“What we have been able to find out is that most of these estates are funded by civil servants who have stolen money.” – The EFCC Chairman announced the launch of an investigation into real estate properties.
In its ongoing efforts to combat money laundering, the Economic and Financial Crimes Commission (EFCC) has highlighted real estate as a means through which illicit funds are often diverted.
The Chief Executive of the anti-corruption agency, Ola Olukoyede announced yesterday that they have initiated investigations into the purchase of properties nationwide.
He addressed the audience in Abuja during a policy dialogue on pivotal issues impacting Nigeria’s real estate sector.
He said, “I have set up a team. We will start visiting all the housing estates, not just in Abuja, but across Nigeria. We want to know who owns what.
“It will shock you that some of these estates have been abandoned for between 10 and 20 years.
“They just take the construction to a certain level and abandon it, and nobody knows what is going on.
“What we have been able to find out is that most of these estates are funded by civil servants, who have stolen money.
“So, the moment they leave public service and the money is no longer coming, they abandon the estates.
“The developer will now begin to look for investors to support them in completing the projects.
“That is one of the things we have discovered in some of these abandoned estates, and we have taken steps to begin to move against some of those estates.
“In recent times, we have had cause to file for the forfeiture of about 15 of them. We have got orders of interim forfeiture.
“What we have discovered is that the issue of money laundering is very rampant among estate developers. It is extremely rampant.
“There is no one who will go to any bank in Nigeria today and borrow money to invest in real estate and make a profit.
“Real estate development takes time; sometimes you are on a project for five years.
“So, if you have gone to a bank to take a loan at over 30 per cent interest, how do you survive?”