By Chioma Iruke
Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC) has issued a stern warning to fraudsters and money launders who hide their loots by investing in real estate.
Chairman of the EFCC, Abdulrasheed Bawa, said the agency would begin combing real estates in Abuja, Lagos and Port Harcourt, after it discovered that 90 to 100 percent of stolen public funds are said to be used for the procurement of houses and lands.
Speaking at the media briefing organized by the Presidential Communication Team at the State House, Abuja, he identified the real estate sector as a major conduit for money laundering.
“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,” Bawa said
He added that the commission would also go after car, jewelry dealers and real estate developers who might be serving as conduits for money laundering.