The Economic and Financial Crimes Commission (EFCC) has said it is closely monitoring the activities of real estate firms across Nigeria due to growing concerns about fraud and money laundering within the sector.
EFCC spokesperson, Dele Oyewale, disclosed this while reacting to public outcry over alleged fraudulent practices by some property developers. He said the Commission was committed to ensuring full compliance with existing laws, particularly the Money Laundering (Prevention and Prohibition) Act, 2022.
“Real estate is a vital sector and we cannot afford to let it run on autopilot,” Oyewale stated. “We are not just waiting for companies to report suspicious transactions to us. We are gathering our own intelligence and carrying out discreet investigations to identify breaches.”
His comments come in the wake of viral allegations made by social media influencer, Scott Iguma, who accused Property World African Network (PWAN) of defrauding investors by collecting payments without allocating lands.
The influencer was later arraigned and remanded by a Federal High Court in Lagos over allegations of criminal defamation. He is facing a 10-count charge bordering on the publication of false information and defamation using his Instagram platform, which has over a million followers.
The case has sparked widespread debate online and among lawmakers. During a plenary session in the Lagos State House of Assembly, Sesi Whingan, representing Badagry Federal Constituency, questioned the EFCC’s delay in investigating multiple petitions against PWAN.
“It’s concerning that a whistleblower is being criminally prosecuted while the alleged fraud remains unchecked. I urge this House to file a formal petition,” he said.
Oyewale, however, emphasized that the EFCC is actively pursuing the issue. He said the Commission’s Special Control Unit Against Money Laundering (SCUML) is already enforcing relevant laws and expects real estate firms to comply by reporting all suspicious transactions.
“We have also created a dedicated Land and Property Fraud Section to handle such complaints. Any evidence of non-compliance will attract sanctions,” he warned.
He further called on the public to assist the EFCC by reporting suspicious activities in the real estate space, saying public intelligence could help uncover schemes that may escape routine scrutiny.
