Article summary
- The EFCC claims that most real estate developments in Abuja were built through unlawful proceeds of crime and used for money laundering.
- The EFCC is committed to investigating the activities of fraudsters using illegal proceeds of crime laundered through real estate in Abuja.
- The new anti-money laundering Act 2022 provides an opening for the government to look into the aspect of real estate and individuals and corporate organizations are obligated to fully disclose their assets and how they were gained.
The Economic and Financial Crimes Commission (EFCC) has said that most real estate developments in Nigeria’s federal capital territory Abuja were allegedly built through unlawful proceeds of crime.
This was disclosed by the EFCC during a training session with the media on the framework of the new anti-money laundering Act 2022.
The antigraft agency further noted that most real estate properties in Abuja are used for laundering illegally gained funds.
Money Laundering
Chris Mishela, a lawyer with the commission, stated that EFCC is committed to investigating the activities of fraudsters using illegal proceeds of crime, laundered through real estate in Nigeria’s Federal capital. He added:
- “As it is, I am talking about Abuja, you see so many estates coming all over Abuja and more.
- “The sources of these funds are unlawful; the funds are illegally gotten either from the government or from an international crime that is used to launder through estate business.
- “So, EFCC is working to look into that dimension and the new money laundering Act has provided an opening for the government to look into the aspect of real estate as we have seen under the Act.
Full disclosure
The EFCC representative also noted that real estate is under its obligation to fully disclose assets and how it was gained. He said:
- “Real estate is one of the designated and non-designated professions that are also under our obligation, under the establishment to do a full disclosure.
- “It is an investigation that is going on; not that we have identified any specific entity to these proceeds of crime, but we are working to unravel what those areas are.”
He added that the roles and responsibilities of individuals and corporate organisations under the new Act include making “it’s now a crime to make cash or receive cash payment above N5 million”.
What you should know
Recall Nairametrics reported that the Economic and Financial Crimes Commission (EFCC) recorded over 2,701 convictions as of October 7, 2022, up from the 2,220 convictions recorded in 2021.
EFCC’s Executive Chairman, Abdulrasheed Bawa, stated that it was the highest conviction the EFCC recorded in the past years, adding that the commission is committed to fighting all forms of economic crimes in Nigeria.
- “Without sounding immodest, our record over the years distinguishes the EFCC as perhaps the most effective law enforcement agency in Nigeria. We have strived to up the ante since my appointment over one year ago.
- “In my time in charge, we have engineered a number of reforms and restructuring whose impact is already being seen in the terms of the number of stolen assets recovery and convictions for financial crimes.