The Federal Competition and Consumer Protection Commission (FCCPC) has clarified reasons why it sealed the headquarters and management office of Peachville Platinum Estate Limited in Abuja over the company’s failure to deliver a N140 million property to a customer despite receiving full payment.
The enforcement action followed the company’s failure to comply with a Compliance Notice issued by the commission after investigating a complaint by Mr Aboluwade Victor, who paid for a four-bedroom detached duplex with boys’ quarters at Peachville Estate, Phase II, Kukwaba District, Abuja.
In a statement signed by its director of corporate affairs, Ondaje Ijagwu, the FCCPC said the complainant paid the full purchase price in August 2025 after the developer assured him that the property would be handed over upon completion of payment.
However, the commission said the customer alleged that the property remained unfinished and was not delivered despite fulfilling his financial obligations.
According to the FCCPC, investigations revealed that the company had informed it of an understanding allegedly reached with the customer at a meeting held at the Federal Capital Territory Administration (FCTA), under which the property was expected to be handed over by August 2026.
The commission, however, said the company failed to provide documentary evidence to substantiate its account of the agreement.
It added that further proceedings were conducted to allow the company to provide additional information, but its responses did not satisfactorily address the issues raised.
The FCCPC also alleged that representatives of the company declined to sign witness statements required to conclude the proceedings.
Following the investigation, the commission issued a Compliance Notice to Peachville on August 17, 2026, pursuant to Section 150 of the Federal Competition and Consumer Protection Act, 2018.
The notice was received by the company on August 19, 2026, but the commission said the developer failed to comply within the stipulated period, prompting enforcement action under Section 150(4)(a) of the Act.
Commenting on the development, the executive vice chairman and chief executive officer of the FCCPC, Mr Tunji Bello , said purchasing a home often represented years of savings for many Nigerians, making it imperative for property developers to honour their commitments.
He stressed that developers who collect payments and commit to specific delivery dates must fulfil their obligations or promptly communicate circumstances responsible for any delays.
Bello warned that businesses must comply with directives issued by the commission within the stipulated time, adding that failure to do so would attract enforcement measures provided under the law.
Reacting to the enforcement action, the lawyer to Peachville Platinum Estate Limited, S. I. Abdulaziz, said the company was working towards completing the property and handing it over to the customer on or before February 28, 2027.
Speaking with LEADERSHIP on the telephone, Abdulaziz attributed the delay to the prevailing economic situation, which he said had significantly increased the cost of building materials and other construction expenses.
He maintained that the property was substantially completed, with only finishing touches remaining, but acknowledged that the customer was dissatisfied because the agreed delivery timeline had elapsed.
The lawyer admitted that Mr Victor had every right to demand possession of the property, having paid the purchase price in full.
He further explained that the company had reached an understanding with the customer to extend the delivery deadline to April 2027 to enable it to complete the outstanding work and hand over the property.
However, he expressed concern that the FCCPC proceeded with enforcement action despite the understanding allegedly reached between the parties.
According to him, the customer’s petition had been lodged with the commission before the parties reached their understanding, but was not withdrawn afterwards.
Abdulaziz also disputed aspects of the commission’s account of the proceedings, clarifying that the relevant order concerning Mr Victor’s complaint was issued in 2026 and that the company had sought an extension of time to comply, which the FCCPC declined.
He added that Peachville was also addressing genuine issues raised by residents concerning outstanding infrastructure and facility-management within the estate.
The lawyer appealed to customers and other stakeholders to exercise patience, assuring them that the management remained committed to completing properties under construction and resolving outstanding challenges.
He said the company was targeting February 28, 2027, for the handover of Mr Victor’s property.