Group Calls for Probe of Real Estate Company Efficacy Construction over Contract Breach with Investors

Secrets Reporters

A group, under the auspices of League of Patriots has called on the anti-corruption agencies, the Federal Competition and Consumer Protection Commission FCCPC, and other relevant government agencies to probe the activities of the management of Efficacy Construction Limited over series of complaints by investors who made payment for houses developed and managed by the company but have not had the houses allocated to them as agreed.

Following series of reports by investors, especially Nigeria diaspora investors, the group considered it expedient that unless there is timely intervention into these allegations, the investors may be on the part of losing their investments.

Speaking during the groups monthly telegraph meeting monitored by this media platform, the League’s Regional Secretary, Europe, Ben Kosiso frowned at the situation where people work hard and invest their monies in their home country only to be frustrated by the so-called wealth managers and developers.

“As a group that protects the interest of Nigerians, especially those in diaspora, we can no longer sit and watch our brothers and sisters who daily work hard and survive under tough conditions to lose their investments at home. At least, we have received more than five petitions from our members in Asia, Europe and America complaining about how the management of the Efficacy Construction continues to default in the agreement the company had their investors over some property in Lagos State.

“When a company finds it convenient to seamlessly renege on agreements again and again, it becomes worrisome going by what is happing in our home country these days. This has continued to erode the confidence of most Nigerians in diaspora who are afraid to commit their hard-earned monies in our home country because of trust issues and government’s inability to ensure that Nigerians investments are protected whether at home or outside of Nigeria’s shores.

“This company, from what we gathered uses realtors/estate agents with deceitful commercials and adverts to lure diasporans into plugging their funds only for them to begin to dilly dally in delivering the buildings. We have reports of Diasporas who have made upfront payments running into two years without the paid houses allocated to them.

The group called on the anti-corruption agencies – The Economic and Financial Crime Commission, the ICPC and FCCPC to wade in and ensure that people do not lose their investments to people of questionable characters.

“Issues like this bring bad name to our dear country. This group stands in the gap between Nigerians living in diaspora and at home. What we do is to ensure that negative narratives are halted. By doing so, we always reach out to concerned parties and ensure that issues do not escalate and discourage others who want to heed the call of President Bola Ahmed Tinubu to think and invest home.

“If the company does not deliver and compensate those investors in line with the agreement, we would have no other options but to resort to every legal means in partnership with the investors and ensure that they do not lose their investments.

All efforts to reach the developer through their given contacts were unsuccessful as at the time of filing this report.