The Economic and Financial Crimes Commission (EFCC) has revealed that many abandoned estates in the Federal Capital Territory (FCT) were developed by civil servants using stolen public funds.
EFCC Chairman, Ola Olukoyede, made this known on Wednesday in Abuja during a policy dialogue organised by Law Corridor, themed “Critical Issues Affecting Nigeria’s Real Estate Ecosystem.”
Olukoyede disclosed that some of the estates have remained abandoned for over a decade, stating that the Commission has now set up a special team to identify and investigate the ownership of such properties — not just in Abuja, but across the country.
“I have set up a team that will begin visiting all estates nationwide. We want to identify who owns what,” he said, as reported by The Cable. “You’ll be shocked that some estates have been abandoned for 10 to 20 years. They’re built up to a point and then left.”
According to him, many of these developments were financed with embezzled funds by public servants who abandoned them once they left office and the flow of illicit money stopped. In such cases, developers are often left seeking private investors to complete the projects.
Olukoyede also revealed that the EFCC has initiated forfeiture proceedings for around 15 such estates and warned that more legal actions are imminent.
“We have received further intelligence. Some of you in this room might even own some of these estates,” he said. “We expect to meet you in court soon. We can’t reform this sector if we allow corrupt practices to persist, although I acknowledge that some have legitimate sources of income.”
He cautioned legal practitioners and developers against aiding money laundering by helping individuals conceal the proceeds of corruption through property deals.
Also speaking at the event, Afam Osigwe, President of the Nigerian Bar Association (NBA), called for the establishment of a centralised property ownership verification system. He also cautioned against the arbitrary revocation of land titles due to unpaid ground rents, warning it could deter foreign investment.
