The Economic and Financial Crimes Commission (EFCC) has intensified its focus on the real estate sector as a major conduit for money laundering and illicit fund diversion, particularly by corrupt public officials.
EFCC Chairman, Ola Olukoyede, disclosed this on Wednesday during a policy dialogue on critical issues affecting Nigeria’s real estate ecosystem, held in Abuja and organised by the law firm, The Law Corridor.
Olukoyede stated that many newly developed estates across the country are being funded by civil servants using stolen public funds, revealing that the commission has secured the forfeiture of 15 such properties so far.
“What we have been able to find out is that most of these estates are funded by civil servants who have stolen money,” he said, adding that several of the properties are abandoned mid-construction once illicit funds dry up — some for over 20 years.
He stressed the urgent need for the full operationalisation of the Beneficial Ownership Register, which would expose the real individuals behind corporate entities and investments, especially in the real estate sector.
The EFCC boss warned that the real estate industry must not remain a blind spot for illicit financial flows, urging greater transparency and regulatory enforcement to combat financial crimes.
