Ola Olukoyede, Executive Chairman of the Economic and Financial Crimes Commission (EFCC), has warned real estate and property managers across the country against facilitating money laundering, saying the sector has become a preferred channel for concealing proceeds of crime.
Olukoyede issued the warning on Wednesday in Benin City when he received executives of the Association of Real Estate and Property Managers (AREAPM), Edo State chapter, who paid a courtesy visit to the Benin Zonal Directorate of the Commission.
Represented by Sa’ad Hanafi Sa’ad, Acting Zonal Director, the EFCC boss expressed concern that fraudsters were increasingly using real estate transactions to launder illicit funds.
“We have noted with grave concern that fraudsters are laundering money and hiding proceeds of crime through real estate and property. People now defraud the government and individuals and invest in real estate,” he said.
Olukoyede stressed that the Commission would not relent in enforcing its statutory mandate, warning that those who attempt to circumvent existing regulations would be brought to justice.
He reminded property managers that as Designated Non-Financial Businesses and Professions (DNFBPs), they are bound by law to comply with anti-money laundering regulations and uphold professional standards in their operations.
“As a Commission, we recognise the role of real estate and property managers. We expect them to be professional and uphold relevant rules and regulations in the discharge of their duties.
“The Commission will apply the law where there is a breach,” he stated.
The EFCC chairman also assured the association of the agency’s readiness to collaborate in tackling fraud and criminality within the sector.
He disclosed that the Commission operates a specialised Land and Property Fraud Section to handle cases related to real estate transactions.
“When you have challenges, you can report to us. We have a unit dedicated to land and property fraud matters,” he added.
In his remarks, Akpesiri Egbonoje, Edo State Chairman of AREAPM, said the visit was aimed at fostering collaboration with the EFCC and strengthening efforts to combat financial crimes in the real estate sector.
“Part of our strategy is to familiarise ourselves with law enforcement agencies in the state and seek collaborative relationships.
“As a body, we cannot do it alone; we need help in tackling financial crimes,” Egbonoje said.
He acknowledged the EFCC’s leading role in fighting economic and financial crimes and expressed confidence that a structured partnership between the association and the anti-graft agency would enhance transparency, boost investor confidence, and promote accountability within the real estate industry.
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