Dr. Aliyu Oroji Wamakko, the immediate past President of the Real Estate Developers Association of Nigeria (REDAN), has issued a cautionary statement to estate developers across the country, warned them to be wary of Sadiq Dalhatu Ado, the Managing Director of Moure Consult Ltd, due to alleged fraudulent activities.
Dr. Wamakko’s warning was coming after numerous complaints from developers, particularly in the Federal Capital Territory, about breaches of agreement and financial misconduct by Moure Consult Ltd. Several petitions have been filed against the firm and its Managing Director, accusing them of failing to honor contractual obligations and engaging in deceptive practices.
Reports indicated that in February 2024, Moure Consult Ltd approached several developers with a proposal to secure loan facilities for infrastructure development, promised timely disbursement of funds. Despite meeting the terms of the agreement, the developers did not receive the promised funds. Instead, they were met with repeated delays and unfulfilled promises, including claims that the loan money was placed in a fixed deposit account and would be available by specified dates, none of which were honored.
Dr. Wamakko disclosed that, beyond the financial misconduct, Moure Consult Ltd attempted to distract the affected developers with unrelated business proposals, further raising concerns about the company’s integrity.
In response to these issues, Dr. Wamakko has called on the Federal Government to bolster its support for affordable housing initiatives. He urged the government to channel funds through credible private sector players, ensuring the availability of affordable housing for Nigerians. He highlighted the role of the Ministry of Finance Incorporated (MOFI) as a key financial driver in managing the government’s investments and supporting economic growth.
This plea underscored the need for government intervention to protect developers from fraudulent entities and to facilitate the development of affordable housing in Nigeria.
