Ola Olukoyede, the Chairman of the Economic and Financial Crimes Commission, warned real estate managers against involvement in money laundering. He made the statement during a courtesy visit by executives of the Association of Real Estate and Property Managers to the Benin Zonal Directorate of the EFCC.
Visit Sparks Discussion on Fraud
The association visited the EFCC on Wednesday to seek collaboration in combating financial crimes. Olukoyede received the group but delivered his message through Sa’ad Hanafi Sa’ad, the Acting Zonal Director and Deputy Commander. Dele Oyewale, the EFCC spokesman, conveyed the details.
Grave Concerns Raised
Olukoyede expressed alarm over fraudsters’ tactics. He 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.” This highlighted the sector’s vulnerability to illicit activities.
Additionally, he emphasized enforcement. Olukoyede said the EFCC would prosecute those breaching laws. He noted, “The Commission will apply the laws when there is a breach of relevant rules and regulations.”
Role of Managers Defined
Olukoyede classified property managers as Designated Non-Financial Businesses and Professions. He urged them to follow rules diligently. Furthermore, he mentioned the EFCC’s dedicated Land and Property Fraud Section to tackle such issues.
Commitment to Partnership
Olukoyede assured the association of the EFCC’s willingness to collaborate. This partnership aimed to address fraud in the sector effectively.
Association Responds Positively
In response, Akpesiri Egbonoje, the Edo State Chairman of the Association of Real Estate and Property Managers, explained the visit’s purpose. He said the group had sanitized the sector but needed law enforcement support. Egbonoje expressed optimism that collaboration would enhance transparency, investor confidence, and accountability.
The EFCC intensified scrutiny of property transactions in recent years. This reflected ongoing efforts to curb money laundering nationwide.
Olukoyede Warns Real Estate Managers against Money Laundering
The Executive Chairman of Economic and Financial Crimes Commission, EFCC, Ola Olukoyede has warned Real Estate managers across the country against money laundering in the country. The Executive Chairman gave this… pic.twitter.com/mAKXslU6yM— EFCC Nigeria (@officialEFCC) February 25, 2026
