The Economic and Financial Crimes Commission, EFCC, Chairman, Abdulrasheed Bawa, has stated that 90 percent of money laundering in Nigeria is done through the real estate sector.
Bawa who made this known while Speaking on Channels TV’s Sunrise Daily on Tuesday, said that although the sector is monitored via the special control unit but more needed to be done.
According to Bawa, “One of the problems we have now is the real estate. 90 to 100 percent of the resources are being laundered through the real estate.”
the EFCC boss, gave an example of an unnamed minister who expressed interest in a $37.5 million property a bank manager put up for sale.
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Abdulrasheed Bawa: “The bank sent a vehicle to her house and in the first instance $20 million was evacuated from her house.
“They paid a developer and a lawyer set up a special purpose vehicle, where the title documents were transferred into.
“And he (the lawyer) is posing as the owner of the property. You see the problem. This is just one of many; it is happening daily.”
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