EFCC Raises Alarm Over Money Laundering in Real Estate Sector, Warns Developers

August 7, 2025

By Ayinde Adeleke

The Economic and Financial Crimes Commission (EFCC) has raised serious concerns over the rampant use of Nigeria’s real estate sector for money laundering activities, identifying estate developers as key facilitators due to poor customer vetting practices.

This was disclosed in a statement shared via the Commission’s official social media platforms on Wednesday.

EFCC Chairman, Ola Olukoyede, made the revelation during his presentation titled “Tackling Illegal Property Sales, Fake Developers, and Unlicensed Agents”, delivered at an event in Abuja.

Citing empirical evidence, reports, and statistics gathered by the Commission, Olukoyede stated that money laundering is “very rampant” among stakeholders in the real estate sector.

He urged developers to conduct proper Know Your Customer (KYC) checks on investors to verify the legitimacy of their sources of income, even if not currently mandated by law.

He also issued a stern warning, stating that any developer found to have accepted proceeds of crime may face serious legal repercussions.

The EFCC’s message comes amid increasing scrutiny of Nigeria’s property sector, often viewed as a convenient channel for laundering illicit funds due to limited regulatory oversight.