The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to real estate managers and property professionals across Nigeria, cautioning them against facilitating money laundering through property transactions.
The warning was delivered by EFCC Chairman Ola Olukoyede during a courtesy visit with executives of the Association of Real Estate and Property Managers (AREAPM) at the Commission’s Benin Zonal Directorate.
Olukoyede, speaking through Deputy Commander Sa’ad Hanafi Sa’ad, emphasized the increasing trend of fraudsters channeling illicit funds into real estate as a means of concealing proceeds of crime.
“We have observed with grave concern that criminals are laundering money and hiding the proceeds of crime through property investments. Individuals now defraud the government and private entities before investing in real estate,” he stated.
The EFCC head described real estate managers as Designated Non-Financial Businesses and Professions (DNFBPs), underscoring the importance of adhering to anti-money laundering regulations and maintaining professionalism. He warned that any breaches of the law would be met with strict enforcement actions.
Chairman Olukoyede also highlighted the EFCC’s Land and Property Fraud Section, which is dedicated to investigating and prosecuting cases of property-related financial crimes. He assured the association of the Commission’s readiness to collaborate in strengthening transparency, accountability, and investor confidence in the sector.
The Edo State Chairman of AREAPM, Akpesiri Egbonoje, expressed the association’s commitment to sanitizing the real estate sector and stressed the importance of a structured partnership with law enforcement. Egbonoje believes that collaboration with the EFCC will help curb financial crimes, protect investors, and ensure compliance with regulatory standards.
This warning comes amid growing concerns about the misuse of Nigerian real estate for illicit financial activities. The EFCC has intensified scrutiny of property transactions nationwide, as part of its broader mandate to fight economic and financial crimes.
Real estate professionals and property managers are now urged to conduct due diligence, report suspicious transactions, and comply with all EFCC and regulatory guidelines to avoid legal repercussions.
