The Economic and Financial Crimes Commission (EFCC) has announced that it is closely monitoring the real estate industry nationwide due to concerns over its potential use for money laundering and fraudulent practices.
EFCC spokesperson Dele Oyewale revealed that the commission has heightened scrutiny on real estate operators, stressing the need for strict compliance with anti-money laundering regulations.
“The real estate sector cannot be allowed to operate without oversight,” Oyewale said. “We are monitoring their activities and ensuring they follow the law.
This industry is vital to our economy, but it also presents opportunities for financial crimes.”
The increased attention on the sector follows a social media controversy involving a netizen, Scott Iguma, who accused Property World African Network (PWAN), a real estate firm, of defrauding investors.
Iguma alleged that the company failed to allocate plots of land despite collecting payment from clients.
His viral posts sparked online outrage and public debate, but the matter took a legal turn when a Federal High Court in Ikoyi, Lagos ordered Iguma’s remand over a 10-count charge of defamation and dissemination of false information through his Instagram page, which has over one million followers.
Meanwhile, the Lagos State House of Assembly also waded into the issue.
A lawmaker representing Badagry Federal Constituency, Sesi Whingan, supported a motion calling on the EFCC to investigate the multiple fraud allegations against PWAN.
“There have been several petitions against this company, yet no concrete action from the EFCC. Meanwhile, the whistleblower is being criminalised.
I urge the House to allow me to file this petition officially,” Whingan stated during a plenary session.
Oyewale responded by emphasizing the EFCC’s ongoing efforts to sanitize the sector.
He noted that the Special Control Unit Against Money Laundering (SCUML) is actively enforcing the Money Laundering (Prevention and Prohibition) Act, 2022, which requires real estate operators to report suspicious transactions.
“We’re not waiting for reports from them.
Our teams are gathering intelligence and carrying out discreet investigations,” Oyewale said. “Any violation of the law will be met with strict sanctions.”
He further disclosed that the EFCC has a dedicated Land and Property Fraud Section to address real estate-related complaints and has been recording positive outcomes.
Oyewale called on the public to assist the agency by sharing credible information. “Public collaboration is vital.
“Even if we miss something, with community input, we can still track and prosecute offenders,” he said.