The Economic and Financial Crimes Commission (EFCC) has revealed that it is closely monitoring the operations of real estate companies across the country.....KINDLY READ THE FULL STORY HERE▶

EFCC spokesperson, Dele Oyewale, explained that the real estate sector has the potential to serve as a conduit for money laundering and other fraudulent practices.

The issue gained widespread attention after a social media influencer, Scott Iguma, took to X (formerly Twitter) to accuse Property World African Network (PWAN), a real estate firm, of defrauding investors by collecting payments without allocating land.

In a viral video, Iguma alleged that despite numerous payments, PWAN failed to deliver on its promises. However, the controversy took another turn when a Federal High Court in Ikoyi, Lagos, ordered that Iguma be remanded in custody over allegations of criminal defamation.

Iguma is currently facing a 10-count charge relating to the publication of false information and defamation through his Instagram platform, which has over one million followers.

During a plenary session at the Lagos State House of Assembly, Sesi Whingan, a lawmaker representing Badagry Federal Constituency, supported a motion urging the EFCC to investigate the matter.

Whingan said:
“Negligence and failure of the commission to investigate multiple fraud petitions against PWAN, a real estate company, while a whistleblower is criminally targeted and remanded. I seek the leave of the House to file this petition.”

When asked what steps the EFCC is taking to curb fraudulent practices in the real estate sector, Oyewale confirmed that the commission has placed the industry under strict surveillance, noting its vulnerability to money laundering.

“We are watching them, and we are insisting that they must comply with our laws. Real estate is a sector that is critical to society, and we cannot allow it to operate on autopilot,” Oyewale said.

He explained that the EFCC, through the Special Control Unit Against Money Laundering (SCUML), is enforcing the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022, which requires real estate stakeholders to align their operations with existing regulations.

Oyewale added:
“By focus, we mean that they must report suspicious transactions to SCUML so that any breaches of the law can be identified. We are not waiting for them to send us reports; we are conducting our own intelligence gathering and discreet investigations into their activities to ensure compliance.

“Any breach of the law will attract appropriate sanctions. We are maintaining constant watch over real estate actors to ensure they comply with our laws. Where we find evidence of non-compliance, we will roll out sanctions.”

He further revealed that the EFCC has a dedicated Land and Property Fraud Section that handles real estate-related issues, stressing that the commission is already making progress in tackling fraudulent practices in the sector.

“Despite the progress, we still need the public to collaborate with us by volunteering information and providing intelligence on these activities. That way, even if we miss certain criminal acts, we can still address them and bring the culprits to justice,” Oyewale concluded