CAC uncovers 189 fictitious companies used for land racketeering, arrests suspects

The newly appointed Registrar-General, Corporate Affairs Commission (CAC), Mr. Hussaini Magaji, yesterday, disclosed that the Commission uncovered 189 fake companies used to secure land allocations in the Federal Capital Territory (FCT), and defrauding well-meaning Nigerians.

Addressing journalists in Abuja, Magaji, said the fraudulent scheme was detected barely one week after his assumption of office.

He added that a syndicate of criminals that specialised in operating numerous unregistered companies was busted and arrested by the commission.

He said, “One of the milestones achieved upon my assumption of duty is our ability to burst a ring of criminals that are creating havoc in the commission.

“About 189 fake companies have been identified to be used by these group of persons to secure lands.

He said these non-existing entities collaborate with lawyers who claim to be accredited agents with the commission.

Magaji added, “They collaborate with some staff of the Abuja Geographical Information System, (AGIS), manage their way to make applications at the AGIS and take priority over existing applications.

“With the collaboration of security agents, we arrested the suspects who have volunteered some information.”

He said the suspects were arrested through complaints from the FCTA asking the commission to verify some applications made by some entities.

He added that the discovery of the non-existent company led him to investigate further, resulting in the identification of other companies.

He said upon findings, the commission discovered that the companies were not even in existence.

The CAC boss said, “The nature of their crime is that they create a fake entity and apply for land at the FCTA and maneuver their way to have a priority application over an existing application.

Credit: This Day