- The EFCC has launched an investigation into money laundering within the real estate sector
- Some civil servants are using stolen money to buy properties
- A new system is needed to track property ownership
The Economic and Financial Crimes Commission (EFCC) has begun an investigation into the real estate sector, which it has identified as a major avenue for money laundering and diverting stolen funds.
Eko Hot Blog reports that, according to EFCC Chief, Ola Olukoyede, the agency is currently investigating the purchase of numerous estates across the country, many of which were bought by corrupt civil servants.
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Olukoyede noted that these properties are often abandoned once the illegal funds used to acquire them run out, highlighting how vulnerable the real estate sector is to money laundering. At a recent policy dialogue, he announced that the EFCC has already obtained temporary ownership orders for about 15 of these estates.
Speakers at the dialogue called for urgent reforms, including the creation of a register that would reveal the true owners of properties and the use of technology to ensure transparency. They also pointed out that the difficulty in getting affordable loans for real estate development makes the sector an attractive place for laundering stolen money.
In addition, Olukoyede emphasized the need for Nigeria to move away from being a cash-based economy. He argued that a credit-based transactional system is crucial for effectively fighting corruption and money laundering in the country.
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