The Executive Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has issued a strong warning to real estate developers and property managers across Nigeria, cautioning them against facilitating money laundering through property transactions.
Speaking in Benin City while receiving executives of the Association of Real Estate and Property Managers (AREAPM), Edo State chapter, Olukoyede expressed deep concern that the real estate sector has become a preferred channel for hiding proceeds of crime.
Represented by the Acting Zonal Director, Sa’ad Hanafi Sa’ad, the EFCC boss stated:
“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 emphasized that the Commission will not relent in enforcing its statutory mandate and warned that anyone attempting to bypass anti-money laundering regulations will be prosecuted.
Olukoyede also reminded property managers that as Designated Non-Financial Businesses and Professions (DNFBPs), they are legally required to:
• Conduct proper due diligence on clients
• Report suspicious transactions
• Comply strictly with anti-money laundering laws
• Uphold professional and ethical standards
The warning comes amid growing scrutiny of luxury developments and high-value property acquisitions across the country.
The message is clear: Real estate must not become a hiding place for illicit wealth.
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