The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has recovered N53 billion from a real estate developer for the Federal Mortgage Bank of Nigeria (FMBN).

According to a press release signed by Azuka Ogugua,  Spokesperson, ICPC,
Chairman of ICPC, Prof. Bolaji Owasanoye who made the disclosure during a meeting with the House of Representatives Ad-hoc Committee Investigating the Operations of Real Estate Developers in FCT, said that the developer took the money without providing houses for its subscribers.

He stressed that the Commission will always deploy its mandates against developers who took public funds with the promise to provide houses for public or civil servants without doing so.

Prof. Owasanoye also lamented the rising housing deficit in the country noting that unscrupulous real estate developers in the Federal Capital Territory took advantage of desperate civil servants to scam them of their hard-earned money in the name of housing projects.

He said that the Commission was desirous of partnering with the ad-hoc committee to bring sanity to the housing sector because of its critical nature to the government.