The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukayode, has warned real estate developers in Nigeria to follow the law, conduct proper client checks, and pay all required taxes.
Speaking in Abuja during a policy dialogue titled “Critical Issues Affecting Nigeria’s Real Estate Ecosystem”, Olukayode said real estate is vital for economic growth but often misused for money laundering.
“We’ve seen properties worth billions bought by people whose income doesn’t match. If we trace criminal funds to your property, we will recover it,” he said.
Real Estate Must Not Enable Corruption
Olukayode criticized developers who take on projects without understanding legal and financial responsibilities. Many such developments, he said, end up abandoned often funded by illicit wealth.
“Some estates have been abandoned for over a decade. We’re moving to identify their owners and sources of funding,” he added.
He urged developers to:
-Conduct Know Your Customer (KYC) checks
-Avoid risky loans with high interest
-Pay capital gains and property taxes
-Grow sustainably, not recklessly
“Don’t let anyone use your company to launder money. Start small. Be compliant. We’re not here to shut businesses down, but to protect them.”
EFCC Open to Partnerships
Olukayode emphasized the EFCC’s readiness to work with real estate stakeholders.
“Come to us if you face challenges. We want your business to grow and grow lawfully.”
