Real estate cabal?

There seems to be a cabal controlling every sector of the Nigerian economy. We heard of the cabal in the oil and power industries, and now the real estate cabal.

According to SenatorSmart Adeyemi, they are the reason the senate could not sign into law a bill to control rent.

He told newsmen, after a senate session in Abuja that some powerful people who had vested interests in the real sector frustrated the effort of his committee.

Adding that “these cabals in the guise of Real Estate Developers Association of Nigeria saw the bill as a threat to their interest so that they can continue with spurious charges in order to recoup their financial investment in the industry.”

Though they eventually passed the bill, assent has been denied by President Goodluck Jonathan.

He concluded by saying 'You know right now as we speak, anybody can charge any amount as rents and that is why you see so much houses constructed for a long time and there is nobody occupying it and also there is no effective property tax to generate income to the government in form of internally generated revenue.'