The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has announced a nationwide investigation into abandoned properties, alleging that many of them, particularly in the Federal Capital Territory (FCT), were built with stolen public funds.
Speaking in Abuja at a policy dialogue organized by Law Corridor, Olukoyede revealed that the anti-graft agency has formed a special team to visit and ascertain the ownership of these properties.
“It will shock you that some of these estates have been abandoned for 10 to 20 years,” Olukoyede said, adding that the EFCC’s intelligence suggests that civil servants who stole money were the primary financiers. “The moment they leave public service, and the money is no longer coming, they abandon the estate.”
The EFCC boss noted that this practice is a significant problem in Nigeria’s real estate ecosystem and warned that some of the individuals who own these properties might have been in the audience at the event. He cautioned lawyers and real estate developers against being used as conduits for money laundering.
While acknowledging that some civil servants have legitimate sources of income, Olukoyede disclosed that the EFCC has already filed for forfeiture of about 15 such estates. He also promised that the agency would meet those involved in court soon, emphasizing that a change in attitude is necessary for the sector to develop.
The move by the EFCC highlights a renewed effort to curb money laundering within the real estate sector and hold those who use stolen funds to acquire properties accountable.
