Real estate is the hiding place for money launderers – EFCC 

The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has called on legislators to strictly enforce the regulations of the real estate sector in Nigeria.

He said during a meeting with the House of Representatives Adhoc Committee Investigating Real Estate Developers on Wednesday, August 25, 2021 that relevant authorities must efficiently check fraudulent activities in the sector.

The 41-year-old alleged that real estate is the highest avenue through which corrupt Nigerians launder proceeds of crime.

He had said in June that 90% to 100% of stolen resources are being laundered through the sector.

Bawa said at Wednesday’s meeting the EFCC’s major challenge in the sector is poor enforcement of regulations, and urged the committee to ensure relevant agencies do their jobs.

“When I heard of your committee, I thought this was an opportunity to work with the representatives of the people, to discuss how we can deal with this issue,” he said.

The chairperson of the committee, Blessing Onyeche Onuh, assured Bawa of the cooperation of the lawmakers to fight corruption.

She said the committee was set up to investigate allegations of misconduct by developers, and to formulate policies and laws to check financial crimes in the real estate sector.