The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, on Wednesday cautioned real estate managers nationwide against aiding fraudsters in laundering illicit funds through property transactions.
Speaking during a courtesy visit by executives of the Association of Real Estate and Property Managers (AREAPM) to the EFCC’s Benin Zonal Directorate, Olukoyede, represented by Acting Zonal Director Sa’ad Hanafi Sa’ad, said the commission had observed with concern the growing use of real estate to conceal proceeds of crime.
“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 stated.
Olukoyede reminded property managers that they are classified as Designated Non-Financial Businesses and Professions (DNFBPs), stressing the need to uphold rules and regulations.
“We expect them to be professionals and uphold the relevant rules and regulations in the discharge of their duties. The Commission will apply the laws when there is a breach,” he warned.
He assured the association of EFCC’s readiness to collaborate, noting that the agency has a Land and Property Fraud Section dedicated to tackling financial crimes in the sector.
Earlier, Edo State AREAPM Chairman Akpesiri Egbonoje said the visit was aimed at strengthening cooperation with the EFCC. He explained that while the association had taken steps to sanitise the industry, law enforcement support was crucial.
“Structured collaboration between AREAPM and the EFCC will promote financial transparency, investor confidence and accountability within the real estate industry,” Egbonoje said.
The warning comes amid EFCC’s intensified scrutiny of property transactions, reflecting growing concerns about the sector’s role in laundering illicit funds.
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