The Economic and Financial Crimes Commission (EFCC) has launched a nationwide investigation into Nigeria’s real estate sector, citing it as a major conduit for laundering illicit funds, particularly by corrupt public officials.
Speaking at a policy dialogue on key issues affecting the real estate industry held in Abuja, EFCC Chairman Ola Olukoyede revealed that the Commission has identified a disturbing trend of abandoned estates across the country—many of which are believed to be funded through stolen public funds.
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“I have set up a team. We will start visiting all the housing estates, not just in Abuja, but across Nigeria. We want to know who owns what,” Olukoyede stated, underscoring the Commission’s determination to unravel the layers of hidden financial crimes embedded in the sector.
According to Olukoyede, investigations have shown that many of these estates were initiated by individuals who misappropriated public funds while in office. He noted that construction on these properties often stops abruptly when the illicit cash flow ends.
“It will shock you that some of these estates have been abandoned for between 10 and 20 years,” he said. “They just take the construction to a certain level and abandon it, and nobody knows what is going on.”Olukoyede disclosed that the EFCC has already secured interim forfeiture orders for about 15 of such suspicious estates.
“In recent times, we have had cause to file for the forfeiture of about 15 of them. We have got orders of interim forfeiture,” he said.
He further explained that corrupt civil servants often initiate these real estate projects during their time in public service, but once out of office and unable to fund the projects further, they abandon them, leaving developers scrambling for new investors.
“What we have been able to find out is that most of these estates are funded by civil servants, who have stolen money,” Olukoyede said. “So, the moment they leave public service and the money is no longer coming, they abandon the estates.”
The EFCC boss did not mince words in his condemnation of the role of some estate developers in perpetuating financial crimes, describing money laundering in the sector as “extremely rampant.”
“What we have discovered is that the issue of money laundering is very rampant among estate developers. It is extremely rampant,” he declared.
Olukoyede also questioned the viability of legitimate investment in Nigeria’s real estate sector, pointing to the unrealistic returns promised by developers who often avoid formal financing channels.
“There is no one who will go to any bank in Nigeria today and borrow money to invest in real estate and make a profit,” he argued. “Real estate development takes time; sometimes you are on a project for five years. So, if you have gone to a bank to take a loan at over 30 per cent interest, how do you survive?”
The EFCC’s latest move signals a renewed focus on curbing financial crimes through strategic sector-wide probes. Real estate, often seen as a safe haven for money launderers due to its opaque ownership structures and large transaction volumes, has now come under intensified scrutiny.
As the Commission prepares to comb through housing developments across Nigeria, the message is clear: the era of using real estate as a shield for illicit wealth may be drawing to a close.
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