{"id":121284,"date":"2025-08-06T23:12:30","date_gmt":"2025-08-06T22:12:30","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=121284"},"modified":"2025-08-06T23:12:30","modified_gmt":"2025-08-06T22:12:30","slug":"efcc-to-probe-property-ownership-land-racketeering-in-fct","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/efcc-to-probe-property-ownership-land-racketeering-in-fct\/","title":{"rendered":"EFCC to Probe Property Ownership, Land Racketeering in FCT"},"content":{"rendered":"
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By Tracy Moses<\/div>\n
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The Economic and Financial Crimes Commission (EFCC) has revealed plans to intensify scrutiny of the real estate sector, targeting developers and other key players as part of broader efforts to curb money laundering and financial crimes.<\/div>\n
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EFCC Chairman, Mr. Ola Olukoyede, disclosed this on Wednesday during his keynote address at a Policy Dialogue on the Critical Issues Affecting Nigeria\u2019s Real Estate Ecosystem, organized by Law Corridor Firm.<\/div>\n
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Olukoyede said investigations will begin with the Federal Capital Territory Development Administration (FCDA), where he alleged that shady land deals and corrupt practices have been traced to some officials.<\/div>\n
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He emphasized that the Commission is determined to trace the true ownership of several luxury estates scattered across Nigerian cities, with the aim of identifying properties suspected to have been acquired through illicit funds.<\/div>\n
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\u201cPreliminary findings show that some real estate companies were set up solely to defraud innocent Nigerians. Once these investigations are completed, we will not hesitate to dismantle such fraudulent establishments,\u201d he stated.<\/div>\n
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While reiterating the EFCC\u2019s commitment to fighting corruption through enforcement of laws, Olukoyede also underscored the importance of supporting legitimate enterprises to drive job creation and reduce youth involvement in crime.<\/div>\n
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\u201cBusinesses established with the sole intent to scam Nigerians will be shut down. But we will continue to support genuine enterprises to thrive. Our objective is to sanitize the system, not to discourage honest entrepreneurship,\u201d he said.<\/div>\n
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He further revealed that the EFCC plans to compile accurate data on the real estate industry, including creating a comprehensive registry of property owners. This, he said, would promote accountability and growth in the sector.<\/div>\n
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\u201cIn Nigeria, it is not uncommon to see civil servants own properties worth hundreds of millions without any questions asked. That culture of silence must end. We must develop the courage to challenge corruption collectively,\u201d Olukoyede stressed.<\/div>\n
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He lamented that many high-end estates in the FCT are now abandoned due to their links to stolen public funds. According to him, once such illicit funding is cut off or the officials involved lose their positions, the properties are left to decay.<\/div>\n
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The EFCC boss appealed to Nigerians to partner with the anti-corruption agency, praising the Law Corridor Firm for setting a good example by organizing the policy dialogue to expose malpractices in the sector.<\/div>\n
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He also called on developers to adhere strictly to due process and conduct Know Your Customer (KYC) checks to avoid falling victim to fraud.<\/div>\n
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\u201cWe\u2019ve seen foreign investors set up banks and financial institutions in Nigeria with full compliance to laws. EFCC does not interfere with such operations. But we will continue to go after ventures built on deception,\u201d he said.<\/div>\n
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Olukoyede urged the federal and state governments to create special intervention funds to support the growth of the real estate industry, adding that with the right environment, the sector could significantly contribute to national development.<\/div>\n
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He also raised concern about the high lending rates in Nigeria, which he said were stifling businesses. \u201cNo business can thrive on bank loans with 30% interest. We are working with financial institutions to push for single-digit lending to support viable businesses,\u201d he added.<\/div>\n
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In his opening remarks, Mr. Ayokunle Erin, Practice Group Lead for Real Estate, Construction, and Infrastructure at Law Corridor, said the dialogue was aimed at catalyzing the transformation of Nigeria\u2019s real estate industry into a robust economic engine.<\/div>\n
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He described the sector as more than just land and buildings, but a potential powerhouse capable of driving urbanization, employment, wealth creation, and social equity.<\/div>\n
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Erin highlighted that Nigeria is facing a housing deficit estimated between 17 to 20 million units, with an annual requirement of 700,000 new units to close the gap. However, he noted that actual delivery falls far below the need, citing Abuja\u2019s record of only 5,000 new housing units built in 2024, barely meeting 10% of the demand.<\/div>\n
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According to him, the housing crisis is fueled by systemic policy failures, weak regulation, and legal uncertainties, which have emboldened fraudsters, unlicensed agents, and quacks to thrive unchecked.<\/div>\n
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He therefore urged all real estate stakeholders to act with transparency, unity, and resolve to reshape the sector and unlock its full potential for Nigerian communities and the nation at large.<\/div>\n
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