The Economic and Financial Crimes Commission (EFCC) on Wednesday sealed the offices of The First Group company, a real estate firm located on the seventh-floor of the Bank of Industry building in the Central Business District, Abuja.
Those familiar with the matter said the EFCC moved against the company following complaints that it was engaged in a phony real estate scam in which innocent Nigerians were duped to the tune of $200 billion.
Operatives of the EFCC had in May 2016 raided the offices as part of investigations into the alleged property fraud.
Several implicating documents were discovered, including a list of high profile patrons, our sources said.
Investigations into the scam, operatives said, revealed that the company, originally known as TFG Real Estate Limited, operates in Nigeria in the guise of being The First Group company, a Dubai-based real estate firm, which is not registered in Nigeria.
EFCC insiders said The modus operandi of the company was to lure innocent Nigerians interested in owning properties in Dubai, into parting with their hard-earned money.
“They are mandated to make the payments in installments; 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,” a source said.
The company could not be reached for comments at the time of this report.