The chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, has lamented how “people now defraud the government and individuals and invest in real estate.”
He raised this concern when he received the executives of the Association of Real Estate and Property Managers (AREAPM) in Edo State on Wednesday.
The EFCC chief, represented by the acting Zonal Director and Deputy Commander of the Commission, Mr Sa’ad Hanafi Sa’ad, warned real estate managers against money laundering.
“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.
He noted that the agency would continue to discharge its statutory mandate of bringing those who seek to circumvent the system to book.
“As a commission, we recognise the role of Real Estate and Property Managers. Property Managers are designated non-financial businesses and professions.
“So, we expect them to be professionals and uphold the relevant rules and regulations in the discharge of their duties,” he stated, adding that, “The commission will apply the laws when there is a breach of relevant rules and regulations.”
He assured the AREAPM executives of the organisation’s willingness to collaborate with them in dealing with fraud and criminality in the sector.
“We have a unit, the Land and Property Fraud Section, which attends to issues in that regard. So, when you have challenges, you can report to us,” he stated.
In his remarks, the chairman of AREAPM in Edo State, Mr Akpesiri Michael Egbonoje, stated that the essence of the visit was to seek areas of collaboration with the commission and work out ways of combating real estate financial crimes and fraud in the state.
“Part of our strategy is to familiarise ourselves with law enforcement agencies in the state and seek for collaborative relationships. As a body, we cannot do it alone; we need help in the areas of financial crimes.
“We have tried to sanitise the space, but we realised that your agency is at the apex when it comes to dealing with financial crimes.
“We believe that structured collaboration between AREARM and the EFCC will promote financial transparency, investor confidence, and accountability within the real estate sector.”