The Economic and Financial Crimes Commission (EFCC) has raised concerns about the growing use of Nigeria’s real estate sector for money laundering. The agency says many estate developers are helping criminals, often without knowing, by not checking where their customers’ money comes from.
EFCC Chairman, Ola Olukoyede, spoke about this on Wednesday during an event in Abuja. He said real estate developers must always check the background of people who want to buy property from them. This process is known as KYC (Know Your Customer).
According to him, “Money laundering is very common among real estate developers based on our investigations and reports.” He warned developers that they could be in trouble if they sell properties to people using stolen money.
“If someone uses stolen money to buy property from you and we find out, we will take that property back,” Olukoyede said. “You cannot keep or benefit from money made through crime.”
He also said that many developers ignore the rules and don’t understand the laws that guide the industry. “In developed countries, things work better because people follow the rules,” he added.
However, Olukoyede said the EFCC is not against real estate businesses. Instead, they want developers to succeed and help reduce crime by creating jobs.
“Our job is to support your business,” he said. “When you succeed, more Nigerians get jobs, and fewer people will be tempted to commit crimes.”
He encouraged developers to work with the EFCC and assured them that the agency is ready to help honest businesses.
“You’re welcome at the EFCC anytime. We’re not trying to shut down your business,” he concluded.
EFCC Chairman, Ola Olukoyede, spoke about this on Wednesday during an event in Abuja. He said real estate developers must always check the background of people who want to buy property from them. This process is known as KYC (Know Your Customer).
According to him, “Money laundering is very common among real estate developers based on our investigations and reports.” He warned developers that they could be in trouble if they sell properties to people using stolen money.
“If someone uses stolen money to buy property from you and we find out, we will take that property back,” Olukoyede said. “You cannot keep or benefit from money made through crime.”
He also said that many developers ignore the rules and don’t understand the laws that guide the industry. “In developed countries, things work better because people follow the rules,” he added.
However, Olukoyede said the EFCC is not against real estate businesses. Instead, they want developers to succeed and help reduce crime by creating jobs.
“Our job is to support your business,” he said. “When you succeed, more Nigerians get jobs, and fewer people will be tempted to commit crimes.”
He encouraged developers to work with the EFCC and assured them that the agency is ready to help honest businesses.
“You’re welcome at the EFCC anytime. We’re not trying to shut down your business,” he concluded.
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