By Milcah Tanimu
The Corporate Affairs Commission (CAC) has exposed a network of 189 fraudulent companies involved in obtaining land allocations in the Federal Capital Territory (FCT) through deceitful means. Hussaini Magaji, the Registrar General of the CAC, disclosed this revelation during a press conference held in Abuja.
The discovery was triggered by a complaint from the Federal Capital Territory Administration, which had suspicions about an entity fraudulently seeking land allocation. Acting on this complaint, the CAC launched an investigation that ultimately led to the identification of 189 counterfeit companies involved in this illicit scheme.
Two individuals, including a legal practitioner, have been arrested in connection with this elaborate operation. The investigation uncovered a cartel comprising individuals from the Abuja Geographical Information System, lawyers, and collaborators within the CAC.
This cartel exploited the land allocation process by manipulating it in their favor, prioritizing their applications over existing ones, thus engaging in fraudulent land practices within the nation’s capital.
In response to these revelations, the CAC is taking decisive action to address the issue. Arrests have been made, and further interrogations are underway. The CAC is committed to dismantling the entire network involved in this fraudulent activity.
The Registrar General also outlined the commission’s vision to bolster its revenue base. To achieve this goal, they intend to impose sanctions on companies that fail to disclose their annual returns and introduce other penalties. This strategy is designed to enhance the financial strength of the commission and further its mission to be recognized as a world-class regulatory body.
