FCCPC Shuts Down Real Estate Firms for Fraudulent Practices

The Federal Competition and Consumer Protection Commission (FCCPC) announced the shutdown of two real estate firms, Ochacho Real Estate and Ti Bilon Construction, due to allegations of defrauding home buyers. The commission's action, communicated in a statement on Thursday, follows numerous complaints from consumers who reportedly paid in full for housing units but did not receive possession of the properties.

Despite several efforts by the FCCPC to ensure compliance with regulatory directives, the companies allegedly ignored multiple compliance notices and failed to address the complaints. The FCCPC intervened to protect Nigerian consumers from exploitation and to ensure accountability within the country's real estate sector, which has been facing increasing complaints related to housing fraud, project delivery delays, and breaches of agreements.

The offices of the companies will remain closed indefinitely until they fulfill their outstanding obligations to affected consumers. The FCCPC's actions are backed by Section 150(4) of the Federal Competition and Consumer Protection Act 2018, which empowers the commission to sanction businesses that refuse to comply with the law.