Corporate Affairs Commission (CAC) has made a startling revelation, uncovering a network of 189 fake companies that exploited fraudulent means to secure land allocations in the Federal Capital Territory (FCT).
This revelation was disclosed by the Registrar General of the commission, Hussaini Magaji, during a press briefing held in Abuja on Tuesday.
The shocking discovery was prompted by a complaint from the Federal Capital Territory Administration, which suspected foul play in the land allocation process. The complaint triggered a thorough investigation by the CAC, revealing the existence of a non-existent company that sought land allocation.
Further probing of this discovery led to the identification of 189 such fake companies. In a significant development, two individuals, including a lawyer, have been apprehended. Moreover, a cartel operating in collaboration with personnel from the Abuja Geographical Information System, lawyers, and the commission itself, has been identified.
In his address, Mr. Magaji stated, “Let me use this opportunity to inform the public that one of the major milestones achieved so far since I assumed office is our ability to bust a cartel or a network of individuals that are causing havoc for the commission.”
The nefarious cartel’s modus operandi involved the creation of counterfeit entities, often with the assistance of lawyers posing as accredited agents of the CAC and in collaboration with staff from the Abuja Geographical Information System.
These entities would then apply for land allocations in the FCT, manipulating their applications to prioritize over legitimate ones. This scheme had been successful until its discovery.
Mr. Magaji commented, “The nature of their crime is they create fake entities through connivance with some lawyers claiming to be accredited agents of the commission and staff of Abuja geographical information system and apply for land at the FCT, maneuvering their ways to a priority application over existing applications in order to take over lands, and they have been quite successful before we discovered it.”
As part of the ongoing investigation, two suspects, including a lawyer, have been apprehended and are currently being interrogated for more information. The CAC, in cooperation with security agencies, intends to apprehend other members of this unscrupulous cartel.
Regarding the CAC’s future direction, the Registrar General pledged to enhance the commission’s revenue base by taking measures to sanction companies that fail to disclose their annual returns, among other penalties. This financial boost will empower the commission to fulfill its objective of becoming a world-class regulatory body.
