The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has warned real estate managers nationwide against facilitating money laundering through property transactions.
Olukoyede issued the caution while receiving executives of the Association of Real Estate and Property Managers (AREAPM), Edo State chapter, during a courtesy visit to the Benin Zonal Directorate of the Commission on Wednesday.
Represented by the Acting Zonal Director, Deputy Commander of the Commission (DCE) Sa’ad Hanafi Sa’ad, the EFCC chairman expressed concern that fraudsters are increasingly using real estate investments to conceal illicit proceeds.
“We have observed with grave concern that criminals launder funds and hide proceeds of crime through real estate transactions. Individuals defraud government and private citizens and channel the funds into property acquisitions,” he said.
Olukoyede reiterated the Commission’s commitment to enforcing its statutory mandate, stressing that real estate and property managers fall under the category of Designated Non-Financial Businesses and Professions (DNFBPs), and are therefore subject to regulatory compliance obligations.
“We recognise the strategic role of property managers in the economy. As designated professionals, they are expected to adhere strictly to relevant laws and regulations. Where there is a breach, the Commission will not hesitate to apply the law,” he stated.
He assured the AREAPM delegation of the EFCC’s readiness to collaborate in addressing fraud within the sector, noting that the Commission operates a specialised Land and Property Fraud Section to handle such cases.
“When you encounter suspicious transactions or sector-specific challenges, you can report to the Commission. We are prepared to work with you,” he added.
In his remarks, Edo State Chairman of AREAPM, Akpesiri Michael Egbonoje, said the visit was aimed at fostering institutional collaboration and strengthening efforts to combat financial crimes in the real estate sector.
“As a professional body, we seek to build strategic relationships with law enforcement agencies in the state. Addressing financial crimes in real estate requires coordinated action,” he said.
Egbonoje acknowledged EFCC’s leading role in tackling economic and financial crimes, noting that structured collaboration between AREAPM and the Commission would enhance transparency, boost investor confidence and promote accountability within the property market.
Stakeholders at the meeting agreed that stronger compliance mechanisms and closer cooperation between regulators and industry practitioners are critical to sanitising Nigeria’s real estate sector and preventing its exploitation for illicit financial flows.
