FCCPC Shuts Down Real Estate Companies Accused of Defrauding Home Buyers

The Federal Competition and Consumer Protection Commission has sealed the Abuja offices of two real estate firms, Ochacho Real Estate and TI’Bilon Construction and Facility Management Company, over allegations of defrauding home buyers and failing to comply with regulatory directives.

Politics Nigeria reports that the enforcement action was announced by the commission on Thursday in a statement shared on its official X account.

The FCCPC said the move followed repeated complaints from consumers who allegedly paid fully for housing units but were yet to receive possession of their properties.

According to the commission, several efforts were made to get the companies to comply with directives issued to them. However, the firms allegedly ignored multiple compliance notices and failed to address the complaints brought against them by affected subscribers.

The agency said its intervention became necessary to protect Nigerians from exploitation and ensure accountability within the country’s real estate sector, which has continued to face growing complaints linked to housing fraud, delayed project delivery and breach of agreements.

“The sealed offices will remain shut indefinitely until both organisations fully fulfill their outstanding obligations to the affected consumers,” the commission stated.

The FCCPC explained that the action was backed by Section 150(4) of the Federal Competition and Consumer Protection Act, 2018, which empowers the commission to sanction businesses and organisations that refuse to obey lawful regulatory directives.

The commission maintained that consumers who paid for properties deserve protection under the law, adding that developers must honour agreements reached with buyers.

In recent years, the real estate sector in Nigeria has come under increased scrutiny over cases involving failed housing projects, disputed land allocations and allegations of fraud against developers. Industry stakeholders have repeatedly called for stricter regulation to restore public confidence in the sector.

The FCCPC reiterated its commitment to protecting consumers and warned that companies engaging in unethical practices would continue to face enforcement actions.

Affected home buyers are expected to monitor further directives from the commission as investigations and compliance processes continue.