that all legislative activities are hereby suspended immediately until Tuesday, 22 July, 2025,” the statement reads.

“All members of the national assembly are urged to reschedule their engagements to enable full participation in the burial activities of the late president.”

Leaders of both legislative chambers offered their sympathies to the government and citizens of Nigeria, the administration and residents of Katsina state, as well as the late president’s wives, children, and extended relatives.

“President Muhammadu Buhari will be remembered for his commitment to Nigeria’s unity and his integrity,” the statement notes.

“May Almighty Allah grant his soul eternal rest in Aljannatul Firdaus.”

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BIG STORY

BUHARI: Obasa Mourns, Tasks Nigerians To Celebrate His Life And Legacy

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Speaker of the Lagos State House of Assembly, Rt. Hon. (Dr) Mudashiru Obasa, has expressed his heartfelt condolences on the passing of former President Muhammadu Buhari, GCFR, describing it as a profound loss for both the Buhari family and the entire nation of Nigeria.

In a statement released by his Chief Press Secretary, Dave Agboola, Speaker Obasa reflected on President Buhari’s lifelong dedication and selfless service to the nation both as a military Head of State and as a two-term elected President of Nigeria.

“President Buhari served our nation with a commitment that will be remembered as a significant part of our history.
“His contributions to the development and unity of Nigeria have left an indelible mark on our country,” said Obasa.

As the nation mourns his passing, Speaker Obasa emphasised the importance of celebrating Buhari’s legacy. “While we grieve his loss, we must also honour his contributions and reflect on the values he championed throughout his time in Office,” he added.

The Speaker urged all Nigerians to take a moment to remember the life and work of President Buhari, as the country continues to strive for the ideals he represented. “Let us come together in this time of sorrow, united in our commitment to building the Nigeria he envisioned,” Obasa stated.

“Our thoughts and prayers are with his family and all who were touched by his leadership. May his soul rest in peace.”

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VP Shettima, Gbajabiamila Depart Abuja To Accompany Buhari’s Body Back To Nigeria [PHOTOS]

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Vice President Kashim Shettima, alongside the Chief of Staff to the President, Femi Gbajabiamila, has left Abuja for London to accompany the late former President Muhammadu Buhari’s remains back to Nigeria.

It was earlier reported that Buhari, a two-term President who also once served as a military head of state passed away on Sunday evening.

Reports indicate that the former President died in London, where he had traveled a few weeks ago to receive medical treatment.

Throughout his time in office, Buhari dealt with various health issues, often traveling abroad for extended medical care.

Following his death, President Bola Tinubu instructed Shettima to head to London and bring Buhari’s body back to Nigeria.

Gbajabiamila is also joining Shettima on the trip. Both men were seen boarding the presidential jet on Sunday night in a post shared on X.

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