Why Nigerian govt sealed Ochacho Estate

The Federal Competition and Consumer Protection Commission, FCCPC, has shut down the Abuja offices of real estate firms, Ochacho Real Estate and TI’Bilon Construction and Facility Management Company, over alleged failure to comply with regulatory directives and deliver housing units to subscribers who had completed payment.

In a statement issued on Thursday via its official X account, the FCCPC said the enforcement action followed repeated complaints from consumers who were yet to take possession of properties they had fully paid for.

The commission stated that both companies allegedly ignored several compliance notices ordering them to hand over the houses to the rightful buyers.

According to the agency, the offices will remain under seal until the firms meet all outstanding obligations owed to the affected customers.

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

The commission explained that the move was carried out in line with Section 150(4) of the Federal Competition and Consumer Protection Act, 2018, which authorises the agency to enforce compliance against defaulting organisations.

The FCCPC said the action underscores its commitment to protecting consumers against exploitation, particularly in Nigeria’s real estate sector.