The Economic and Financial Crimes Commission (EFCC) has described Nigeria's real estate sector as one with grand-scale corruption.
EFCC Chairman Abdulrasheed Bawa made this known during a current affairs program on Channels TV where he said that 90 percent of money laundering is done through the real estate sector.
The anti-corruption agency boss stated that although the sector is monitored via the special control unit, more needed to be done.
“One of the problems we have in the country is the real estate. Ninety to 100 percent of the resources are being laundered through real estate. Of course, they are being regulated but they are not enough in terms of how they give their returns to the Special Control Unit," Bawa said.
He said there are so many issues involved, but that they were working with the National Assembly to stop what he called “the gatekeepers” as there would be a reduction in looting if there is no one to launder the money.
Bawa went on to give an example of a minister who expressed interest in a $37.5 million property a bank manager put up for sale.
“The bank sent a vehicle to her house and in the first instance, $20 million was evacuated from her house. They paid a developer and a lawyer to set up a special purpose vehicle, where the title documents were transferred into. And he (the lawyer) is posing as the owner of the property. You see the problem. This is just one of many; it is happening daily.”
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