Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that many abandoned estates in Abuja are owned by people who have stolen public funds.
Olukoyede made the statement on Wednesday in Abuja at a policy dialogue organised by Law Corridor with the theme, “Critical Issues Affecting Nigeria’s Real Estate Ecosystem.”
He noted that some of these estates have been abandoned for 10-15 years, majorly because the owners have left public service and can no longer steal money to complete the building.
He, however, said the anti-graft agency has set up a special team that would start visiting such properties to determine the exact owners of each building.
“I have set up the team. We will start visiting all the estates, not only in Abuja but across Nigeria. We want to know who owns what,” he said.
“It will shock you that some of these estates have been abandoned for 10 to 20 years. They just take it to a level, and they abandon it.
“Nobody knows what is going on. What we have been able to gather is that most of these estates were funded by civil servants who have stolen money.
“The moment they leave public service, and the money is no longer coming, they abandon the estate. Then, the developer will start looking for investors to support them to complete the project.”
Speaking on how critical the issue has become, Olukoyede said the agency has had cause to file for forfeiture for about 15 estates in recent times.
“We have gotten more intelligence, too. Some of you sitting in this room, probably some of those estates belong to you,” he said.
“But very soon, we expect to meet you in court because there is no way we will develop this sector if we continue with that attitude. I know some of you have your genuine source of capital.”
Olukayode further warned lawyers and real estate developers to steer clear of being used as a pawn in the money laundering business.
In the meeting, Afam Osigwe, president of the Nigerian Bar Association (NBA), emphasized the need for a centralised system that would enhance the verification of ownership of properties in the country.
He also indicated the need to be cautious with arbitrary revocation of land titles as it could scare away foreign investors.
