Estate Developer Raises Alarm Against Fraudulent Activities of Firm

The immediate past President of the Real Estate Developer’s Association of Nigeria (REDAN) Dr. Aliyu Oroji Wamakko has warned Estate Developers across the Country to be weary of the Managing Director of Moure Consult Ltd Sadiq Dalhatu Ado over his fraudulent tendencies.

Dr. Wamakko said the warning became imperative following series of complaints from developers especially within the Federal Capital Territory, Abuja.

A statement issued and signed by the former REDAN boss noted that a lot of petition had been written against the managing director, Moure Consult Ltd, Sadiq Dalhatu Ado for fraudulent tendencies and breach of agreement with his victims.

According to Dr Wamakko, some of the victims of Ado had written formally to relevant agencies to address their grievances and highlight the fraudulent tendencies exhibited by the firm.

“We have also come to understand that other real estate developers have been similarly misled and defrauded by Moure Consult Ltd.

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“What we are made to understand is that sometime on February 22, 2024, some of the Estate Developer’s fulfilled their condition, with the understanding that the loan funds would be disbursed within 45 working days as stipulated in the agreement. However, Moure Consult Ltd has failed to uphold its obligations.

“Despite several follow-ups through letters and calls, the funds have not been disbursed. Instead, they have been met with repeated excuses and delays. Notably: In May 2024, they were informed that the loan money was placed in a fixed deposit account, with a promise that the funds would be available by May 30, 2024.

” Upon reaching this deadline, an additional extension was requested until June 28, 2024. Even after this extension, no funds were provided, and efforts to communicate with MD were met with evasion. In your rare responses, you have proposed alternative arrangements, including offering certain amount of money instead of the agreed load citing plans to discount a Bank Guarantee (BG) that has yet to materialize.

“Further, he sought to distract them with unrelated proposals, including alleged agricultural investments and contracts with state governors, as well as requests for assistance in supplying tractors and POP materials.

“These actions raise serious concerns about the integrity and legitimacy of Ado’s operations.

“Furtherance to the above, I want to welcome the Federal government MOFI that stands for Ministry of Finance Incorporated, which is an asset holding company in Nigeria that manages the federal government’s investments, estates, and rights. MOFI is a major financial driver of the Nigerian Economy. so, I called on the Federal government on the
under the renewed hope Housing of the president to provide funds for the private sector in making available affordable housing for Nigerians. Dr Wamakko said.