The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has recovered N53 billion from a real estate developer for the Federal Mortgage Bank of Nigeria.

The Chairman of ICPC, Prof. Bolaji Owasanoye disclosed this during a meeting with the House of Representatives Ad-hoc Committee Investigating the Operations of Real Estate Developers in FCT.

Owasanoye said that the developer took the money without providing houses for its subscribers.

He stressed that the Commission would always deploy its mandates against developers who took public funds with the promise to provide houses for public or civil servants without doing so.

The ICPC chairman also lamented the rising housing deficit in the country.

He noted that unscrupulous real estate developers in the FCT took advantage of desperate civil servants to scam them of their hard-earned money in the name of housing projects.

Owasanoye said that the Commission was desirous of partnering with the ad-hoc committee to bring sanity to the housing sector because of its critical nature to the government.

Earlier, the Chairman of the House Ad-hoc Committee, Rep. Blessing Onoh, observed that cases of developers defrauding would-be house owners was becoming rampant.

Onoh maintained that it was common for real estate developers to start projects, later abandon them and move on to other cites after collecting monies from subscribers.