The head of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, revealed that numerous abandoned estates in the Federal Capital Territory (FCT) are owned by civil servants who have misappropriated funds.
The leader of the anti-corruption body made this statement during a policy dialogue hosted by Law Corridor, themed “Critical Issues Affecting Nigeria’s Real Estate Ecosystem,” on Wednesday, August 6.
While pointing out that some estates have remained deserted for over a decade, the EFCC chairman disclosed that the agency has established a dedicated team to begin inspecting such properties.
“I have set up the team. We will start visiting all the estates, not only in Abuja but across Nigeria. We want to know who owns what. It will shock you that some of these estates have been abandoned for 10 to 20 years. They just take it to a level, and they abandon it.
Nobody knows what is going on. What we have been able to gather is that most of these estates were funded by civil servants who have stolen money.
The moment they leave public service, and the money is no longer coming, they abandon the estate. Then, the developer will start looking for investors to support them to complete the project.”
Olukoyede noted that the agency has recently initiated forfeiture proceedings for approximately 15 estates.
“We have gotten more intelligence, too. Some of you sitting in this room, probably some of those estates belong to you. But very soon, we expect to meet you in court because there is no way we will develop this sector if we continue with that attitude. I know some of you have your genuine source of capital.”
He cautioned lawyers and real estate developers against allowing themselves to be used as instruments by those involved in money laundering activities.
A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.
Nnamdi Okoli
