….. As Reps seek NFIU, EFCC intervention to stop financial crime in FCT real estate sector.
By Kassim Omomia
The N894.842 billion supplementary budget transmitted by President Muhammadu Buhari has been debated and scaled second reading in the House of Representatives.
The money Bill was subsequently referred to committee on Appropriation for further legislative works.
Leading debate on the general principles of the Bill, the Majority Leader, Hon. Alhassan Ado-Doguwa explained that the President’s request was based on two main sub-heads, health, and security.
Ado-Doguwa noted the concerns of Nigerians over COVID-19 and said it was important Government provides the needed funds through appropriation to stop the pandemic.
He added that additional funding was required to checkmate the growing insecurity in the country, hence the need for inclusion of security in the supplementary budget.
After debate, the bill was immediately to the House Committee on Appropriation, chaired by Hon. Muktar Betara for further legislative action.
Similarly, the House is to investigate operations of Real Estate Developers in the Federal Capital Territory (FCT) .
The move is to stop financial crimes in the sector.
The House therefore passed a resolution after adopting a motion of urgent national importance sponsored by Hon. Boma Goodhead
Goodhead in her debate of motion sought the collaboration among various security agencies, like the Nigeria Financial Intelligence Unit (NFIU), Economic and Financial Crimes Commission (EFCC), and Independent Corrupt Practices and other related offences Commission (ICPC) as well as the relevant government housing regulators, the Federal Mortgage Bank of Nigeria (FMBN), National Housing Fund (NHF), to curb the menace.
She disclosed that the industry has become a safe haven for stolen funds and money laundering, and called on the House to set up an Ad-hoc Committee that will investigate complaints on the misconduct of Real Estate Developers and create a forum for members of the public to lodge complaints against such fraudulent developers.
“The House note the Federal Capital Territory (FCT) is one of Nigeria’s top property hotspot as well as the political and governmental heart of the country and being one of the two primary international business gateways into Nigeria.
“This investment has allowed it to develop a burgeoning real estate industry to meet the growing need’ she argued.
However, the House passed the resolution and subsequently mandated an Ad-hoc Committee to fully investigate the Real Estate Developers suspected to be violating applicable laws.
The special committee is to liaise with relevant enforcement agencies with a view to prosecution, with a view to putting an end to these sharp practices.
The Ad-hoc Committee is also expected to interface with relevant stakeholders and MDAs towards formulating a law, issuing guidelines or other appropriate legislation/regulations for the multi-trillion naira sector, with a view to enhance monitoring, regulation, and ensure the protection of investors of subscribers from illegal transactions and eliminate unethical real estate practices in the FCT.
The House also tasked the Ad-hoc Committee 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.
