Corruption: Real Estate in Trouble as EFCC Combs Abuja, Lagos, Port Harcourt for Loots

Corruption: Real Estate in Trouble as EFCC Combs Abuja, Lagos, Port Harcourt for Loots

  • The Economic and Financial Crimes Commission is set to intensify its efforts to tackle corruption in Nigeria
  • Emerging reports indicate that the real estate sector is now on the radar of the federal anti-graft agency
  • EFCC boss Abdulrasheed Bawa on Thursday, June 17, revealed that real estate is a major channel for money laundering

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FCT, Abuja - The Economic and Financial Crimes Commission (EFCC) has identified the real estate sector as a major conduit for money laundering.

Abdulrasheed Bawa, the EFCC chairman, stated that the anti-graft agency is going after real estates in Abuja, Lagos, and Port Harcourt, Daily Trust reports.

EFCC chairman, Abdulrasheed Bawa
The EFCC chairman Abdulrasheed Bawa, says the commission is going after real estates. Photo credit: Economic and Financial Crimes Commission
Source: Facebook

Bawa made the disclosure on Thursday, June 17, at the media briefing organised by the Presidential Communication Team at the State House, Abuja.

According to him, 90 to 100% of stolen public funds were used for the procurement of houses and lands.

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He said:

“Estates are cropping up in Abuja left, right, centre every day. There are estates in this country that are sold off-plan, sold and paid for. So, it’s a huge problem that we need to work with the media to unearth this issue.
"On our part, we’re vigorously going after that, after the real estates, particularly in Abuja, Lagos and Port Harcourt. That is an avenue that we’ve identified as an area where they’re hiding money.”

He said the commission would go after car, jewellery dealers and real estate developers who might be serving as conduits for money laundering.

EFCC boss cries out over death threats

Earlier, Bawa said that he receives death threats often in his fight against corruption in Nigeria.

The anti-corruption agency boss stated this in an interview on Tuesday, June 15, while featuring on a television programme.

While responding to President Muhammadu Buhari’s frequent expression - corruption is fighting back, Bawa said he was in New York, USA, recently when someone called to threaten him.

Read also

EFCC chairman reveals identity of the female minister who embezzled N15 billion

Bawa names top APC chieftain that will face prosecution

Meanwhile, the EFCC chairman has vowed that the commission will prosecute former Abia state governor, Orji Kalu, all over again.

Bawa made the disclosure when he spoke with the press in Abuja on Thursday, June 17.

Kalu, who is now a serving senator, was set free by the Supreme Court on technicalities after being convicted of stealing billions of naira when he was Abia state governor between 1999-2007.


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