A senior lawyer with the Economic and Financial Crimes Commission (EFCC), Chris Mishela, has revealed that several estates that have sprouted up in Abuja and other parts of Nigeria are believed to be the proceeds of fraud and money laundering.
Speaking at a training session for journalists on effective reporting of economic and financial crimes in Benin, Edo State, Mishela disclosed that the EFCC is closing in on individuals who are using real estate to launder money and perpetrate other financial crimes.
“In Abuja, you see so many estates coming all over and we believe the source of this fund is unlawful funds. The funds are illegally gotten either from government or from the international crime that is used to launder through estate business,” Mishela said.
The EFCC lawyer added that the new money laundering Act has provided an opportunity for the government to investigate and scrutinize real estate businesses under the agency’s obligation to ensure full disclosure.
“Real estate is one of the designated and non-designated professions that are also under our obligation under the establishment to do a full disclosure.
It is not an investigation that is going on, rather we have identified specifically that these are proceeds of crime,” he added.
The revelation suggests that the EFCC is stepping up efforts to clamp down on money laundering in Nigeria, as the country continues to grapple with financial crimes.
