By Onilede Titi Faith
The Economic and Financial Crimes Commission (EFCC), has announced plans to launch a thorough investigation into the real estate sector, beginning with the Federal Capital Territory (FCT), to uncover the true owners of properties and determine if some were acquired through illicit means.
EFCC Chairman, Ola Olukoyede, made this known on Wednesday in Abuja during a keynote address at a “Policy Dialogue on the Critical Issues Affecting Nigeria’s Real Estate Ecosystem.”
Olukoyede expressed concern that several estates in Abuja and other parts of the country may have been purchased with stolen public funds or proceeds from transnational crimes.
He noted that the Money Laundering (Prevention and Prohibition) Act, 2022 empowers the EFCC to trace financial flows within the real estate industry.
The anti-graft agency said it will partner with industry stakeholders to ensure a credible audit and investigation process.
Sector representatives at the event underscored the need for reliable data, including comprehensive property records and ownership registries, to aid transparency and curb suspicious transactions.
Olukoyede also reaffirmed EFCC’s commitment to supporting legitimate real estate enterprises.
He urged banks to review lending rates, currently as high as 30% and consider single-digit alternatives to foster growth, boost job creation, and encourage transparency in the sector.
