FCCPC Shuts Down Abuja Real Estate Firms Over Alleged Buyer Exploitation

(FCCPC Seals Ochacho Real Estate. Photo by TVC News)

The Federal Competition and Consumer Protection Commission (FCCPC) has shut down the offices of two real estate companies Ochacho Real Estate and TI’Bilon Construction and Facility Management Company both located in Abuja, over alleged failure to comply with regulatory directives and exploitation of consumers.

The commission disclosed this in an official statement published on its social media page.

According to the FCCPC, the enforcement action became necessary following the continued refusal of both companies to honour compliance notices that had previously been issued to them.

Those notices required the developers to hand over completed housing units to buyers who had made full payment for their properties but were yet to receive them, leaving the affected consumers in a difficult situation.

The commission stated that the sealed offices would remain closed indefinitely until both firms fully settle their outstanding obligations to the consumers involved.

The action was carried out under the authority granted by Section 150(4) of the Federal Competition and Consumer Protection Act (FCCPA) 2018, which empowers the FCCPC to take firm regulatory action against companies that refuse to comply with its directives.