By John Umeh
Nigeria’s Economic and Financial Crimes Commission (EFCC) has intensified its clampdown on illicit financial activities by shifting greater attention to the real estate sector, which officials now describe as a major conduit for money laundering and the concealment of illicit wealth.
In a statement released earlier this week, the EFCC disclosed that its investigations have uncovered numerous suspicious property transactions involving billions of naira, often linked to politically exposed persons, cybercriminals, and corrupt public officials. These transactions, the commission claims, are frequently executed through shell companies, proxies, or cash-based dealings, making it difficult to trace the true source of the funds.
“The real estate sector is fast becoming a safe haven for criminals to stash their proceeds of crime,” said EFCC Chairman Ola Olukoyede. “We are now beaming our searchlight on developers, agents, and financiers who use this space to launder money under the guise of legitimate business.”
The anti-graft agency has begun reviewing property acquisitions in highbrow areas such as Lekki, Banana Island, Maitama, Guzape, and Asokoro, among others. Dozens of property firms are reportedly under investigation, with several already invited for questioning. The EFCC has also hinted at working closely with land registries, estate developers, and regulatory bodies to increase transparency in land and property transactions.
In many of these cases, the commission noted, properties are bought outright with large sums of untraceable cash or cryptocurrency, often without verifiable income sources to justify the purchases. Such red flags, investigators say, are indicators of attempts to legitimize criminal wealth.
Stakeholders in the real estate industry have reacted with mixed feelings. While some developers and realtors have expressed concern over reputational damage to the sector, others have welcomed the EFCC’s involvement, saying it could help sanitize the industry and improve investor confidence.
“We must acknowledge that money laundering is a problem in real estate,” said Ngozi Anene, a real estate compliance consultant in Abuja. “But with the right collaboration between regulators and ethical operators, we can build a system that discourages criminal exploitation of the industry.”
To further strengthen its efforts, the EFCC has proposed stricter enforcement of anti-money laundering laws, including Know Your Customer (KYC) protocols for property dealers, mandatory transaction disclosures, and a centralized real estate transaction database.
Analysts warn that unless these measures are fully implemented and consistently monitored, Nigeria’s property sector may continue to serve as an attractive avenue for laundering the proceeds of corruption, drug trafficking, cybercrime, and other organized criminal activities.
As the investigations deepen, the EFCC has vowed not to spare any individual or company found culpable, regardless of their status. “No one is above the law,” the commission emphasized.
This development marks a significant phase in Nigeria’s war against economic crimes, sending a clear message to those who exploit the booming real estate market for illegal financial gain: the net is tightening.
