$200bn scam: EFCC seals First Group office in Abuja
Thu Jul 14, 2016 02:23:pm Gist
2.8K By sosa hills
As the all-out war against corruption declared by President Muhammadu Buhari scales up, the Economic and Financial Crimes Commission (EFCC) yesterday shutdown the offices of The First Group Company.
The First Group is a real estate firm located on the seventh-floor of the Bank of Industry building in the Central Business District, Abuja noted for brisk marketing of plum property in Dubai, using pretty lady canvassers.
A source familiar with First Group's operational strategies said the anti-corruption agency moved against the company following complaints that it was in reality, a deceptive real estate organisation which has to-date fleeced innocent Nigerians up to $200 billion.
It could be recalled that in May 2016, EFCC operatives raided the First Group offices as part of investigations into mounting allegations on property fraud.
According to EFCC operatives, investigations into the alleged swindle revealed that First Group, previously known as TFG Real Estate Limited, functions in Nigeria in the pretext of being The First Group Company, a Dubai-based real estate firm not registered in Nigeria.
EFCC sources revealed that the strategy of First Group was to entice naïve, rich Nigerians keen on owning Dubai properties into parting with their funds.
According to another source, "Nigerians are mandated to make the payments in instalments; however, the payment is deliberately structured in such a way that the debt is difficult to offset, and as soon as one defaults, the money will be "seized" by the company."
It will be recalled that President Buhari's agreement with the United Arab Emirates in January to help recover stolen money may have yielded quick results as the UAE government has released names of Nigerian politicians who have properties in the oil-rich country.
The First Group is a real estate firm located on the seventh-floor of the Bank of Industry building in the Central Business District, Abuja noted for brisk marketing of plum property in Dubai, using pretty lady canvassers.
A source familiar with First Group's operational strategies said the anti-corruption agency moved against the company following complaints that it was in reality, a deceptive real estate organisation which has to-date fleeced innocent Nigerians up to $200 billion.
It could be recalled that in May 2016, EFCC operatives raided the First Group offices as part of investigations into mounting allegations on property fraud.
According to EFCC operatives, investigations into the alleged swindle revealed that First Group, previously known as TFG Real Estate Limited, functions in Nigeria in the pretext of being The First Group Company, a Dubai-based real estate firm not registered in Nigeria.
EFCC sources revealed that the strategy of First Group was to entice naïve, rich Nigerians keen on owning Dubai properties into parting with their funds.
According to another source, "Nigerians are mandated to make the payments in instalments; however, the payment is deliberately structured in such a way that the debt is difficult to offset, and as soon as one defaults, the money will be "seized" by the company."
It will be recalled that President Buhari's agreement with the United Arab Emirates in January to help recover stolen money may have yielded quick results as the UAE government has released names of Nigerian politicians who have properties in the oil-rich country.
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