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.

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Top Nigerian regulatory and legal bodies have linked the surge in money laundering activities within the real estate sector to outdated land administration systems and weak regulatory oversight.

At a high-level policy dialogue in Abuja, EFCC Chairman Ola Olukoyede, NBA President Afam Osigwe (SAN), and BPP Director-General Dr. Adebowale Adedokun jointly emphasized that the sector’s vulnerability to illicit financial activities stems from poor transparency, cumbersome processes, and the absence of modern legal frameworks.

Olukoyede revealed that real estate has become a haven for money laundering, with many estate projects funded through suspicious financial inflows. “The current structure allows developers to bypass scrutiny, making it easy to launder money,” he said.

He added that many properties are abandoned midway, with investigations revealing that some are backed by diverted public funds. “We’ve identified several housing estates funded by corrupt civil servants. Once the stolen funds stop, projects are abandoned,” he said, noting that the EFCC has initiated interim forfeiture processes for around 15 such estates.

The EFCC boss called for the use of digital tools like a functional Beneficial Ownership Register to trace the true owners of real estate holdings and urged a shift away from Nigeria’s cash-heavy economy, which he described as fertile ground for corruption. He also encouraged real estate developers to conduct thorough due diligence on clients.

NBA President Afam Osigwe criticized the country’s outdated land documentation system, saying the requirement for a Certificate of Occupancy (C of O) just to verify ownership is archaic and inefficient. “In other countries, property details are accessible in minutes. Here, it’s opaque and frustrating,” he said.

He stressed the need for systemic reform and advocated for the deployment of technology to improve transparency and ease of access to property records.

BPP’s Adedokun highlighted how public funds are often misused in real estate projects due to procurement loopholes. He explained that large disparities between actual project costs and reported figures provide the excess funds that end up being laundered. “People use real estate to stash untraceable money because there are no effective controls,” he warned.

Adedokun stated that collaboration between procurement agencies and the Corporate Affairs Commission (CAC) is underway to tighten project monitoring and prevent contract abuse.

The event, hosted by law firm The Law Corridor, brought together legal experts, regulators, and industry stakeholders to explore reforms aimed at tackling fraudulent property transactions, ensuring compliance with anti-money laundering policies, and protecting buyers from exploitation.

The consensus was clear: unless Nigeria modernizes its land and property administration systems, the real estate sector will remain a major channel for laundering illicit funds.

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Following deliberations on the report of the House Committee on Public Accounts during Tuesday’s plenary, lawmakers adopted a motion urging the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to recover the funds and ensure their remittance into the Federation Account.

The motion, spearheaded by Rep. Bamidele Salam, pointed to “grave internal control failures, unauthorised expenditures, and persistent violations of procurement regulations” across the indicted agencies.

Among the major infractions, the Ministry of Foreign Affairs was flagged for making payments without legislative approval on a presidential lodge project in the Nigerian Embassy in Ethiopia. The ministry was ordered to refund ₦124 million and $795,000, as well as explain the disbursement of ₦49.4 million for unapproved renovations and another ₦9.2 million lacking supporting documentation.

The Bank of Agriculture also came under scrutiny for failing to recover debts totalling ₦75.6 billion. In response, the House directed the immediate publication of the names of debtors in three national newspapers, tasking both anti-graft agencies with recovering the funds. An additional ₦350 million in overdue accounts is to be tracked and accounted for within 90 days.

Other agencies implicated include:

• Nigerian Correctional Service – Mandated to recover ₦7.47 million in unremitted withholding taxes.
• Nigeria Export Processing Zones Authority (NEPZA) – Directed to retrieve 12 official vehicles, including eight diverted to the Ministry of Industry, Trade, and Investment, and to refund ₦12 million spent in breach of procurement rules.
• Kwali Area Council (FCT) – Ordered to account for ₦82 million disbursed to 105 unidentified individuals. The former council chairman was tasked with recovering the funds and presenting evidence to the committee.
• Rural Electrification Agency (REA) – Indicted over ₦1.3 billion in irregular transactions, including ₦394 million used for unauthorised projects and ₦969 million improperly transferred to a Eurobond ledger.
• Veterinary Council of Nigeria – Must remit over ₦19 million in excess payments and unremitted internally generated revenue (IGR), in addition to ₦1.1 million in uncollected stamp duties.
• Nigerian Communications Satellite Limited (NCSL) – Instructed to refund ₦1 billion, comprising ₦250 million misappropriated by staff and contractors and ₦700 million in unresolved debts.

Lawmakers emphasized that the recurrent disregard for financial regulations and oversight mechanisms poses a significant threat to fiscal accountability and national development.

“The volume of infractions uncovered is alarming and demands immediate enforcement action,” Rep. Salam said. “This House has taken a clear stand in holding public institutions accountable and ensuring that public resources are safeguarded.”

The House concluded by mandating the relevant oversight committees to follow up on the implementation of the directives and to submit progress reports within a defined timeframe.

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Justice Emeka Nwite granted the order following an application filed by the Economic and Financial Crimes Commission (EFCC) in Suit No. FHC/ABJ/1058/2024. The anti-graft agency argued that the assets were proceeds of unlawful activity and urged the court to forfeit them to the Federal Government.

The forfeited assets include Galaxy Clinic and Speciality Hospital located in Maiduguri, 14.8 hectares of land, residential and commercial plots spread across the Federal Capital Territory (FCT), Borno, Niger, Nasarawa, and Kaduna States, as well as various bank accounts tied to corporate entities under the “Galaxy” group.

The EFCC told the court that an interim forfeiture order had been granted earlier in August 2024 and was widely publicised, to allow any interested party to contest the move. However, no individual or group came forward to challenge the forfeiture.

EFCC counsel, Fadila Yusuf, urged the court to issue the final forfeiture, citing compliance with all procedural directives. Justice Nwite, in his ruling, held that the commission’s application was “meritorious” and granted the final forfeiture request.

Properties Forfeited (Partial List):
Galaxy Hospital, Maiduguri

Duplex, residential apartments, and plots across Abuja, Nasarawa, and Borno

• Five petrol stations in Borno and Kaduna
• A four-bedroom duplex in Guzape, Abuja
• Over 10 hectares of farmland and industrial-use plots
• Bank accounts totaling over ₦335 million held in the names of Galaxy-linked companies

The ruling is part of ongoing efforts by the EFCC to recover assets traced to fraudulent schemes and ensure accountability.

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The hotelier, Mr. Gabriel Ogwuche Ogah, said the early morning operation on June 30 left his business in disarray, with property damaged, staff assaulted, and crucial surveillance equipment removed. “They destroyed our control room, removed our CCTV machines, broke doors, and beat up my staff. Up till now, we don’t have any footage, records, or guest list for that night. They took everything away,” Ogah stated.

The EFCC had earlier confirmed the arrest of 74 individuals from the hotel, claiming they were suspected internet fraudsters and that several items including mobile phones, a pistol, and motorcycles were recovered. However, Ogah questioned the legitimacy of the operation, insisting that no search warrant was presented and that there was no formal identification from the men who stormed his facility.

“This is not the first time this has happened,” he said. “We had a similar experience on April 28, also without any documentation or notice. In both cases, there was no formal introduction, no uniforms, and no warrant. We were simply left to deal with the aftermath.”

A hotel supervisor, Ms. Vivian Azubuike, corroborated the claim, describing how the operatives broke into the control room and forcibly removed CCTV footage. “They came around 2 a.m., forced their way in, broke down doors, and took away two guests. One of our staff was assaulted,” she recounted.

Another staff member, Mr. Apeh Monday, said the chaotic scene caused panic among guests. “One of our guests jumped out of a window thinking it was a robbery. He broke his leg. A staff member who was slapped during the raid resigned shortly after.”

Ogah also expressed doubt about the EFCC’s claim of recovering a pistol at the hotel. “How can we verify that? All our records were seized. How can we even confirm if the arrested individuals were our registered guests?”

He added that his legal team had submitted petitions to both the EFCC and the Inspector-General of Police, demanding a formal explanation, an apology, and compensation for damages incurred.

“We are not against law enforcement, but it must be done within the law. What we experienced was not just unlawful—it was traumatic,” Ogah concluded.

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Delivering judgment in a civil suit on July 2, 2025, Justice J.K. Omotosho ruled in favour of two citizens who challenged the EFCC’s practice of painting “EFCC UNDER INVESTIGATION, KEEP OFF” on their buildings, despite no criminal charges having been filed.

“This act is not only unconstitutional but also degrading and unjustified,” the judge ruled. “The EFCC’s actions infringed on the plaintiffs’ rights under Sections 34 and 44 of the 1999 Constitution, which protect dignity and property ownership.”

The court awarded ₦200,000 in general damages and ordered the immediate removal of the inscriptions from the properties. Officials of the court were also authorised to enforce compliance within 24 hours.

Justice Omotosho stated that “investigative powers must be exercised within constitutional boundaries” and insisted that “no agency has the authority to unilaterally declare property under investigation without judicial oversight.”

The plaintiffs, represented by counsel H.A. Kwrabai, had argued that the EFCC’s actions caused serious reputational harm. “This judgment reinforces the principle that the rule of law must always guide institutional conduct,” the lawyer said after the ruling.

The EFCC argued that the markings were a preventive measure to secure the properties during investigations. However, the court dismissed this defense due to lack of judicial backing.

Additionally, the court issued an injunction preventing the EFCC from further defacing or interfering with the plaintiffs’ properties unless a valid court order is obtained.

The judgment is seen as a landmark victory for property rights and due process in Nigeria.

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At an awareness event held to mark the 2025 African Union Anti-Corruption Day in Ilorin, the Economic and Financial Crimes Commission (EFCC) warned that fraudsters are increasingly using virtual assets and online investment platforms to deceive the public and launder illicit funds.

The warning came through the Commission’s Ilorin Zonal Director, Mr. Daniel Isei, who delivered a keynote on behalf of the EFCC Chairman, Mr. Ola Olukoyede. The event, hosted at the Sinclair Hotel, drew stakeholders from government, civil society, academia, and security agencies.

Speaking on the theme “Understanding Virtual Assets & Investment Scam,” Olukoyede highlighted how fast-moving technologies such as cryptocurrency, digital tokens, and unregulated online trading have opened new avenues for fraud.

“Virtual assets were designed to support financial innovation,” he noted, “but in the wrong hands, they are becoming a dangerous weapon for fraud and money laundering.”

Citing the CBEX scam as a cautionary example, the EFCC chief explained how many victims were lured into the fraudulent scheme with promises of fast, unrealistic returns. Lack of due diligence and failure to verify basic investment information contributed to the scam’s success.

Olukoyede revealed that some high-profile individuals have even hidden misappropriated public funds in crypto wallets, using the anonymous nature of digital finance to evade detection.

Despite the rising complexity of these scams, he said the EFCC is stepping up its game with improved intelligence gathering, advanced investigations, and strategic enforcement actions. Still, he emphasized that public cooperation is key.

“Education, awareness, and quick reporting are essential in tackling this threat,” he said. “Fraudsters thrive in ignorance — we must shut that door.”

Also speaking at the event, EFCC officer James Allison walked participants through the mechanics of digital scams. He explained how criminals create fake trading platforms, push urgency tactics, and promise guaranteed profits — all to manipulate unsuspecting investors.

“Nigerians are increasingly falling victim to online investment schemes that sound too good to be true — because they are,” he warned. “People must learn to ask questions, research thoroughly, and never invest under pressure.”

The lecture concluded with a call for stronger collaboration between financial institutions, law enforcement, and the general public, emphasizing that combating digital fraud must be a shared mission.

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Speaking at the National Conference on Public Accounts and Fiscal Governance in Abuja on Wednesday, Olukoyede urged lawmakers to reintroduce and pass the Unexplained Wealth Bill, which he said was previously rejected by the last Assembly.

“Help me pass the Unexplained Wealth Bill. I’ve been begging for the past year. This same bill was thrown out in the last Assembly. If we don’t make individuals accountable for what they have, we’ll never get it right,” he said.

He cited examples where civil servants, after decades in the public sector, own multiple luxury properties without any verifiable legal income to support such acquisitions. “Someone has worked in a ministry for 20 years. We calculate their entire salary and allowances. Then we find five properties — two in Maitama, three in Asokoro. Yet we’re told to go and prove a predicate offence before we can act. That is absurd,” he added.

Olukoyede warned that the absence of such a law continues to embolden corrupt individuals who exploit loopholes in the justice system. He said the EFCC is forced to delay investigations because current laws require proof of a predicate offence before assets can be seized.

“Once you are living beyond your means, you should be held to account. Until we do this, there will always be an escape route for the corrupt,” he declared.

He revealed that the EFCC recently began a full-scale probe into the oil and gas sector, and what has already emerged, he said, is shocking. “In the last three weeks, we started a commission-wide investigation into the extractive industry, particularly the oil and gas sector. What we have discovered is mind-boggling. We have only just opened the books. So much more corruption is to be unravelled. If this is what we’re seeing at the surface, imagine what lies beneath,” he warned.

Olukoyede linked the misuse of public funds to worsening insecurity in the country, pointing out that corruption plays a direct role in fueling crime and violence.

“There is a very strong connection between the mismanagement of our resources and insecurity. When you look at banditry, kidnapping, terrorism, trace it back, and you will find a pattern of corrupt practices and diversion of funds that were meant to improve people’s lives,” he said.

He also disclosed that Nigeria’s looted assets are scattered around the globe, sometimes in the most unlikely places. “Last month alone, I visited four or five countries chasing Nigeria’s stolen assets. An ambassador even told me they discovered an estate in Iceland owned by a Nigerian. Iceland of all places!” he said.

Despite the Commission’s efforts, Olukoyede admitted that full recovery of Nigeria’s stolen wealth is almost impossible. “There is no amount of capacity I can build, no level of effort I can put in, that will enable me to recover even half of what has been stolen from Nigeria because the custodians of those assets in foreign countries don’t want to let go. And they won’t,” he lamented.

He also expressed frustration over what he described as a culture of impunity within Nigeria’s public service, where indicted individuals continue to enjoy public support and political celebration.

“We are doing this work. We see people who have stolen our money. We have shown you evidence. We’ve traced where the money went. We are already in court. Yet, they’re being celebrated all over the place. Does that show we’re serious?” he asked.

Highlighting the economic potential of sound fiscal governance, Olukoyede said, “If we execute even 60% of our capital budget efficiently between 2025 and 2026, we will empower small and medium-scale industries. We’ll build infrastructure. We’ll be fine.”

He concluded by reaffirming the EFCC’s commitment to transparency and accountability, stressing that legislative support is critical in closing the legal gaps that allow corruption to thrive.

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Mr. Olukayode Olusanya, CEO of Oak Homes Limited, made the admission in court while facing questions over a broken agreement. He had filed a suit against U.S.-based engineer, Mr. Anthony Ugbebor, and the Economic and Financial Crimes Commission (EFCC).

Developer Confirms Missed Deadline

Under questioning from defence lawyer N.O. Salau, Olusanya admitted the apartments were not delivered by the promised date—February 28, 2019. He also confirmed that Ugbebor completed payment for the two three-bedroom units between 2017 and 2022.

Despite the delay, Olusanya claimed the buyer was aware and accepted it at the time.

Sale Made Without Buyer’s Permission

The situation worsened when Olusanya revealed he sold the apartments without Ugbebor’s approval. He said he acted based on authorization from the EFCC, not the buyer.

He also stated that he refunded the money, following EFCC instructions. However, he did not provide a written explanation for ending the agreement.

Documents and Objections in Court

The court accepted nine documents as evidence, including an affidavit filed in May 2024. But when Olusanya’s legal team tried to submit the purchase agreement, defence counsel objected. The document was unsigned.

Justice Akingbola George agreed and rejected the document, saying it had no legal value.

Trial Delayed as EFCC Requests Time

The EFCC’s lawyer, Mr. M.A. Sheu, asked for more time to study the case. He said he recently returned to work after being ill. The judge granted the request and adjourned the case to June 30, 2025.

Summary

A deal that began with promise has now become a legal battle. The developer’s failure to meet his commitments and his decision to act without buyer consent has drawn in Nigeria’s top anti-corruption agency. The court will now decide who was truly in the wrong.

The post N152M Apartment Dispute: Developer Admits to Delay, Says EFCC Approved Sale Without Buyer’s Consent appeared first on Housing TV Africa.

A senior official in the ministry, who asked not to be named, said the internal review was set up to evaluate the physical status of the estate. The official stressed that the committee’s work is entirely separate from the ongoing corruption case involving Emefiele and the Economic and Financial Crimes Commission (EFCC).

“Our team is almost done with its review. The findings will be made public soon, though we don’t have a release date yet,” the official said.

The estate, which the EFCC claims was developed using public funds during Emefiele’s tenure, remains one of several properties under scrutiny in the agency’s wider investigation. It was previously seized as part of ongoing legal action.

Ministry sources said the current committee’s job is strictly technical. Its goal is to confirm how much of the project has been completed, how many housing units are ready, and what is needed to finish the rest.

“This is not about Mr. Emefiele,” the official explained. “We are simply assessing the project’s status so the Minister can review it and brief the President.

The government has expressed interest in eventually opening the estate to buyers, especially those in the low- and middle-income brackets, aligning with its housing reform goals.

However, Emefiele’s legal team has pushed back. In a letter sent to the ministry, his lawyers requested a halt to any sale or transfer of the estate until ongoing legal proceedings are resolved. They argue that disposing of the estate now could interfere with the appeal process.

Still, the ministry remains firm that its role is limited to administrative oversight.

“From our end, this is just a technical assessment of a housing project. Legal ownership and related matters are for the proper authorities to determine,” the source said.

The estate has now become a high-profile symbol of the federal government’s anti-corruption push, as authorities juggle legal accountability with the urgent need to close Nigeria’s housing gap.

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