Real estate highest avenue corrupt Nigerians launder money —EFCC boss, Bawa

The Economic and Financial Crimes Commission (EFCC) has called on the House of Representatives to ensure that relevant authorities in the real estate sector enforce the necessary regulations in the industry.

Specifically, the Chairman of the Commission, Abdulrasheed Bawa, made the call when he received members of the House of Representatives Adhoc Committee Investigating Real Estate Developers, led by the Chairman, Honourable Blessing Onyeche Onuh, at the EFCC headquarters in Abuja on Wednesday.

According to Bawa, enforcing regulations will help to check sharp practices and money laundering by operators in the industry, noting that the major challenge the sector faces is the poor enforcement of regulations.

“Real estate is the highest avenue through which corrupt Nigerians launder proceeds of crime. When I heard of your committee, I thought this was an opportunity to work with the representatives of the people, to discuss how we can deal with this issue,” he said.

Also, he noted that the anti-graft agency was determined to fight financial crimes in the sector, saying it had restructured the Special Control Unit against Money Laundering, SCUML to enhance its performance.

READ ALSO: ‘Corruption has increased poverty, inequality in Africa,’ says EFCC chief, Bawa

He urged the lawmakers to intervene in the gaps hindering the agency from delivering an effective performance.

In her remarks, Onuh said the committee was at the EFCC to seek the agency’s help in achieving its mandate.

“We actually know the role the EFCC plays in checkmating corruption in the society, and we recognise that the Commission has value to add through the activities of this committee, hence we seek to partner with you. We have come to you to share our mandate and for you to guide us on the way forward in this regard,” she said.

She reiterated that the committee was set up by the leadership of the House of Representatives with the mandate of investigating allegations of misconduct by developers as well as working with the relevant ministries, departments and agencies, MDAs, in formulating policies and laws to check financial crimes in the sector.

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