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Affordable Real Estate In Abuja? Is This Really True?

Incredible!

With N10,000, Abuja residents will soon become landlords

By FRANCIS AWOWOLE-BROWNE, Abuja

Monday, March 26, 2007

* Mores Stories on This Section

This may sound too good to be true, but it is a fact. Within the next three years, with the Private Public Partnership of the FCT authorities and a private estate management consultants, struggling residents of Abuja can have keys to his or her own house with payment of just between N10, 000 and N25, 000 as first installment.

That most Nigerians are living in squalor is undisputable. In fact, over 90 percent of the nation’s 140 million citizens, according to statistics, are vagabond. With the hope of owning a house sealed, each of this population segment, reports say, moves from one place to another in search of decent accommodation, which often times are beyond their income level. No thanks to the economic doldrums which confined majority to living below the poverty line.

However, in the next three years, starting from Abuja , the dream of most Nigerians to be a proud house owner may transform to reality, when the on-going Private Public Partnership (PPP) housing project between the federal authorities and a renowned World Bank certified real estate developer comes on stream. It would look a miracle of the century, if indeed, with as little as N10, 000. Nigerians would get a key to a house, as the project seeks to achieve. This should be a cheering news to those whose houses have been demolished by the FCDA and lost hope of building another one.

The pivot and principal consultant of the deal, which is being coordinated and executed by Blue Royal Site Services, Prince Olubunmi Faboro said the project of which the Federal Capital Territory Administration (FCDA) had signed an agreement will mark the beginning of a revolution in the housing sector in the country. He explained that in the next three years 3000 low and medium income housing units, would have been delivered if everything goes as planned.

According to him, his organisation in collaboration with the Federal Ministry of Foreign Affairs has made trade missions to some countries, including Dubai which had conquered the problem of inadequate affordable houses to their citizens.

Housing problem in Nigeria

Prince Faboro pointed out that affordable housing to the citizens is a basic service any responsible government should be able to provide. No government according to him could lay claim to good governance without shelter. Shelter, he said, is a compulsory requirement in life after food and clothing. On the other hand, he explained that the business of provision of housing is not the exclusive responsibility of government.

He stated that the private sector holds the key to affordable housing and government world over, could only participate as a facilitator. In Nigeria , he noted, many private operators have come up with various types of housing arrangements and schemes, as would have expected.

"However, the problem is that these houses are too elitist and expensive for an average income earner to possess. This is why less than two percent of the population can afford the houses. The houses are that expensive because mortgage based housing has not worked in Nigeria. Any interest rate that is above a single digit cant help developers to deliver, except the Mega banks rolling out products in real estate reduce their interest rate, having a decent houses will continue to be a mirage for the low and middle income earners in the country.

"Going by the schemes on ground on housing as being bandied by the private developers, no civil servants can get his own house through any of the developers except of course, he or she steals. This is why we are devising a new method of mortgage housing which is accessible to all adults in public and private sector, entirely different from what we use to have.

How it works

Prince Faboro, who is Chief Executive Officer of FHT Venture Plc, the promoters of the Blue Royal Site and Services explained that under the deal the authorities would facilitate the acquisition of land that the investors would make use of. The investors both local and foreign are expected to deploy their expertise and technical know how. Federal Mortgage Bank, he added is involved in rendering mortgage services. Prince Faboro equally, suggested that there is an opportunity the billions of naira in the pension fund held by the pension fund administrators could be deployed to finance the houses, since the owners of the funds are the same people that will benefit from the mortgage based housing scheme.

"The availability of millions of naira mortgage can make for decent houses. Depending on the years of service and age of the beneficiary, when the scheme comes on stream, an average adult can posses a house with the first installment payment of between N10,000 and N15,000 and can pay for between 15 and 25 years." Incredible as this may seem, the Principal consultant maintained that the houses would be that cheap because materials for the house would be sourced locally and would therefore be cheap. "Mortgage institutions have low capital base and could not take on big housing projects, and therefore banks delve into the service with huge interest rates which when added together escalate the cost of the house and pushed it beyond the reach of the common man. Except people have access to mortgage, Nigerians would find it difficult to own a house.

FCT partnership

The mortgage housing scheme is to take off in Abuja as a pilot project. Prince Faboro disclosed that an agreement had been signed and a proposal made to the Federal Capital Territory Administration (FCDA) on the basis of PPP for the provision of lands for both low and high income earners. Over 3,000 houses are to be delivered. By this arrangement, he is of the view that prices of houses will fall, by the simple law of demand and supply.

The consultant expressed satisfaction at the level of response of the people to the mortgage based housing scheme. According to him, people have been coming to obtain application. "We have to start early and have people expressed their interest so as to also ginger us into action. Application is available to every qualified adults, the mortgage bank is ready to embark on the processing while we undertake the practical and technical aspect of it. We want to show to the whole world that cheap and decent houses can be provided and that all Nigerians can be housed without draining their pockets since they will pay over a long period of time and we want to lead the way.

Culled from

http://www.sunnewsonline.com/webpages/news/abujareports/2007/mar/26/abujaroport-26-03-2007-002.htm

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7 answers

Continue to name and shame them.

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Fello Nigerians,

Please read the facts below - concerning Prince O. A. Adewa-Faboro Executive Chairman FHT Ventures Plc. The man has been a 419/fraudstar all his life. He was detained at Alagbon Police Station in 1995 for defrauding lots of people. He always claimed knowing former EFCC Chairman, Nuhu Ribadu, Governor of Ekiti State - Engr. Segun Oni, some Police Officers including Commissioner of Police FTC at his beck and call and powerful people at the corridor of government in Abuja because they were in his payrolls and claimed to be untouchable. He claimed to be the next person to the throne of Olojudo of Ido-Ekiti in Ekiti State but thank God, another Faboro was installed as Olojudo of Ido-Ekiti. Many thanks to Mrs. Farida Waziri - Chairman EFCC. He should be charged to Court and sentence accordingly to serve as an example to others.

EFCC ARRESTS PRINCE ADE FABORO FOR DUPING ARMY GENERAL AND MANY OTHERS OF N650 MILLION IN ABUJA LARGEST LAND SCAM

EVERY DAY FOR THE THIEF, BUT ONE DAY FOR THE OWNER OF THE HOUSE, SO SAYS A POPULAR NIGERIAN PARLANCE.

THAT IS THE STORY OF POPULAR ABUJA BIG BOY. PRINCE OLUBUNMI ADE FABORO. WHO LIVED A LIFE OF CRIME .

UP UNTIL HIS ARREST BY THE EFCC, PRINCE FABORO HAD BEEN A SUCCESSFUL FRAUDSTER. SOURCES SAY, HE HAD OFTEN BOASTED OF HIS CONNECTIONS IN THE HIGHEST ECHELONS OF POWER , OF HIS GODFATHERS IN GOVERNMENT. ALAS, WHEN HIS CUP BECAME FULL IT PROVED, HE WAS JUST ANY PETTY TRICKSTER WITH A SWEET TONGUE WHO USED FALSE APPEARANCES TO BE A MASTER OF HIS ART.

WHILST HE REIGNED IN THE FEDERAL CAPITAL TERRITORY, ABUJA, THE EASIEST AND BEST PLACE IN THE WORLD TO PEDDLE CONNECTIONS, HE HAD THE BEST OF CARS, AND WAS SEEN WITH THE BEST GIRLS. HE WAS ALWAYS VERY EXPENSIVELY DRESSED AND SHOWED UP IN THE CAPITALS TOP WATERING HOLES, INCLUDING THE CAPITOL BAR AT NICON NUGA, HOTEL.

PRINCE FABORO BESTROOD ABUJA AS A HIGH STAKES PROPERTY DEVELOPER. HE HAD A BEAUTIFUL OFFICE AND HE SWEET TALKED PEOPLE INTO BELIEVING HE COULD BUY LAND AND BUILD HOUSES FOR PEOPLE IN BOTH ABUJA AND NASSARAWA STATE WHICH IS A STONE THROW AWAY FROM ABUJA. HE PERFECTED THIS SCHEME SO WELL, HE WAS ABLE, WITHOUT MUCH EFFORT TO COLLECT OVER N650 MILLION FROM HIS CLIENTS…VICTIMS, FOR CASTLES IN THE SKY.

THERE’S MORE, HIS LIST OF VICTIMS IS VERY IMPRESSIVE; IT INCLUDES A SERVING ARMY GENERAL(CAN YOU IMAGINE HIS BOLDNESS AND EFFONTERY),STAFF OF THE MINISTRY OF DEFENCE, A HANDFUL OF PARAMILITARY MEN, SOME ICPC STAFF, WHERE DID THEY GET ALL THAT MONEY?, STAFF OF HFI VENTURES,OPERATOR OF ABUJA GREEN TAXI AND MANY , MANY MORE, SOME OF WHOM ARE STILL CRYING IN THEIR CLOSETS. PEOPLE LOST BETWEEN N25M AND N50 MILLION.

EFCC CHIEF SPOKESMAN, FEMI BABAFEMI, COMFIRMED HIS ARRESTS. AND WE CAN TELL YOU THAT PRINCE FABORO WILL BE CHARGED TO COURT PRETTY SOON.

FOR ALL HIS VICTIMS WHO ARE HOPING THAT HE WILL REFUND THERE MONEY, FORGET IT, I HEAR HE HAS SQUANDERED IT ALL ON ….HIGH LIVING.

HOW DO THEY SAY IT IN PORT HARCOURT…. MUGU FALL GUY MAN WACK…

Posted by nationalweekender at 7:13 AM 1 comments Links to this post

Labels: ADE FABORO, EFCC 419, FARIDA WAZIRI, FEMI BABAFEMI, NIGERIAN SCAMMERS

HOUSING SCAM: FRAUDSTER SWINDLES ARMY GENERALS ---http://www.nigerianbestforum.com/index.php?topic=39028.0;prev_next=next

« on: September 03, 2009, 12:11:05 PM »

________________________________________

Housing Scam: Fraudster swindles army generals

Written by Boco Edet

Economic and Financial Crimes Commission (EFCC) has arrested a suspected fraudster who duped top military officers including army generals, some staff of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and Abuja Leasing Company (ALC) of over N500m under the false pretence of providing houses for them.

A source withing the EFCC said Olubunmi Faboro, a 54 year old business man from Ekiti state and Chief Executive Officer of Blue Royal Site Services claiming to specialise in estate development, allegedly collected several millions from unsuspecting members of the public promising to build houses for them.

EFCC was alerted on the activities of Faboro when it was petitioned by five staff of the Abuja leasing company who alleged he collected N5m from them to provide a three bedroom bungalow.

Other petitions flooded the commission from ICPC and the Ministry of Defence alleging he received more than N300m from different individuals for the same purpose.

Operatives traced the suspect to Kuje prison where he was on remand on the orders of an FCT high court where he is being tried for a similar offence. The EFCC took him into custody for questioning.

Investigations so far have revealed the suspect cannot account for monies he collected from victims and he does not own any land in Abuja or Nassarawa as claimed.

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The Man is a 419/Scammer all his life.  Read below news about him or go to the following sites:

http://nationalweekender.blogspot.com/2010/03/efcc-arrests-prince-ade-fabgoro-for.html

http://www.nigerianbestforum.com/index.php?topic=39028.0;prev_next=next

Friday, March 26, 2010

EFCC ARRESTS PRINCE ADE FABGORO FOR DUPING ARMY GENERAL AND MANY OTHERS OF N650 MILLION IN ABUJA LARGEST LAND SCAM

EVERY DAY FOR THE THIEF, BUT ONE DAY FOR THE OWNER OF THE HOUSE, SO SAYS A POPULAR NIGERIAN PARLANCE.

THAT IS THE STORY OF POPULAR ABUJA BIG BOY. PRINCE OLUBUNMI ADE FABORO. WHO LIVED A LIFE OF CRIME .

UP UNTIL HIS ARREST BY THE EFCC, PRINCE FABORO HAD BEEN A SUCCESSFUL FRAUDSTER. SOURCES SAY, HE HAD OFTEN BOASTED OF HIS CONNECTIONS IN THE HIGHEST ECHELONS OF POWER , OF HIS GODFATHERS IN GOVERNMENT. ALAS, WHEN HIS CUP BECAME FULL IT PROVED, HE WAS JUST ANY PETTY TRICKSTER WITH A SWEET TONGUE WHO USED FALSE APPEARANCES TO BE A MASTER OF HIS ART.

WHILST HE REIGNED IN THE FEDERAL CAPITAL TERRITORY, ABUJA, THE EASIEST AND BEST PLACE IN THE WORLD TO PEDDLE CONNECTIONS, HE HAD THE BEST OF CARS, AND WAS SEEN WITH THE BEST GIRLS. HE WAS ALWAYS VERY EXPENSIVELY DRESSED AND SHOWED UP IN THE CAPITALS TOP WATERING HOLES, INCLUDING THE CAPITOL BAR AT NICON NUGA, HOTEL.

PRINCE FABORO BESTROOD ABUJA AS A HIGH STAKES PROPERTY DEVELOPER. HE HAD A BEAUTIFUL OFFICE AND HE SWEET TALKED PEOPLE INTO BELIEVING HE COULD BUY LAND AND BUILD HOUSES FOR PEOPLE IN BOTH ABUJA AND NASSARAWA STATE WHICH IS A STONE THROW AWAY FROM ABUJA. HE PERFECTED THIS SCHEME SO WELL, HE WAS ABLE, WITHOUT MUCH EFFORT TO COLLECT OVER N650 MILLION FROM HIS CLIENTS…VICTIMS, FOR CASTLES IN THE SKY.

THERE’S MORE, HIS LIST OF VICTIMS IS VERY IMPRESSIVE; IT INCLUDES A SERVING ARMY GENERAL(CAN YOU IMAGINE HIS BOLDNESS AND EFFONTERY),STAFF OF THE MINISTRY OF DEFENCE, A HANDFUL OF PARAMILITARY MEN, SOME ICPC STAFF, WHERE DID THEY GET ALL THAT MONEY?, STAFF OF HFI VENTURES,OPERATOR OF ABUJA GREEN TAXI AND MANY , MANY MORE,  SOME OF WHOM ARE STILL CRYING IN THEIR CLOSETS. PEOPLE LOST BETWEEN N25M AND N50 MILLION.

EFCC CHIEF SPOKESMAN, FEMI BABAFEMI, COMFIRMED HIS ARRESTS. AND WE CAN TELL YOU THAT PRINCE FABORO WILL BE CHARGED TO COURT PRETTY SOON.

FOR ALL HIS VICTIMS WHO ARE HOPING THAT HE WILL REFUND THERE MONEY, FORGET IT, I HEAR HE HAS SQUANDERED IT ALL ON ….HIGH LIVING.

HOW DO THEY SAY IT IN PORT HARCOURT…. MUGU FALL GUY MAN WACK…

Posted by nationalweekender at 7:13 AM   Labels: ADE FABORO, EFCC 419, FARIDA WAZIRI, FEMI BABAFEMI, NIGERIAN SCAMMERS.

HOUSING SCAM: FRAUDSTER SWINDLES ARMY GENERALS

« on: September 03, 2009, 12:11:05 PM » 

--------------------------------------------------------------------------------

Housing Scam: Fraudster swindles army generals

Written by Boco Edet   

Economic and Financial Crimes Commission (EFCC) has arrested a suspected fraudster who duped top military officers including army generals, some staff of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and Abuja Leasing Company (ALC) of over N500m under the false pretence of providing houses for them.

A source withing the  EFCC said Olubunmi Faboro, a 54 year old business man from Ekiti state and Chief Executive Officer of Blue Royal Site Services claiming to specialise in estate development,  allegedly collected several millions from unsuspecting members of the public promising to build houses for them.

EFCC was alerted on the activities of Faboro when it was petitioned by five staff of the Abuja leasing company who alleged he collected N5m from them to provide a three bedroom bungalow.

Other petitions flooded the commission from ICPC and the Ministry of Defence alleging he received more than N300m from different individuals for the same purpose.

Operatives traced the suspect to Kuje prison where he was on remand on the orders of an FCT high court  where he is being tried for a similar offence. The EFCC  took him into custody for questioning.

Investigations so far have revealed the suspect cannot account for monies he collected from victims and he does not own any land in Abuja or Nassarawa as claimed.

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LETTER OF INTRODUCTION

FHT Ventures, Plc (Promoters of Blue Royal Sites & Services) is a Multi-disciplinary Group of Consultants and Developers base in the FCT Abuja. We have a well designed drawn out Mortgage Based Housing Scheme for civil servants and the general public alike.

Our Services:

1. Prime sites at various locations within the Federal Capital Territory that will be developed into housing units for Civil Servants and the General Public.

2. Various types of single-family detached and semi-detached housing design to choose from.

3. Our design includes 2, 3, 4 and 5 bedrooms bungalows and duplexes to choose from.

4. Low monthly payments on all mortgage loans.

5. Our Overseas Professional Technical Partners will provide state-of-the-art designs that meet international standards.

6. We provide all infrastructures in all estates and satellite towns for conveniences of our beneficiaries.

7. Our goal is to provide Affordable and Decent houses for all income earners.

8. We enjoin your members to subscribe to this scheme and in matter of a few months they will have their keys to their houses in their hand. Early subscription will afford you the opportunity to enjoy some special privileges.

9. An arrangement has been concluded in Partnership with Banks to assist the members of your Staff with the Land Commitment Fees within 12 Months. Attached is the letter from Intercontinental Bank.

The locations of our building sites within F.C.T are as follows:

(a) KADO-KUCHI(Opposite PHCN Housing Estate)

(b) LIFE CAMP(Gwarimpa- Kafe)

(c) GALADIMAWA( Opppsite Sun- Valle Homes)

(d) GALADIMAWA(Opposite Sun-City Housing Estate)

And suburb sites are: Mararaba, New Karu and Masaka. Thus more Sites are being negotiated with the Services providers, you will be informed accordingly.

Our mortgage based program is in line with other programs in other developed countries like the UK, Canada and the United States of America with a fixed single digit interest rate of 6%. A one-time mortgage commitment fee of between Three Hundred Thousand to Three Million Naira (depending on the design of house chosen by a beneficiary) is required at the early stage of our program as a sign of commitment prior to commencement of building the house.

For further details and more enquiries on this, please call the Executive Chairman, Prince O. A. Adewa-Faboro on the following numbers: 08039206743; 08023445403; 08056921117.

We sincerely thank you for taking time out of your busy schedules and humbly await your response.

Yours faithfully,

Prince O. A. Adewa-Faboro

Executive Chairman

FHT Ventures Plc

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Hi fellow Nairaland users,

i can confirm to you that the dream of owning your own property in Abuja through Blue Royal site and Services is not a mirage. The project is sponsored by FHT Ventures Plc, Abuja with support from foriegn partners from the united States of america and United Arab Emirates (UAE).

Any questions you may wish to ask will be answered on this forum or by contacting me on blueroyalsites@yahoo.com

Interested members to contact our website www.blueroyalsites.com for more information

@Seun,

while i understand your pessimism, i can tell you that FHT ventures is an independent organisation working with the federal and state governments to provide affordable housing for all Nigerians. The houses are provided by simple mortgage arrangement, first come first serve. Give us a try will you

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Olubunmi Adewa-Faboro is a 419/SCAMMER. He has duped lot of Nigerian, let the people in the country beware! His 419 website is no longer functioning and same with his company address. His last known phone numbers are: 08023445403, 08056921117, 08039206743, +971508560377. He is found of changing telephone lines at will but one of his sister line is: 08033051077.

NIGERIAN PEOPLE SHOULD BEWARE!!!

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Nothing is free in life. Any attempt to sell a product below its ideal price will lead to scarcity. In the end, only the friends of those in government will get these houses. Which is a great shame. (No other outcome is possible.)

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