The Federal Competition and Consumer Protection Commission has sealed the offices of Peachville Platinum Estate Limited in Abuja over its alleged failure to deliver a N140m property to a buyer despite receiving full payment.
The enforcement action followed the company’s failure to comply with a directive issued by the commission after investigating a complaint concerning the non-delivery of a four-bedroom detached duplex with boys’ quarters at Peachville Estate, Phase II, Kukwaba District, Abuja.
In a statement issued on Friday, the FCCPC said its enforcement team, led by Marvin Nadah, sealed the company’s headquarters along Airport Road and its management office at Peachville Gardens, opposite the Games Village, on Thursday.
The complainant reportedly paid the full purchase price in August 2025 after the developer promised to hand over the property once payment was completed. However, the buyer told the commission that the building remained unfinished and was never delivered.
Following its investigation, the FCCPC said it allowed both the complainant and the company to present their accounts of the transaction.
According to the commission, the company claimed that both parties had agreed during a meeting at the Federal Capital Territory Administration that the property would be handed over by August 2026.
However, the developer failed to provide documentary evidence to support its account of the agreement.
The FCCPC subsequently held further proceedings and requested additional information from the company, but said the responses provided did not adequately address the concerns raised.
The Commission stated that its representatives also reportedly refused to sign the witness statements required to conclude the hearing.
The Commission said it issued a Compliance Notice to the company on August 17, 2026, under Section 150 of the Federal Competition and Consumer Protection Act, 2018.
The company received the notice two days later but failed to comply within the stipulated period.
Consequently, the regulator invoked Section 150(4)(a) of the Act to enforce its directive.
Commenting on the development, the FCCPC Executive Vice Chairman and Chief Executive Officer, Tunji Bello, said property developers must honour their commitments to buyers, particularly after receiving full payment.
“For many Nigerians, buying a home involves years of savings. When a developer accepts payment and commits to a handover date, the buyer is entitled to rely on that commitment,” Bello said.
He added that developers facing delays should communicate the reasons to buyers and provide realistic timelines for completing and delivering their properties.
Bello stressed that businesses were required to comply with directives issued by the Commission within the specified period, warning that failure to do so would attract enforcement measures provided under the law.
“The Commission allowed both parties to be heard. Once the Commission issues a Compliance Notice, the business is required to take the steps set out in it within the specified period,” he said.
The Commission said the action was taken after establishing that the company had failed to meet the requirements of the Compliance Notice.
