The Chairman of the Economic and Financial Crimes Commission has warned that fraudsters are increasingly laundering illicit funds by concealing proceeds of crime in real estate investments.
According to the anti-graft agency, investigations have revealed a growing trend in which suspects channel illegally obtained money into property acquisitions as a way to disguise the origin of their funds and evade detection. The agency stated that high-value land purchases, luxury property developments, and asset transfers are often used to integrate illicit earnings into the formal economy.
The chairman emphasized that real estate remains one of the most common sectors exploited for money laundering due to the perceived stability and long-term appreciation of property assets. He noted that the commission is strengthening monitoring mechanisms and collaborating with financial institutions, property registries, and other regulatory bodies to track suspicious transactions.
Authorities reiterated that concealment of criminal proceeds through asset acquisition constitutes a punishable offence under anti-money laundering laws. The commission assured the public that ongoing investigations are targeting individuals and organizations suspected of using property investments to legitimize illegally acquired wealth.
Officials also urged real estate professionals to conduct due diligence on clients and report unusual transactions to relevant authorities to prevent the sector from being abused for financial crimes. The crackdown forms part of broader efforts to enhance transparency and strengthen enforcement against corruption and fraud in Nigeria.
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