By Francis Wilfred
The Executive Chairman of the (EFCC), , has warned real estate managers across the country against involvement in money laundering and other financial crimes.
He gave the warning while receiving executives of the (AREAPM), Edo State chapter, who paid a courtesy visit to the Benin Zonal Directorate of the Commission.
In a press release issued by the Head of Media and Publicity, Dele Oyewale, the EFCC Chairman, who was represented by the Acting Zonal Director, Deputy Commander of the Commission (DCE) Sa’ad Hanafi Sa’ad, expressed concern over the increasing 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 said.
Olukoyede stressed that the Commission would continue to discharge its statutory mandate by bringing to justice those who attempt to circumvent the law.
“As a Commission, we recognise the role of Real Estate and Property Managers. They are Designated Non-Financial Businesses and Professions (DNFBPs), and we expect them to act professionally and uphold relevant rules and regulations in the discharge of their duties. The Commission will apply the law where there is any breach,” he added.
He assured AREAPM of the Commission’s willingness to collaborate in tackling fraud and criminality within the sector, noting that the EFCC has a Land and Property Fraud Section dedicated to handling such matters.
“So when you have challenges, you can report to us,” he said.
Speaking earlier, the State Chairman of AREAPM, Akpesiri Michael Egbonoje, said the visit was aimed at exploring areas of collaboration with the Commission to combat financial crimes and fraud in the real estate sector.
“Part of our strategy is to familiarise ourselves with law enforcement agencies in the state and seek collaborative relationships. As a body, we cannot do it alone; we need support in tackling financial crimes. We have tried to sanitise the space but realised that your agency is at the apex when it comes to dealing with financial crimes,” he stated.
Egbonoje added that structured collaboration between AREAPM and the EFCC would promote financial transparency, boost investor confidence, and enhance accountability within the real estate industry.
