The Economic and Financial Crimes Commission (EFCC) has raised concern over the growing trend of money laundering in Nigeria’s real estate sector, identifying estate developers as key enablers due to poor customer due diligence.
EFCC Chairman Ola Olukoyede urged developers to prioritise background checks on property buyers to verify the legitimacy of their income sources.
Speaking in Abuja at an event themed “Tackling Illegal Property Sales, Fake Developers, and Unlicensed Agents,” Olukoyede said evidence gathered by the commission shows that money laundering is very rampant in the sector.
He warned that developers who fail to conduct Know Your Customer (KYC) checks risk forfeiting properties linked to criminal proceeds.
Emphasising the need for regulatory compliance, Olukoyede assured legitimate businesses of EFCC’s support, noting that collaboration with the agency would help promote sustainable growth and reduce financial crimes in the country.