The Economic and Financial Crimes Commission (EFCC) has commenced a sweeping investigation into real estate developments across Nigeria, citing the sector as a major conduit for laundering illicit funds.
The Chairman of the Commission, Ola Olukoyede, made this known during a policy dialogue held in Abuja on critical issues affecting the nation’s real estate sector.
Olukoyede disclosed that a special investigative team has already been constituted to identify and trace ownership of properties — particularly abandoned estates — in Abuja and other parts of the country.
“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,” he stated.
According to the EFCC boss, many of the estates under scrutiny have remained uncompleted and uninhabited for up to two decades.
Preliminary findings, he said, point to corrupt public servants as key financiers of such developments.
“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,” Olukoyede revealed.
He explained that the practice typically involves officials initiating construction during their tenure, only to abandon the projects when illegal funding sources dry up. This leaves private developers scrambling for fresh investors to complete the estates.
The EFCC Chairman further disclosed that the Commission has already secured interim forfeiture orders on 15 properties linked to suspicious funding activities, as part of its broader strategy to clamp down on real estate-based money laundering.
“In recent times, we have had cause to file for the forfeiture of about 15 of them. We have got orders of interim forfeiture,” he said.
Olukoyede raised concerns over the financial impracticality of legitimate real estate investments in Nigeria, pointing to high interest rates as a major barrier.
“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?” he asked.
He concluded by reiterating the Commission’s resolve to pursue all illegal financial activities in the sector and bring culpable individuals to justice.
𝗙𝗼𝗹𝗹𝗼𝘄 𝗢𝘂𝗿 𝗪𝗵𝗮𝘁𝘀𝗔𝗽𝗽 𝗖𝗵𝗮𝗻𝗻𝗲𝗹 𝗧𝗼 𝗚𝗲𝘁 𝗟𝗮𝘁𝗲𝘀𝘁 𝗡𝗲𝘄𝘀 𝗔𝘀 𝗜𝘁'𝘀 𝗗𝗿𝗼𝗽!
