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BLUE UPDATE

Real Estate Now a Lucrative means to Launder Illicit Funds – ICPC , EFCC Alleges.

The Real Estate Investment platform is now a very lucrative means to launder illegal funds cries Independent Corrupt Practices & other related offences Commission (ICPC) & the Economic and Financial Crimes Commission [ EFCC ] .

During ab Appearance before a House of Rep Ad-Hoc Committee set up to investigate the activities of estate developers in the FCT Abuja on Thursday October 28, ICPC Chairman, Prof Bolaji Owasanoye said in a study they conducted between 2010 and 2011, revealed some lawless practices in the sector which includes huge scale corruption and input of illicit funds.

Prof Owasanoye also revealed that the agency has recovered 241 houses and 60 buildings from alleged corrupt public officers through its underground investigation, whilst added that estate developers have a constant habit of selling off lands allocated for mass housing in piece by piece to the highest bargainers.

Meanwhile Chairman of Economic and Financial Crimes Commission Mohammed Bawa who was duly represented by a director of the agency, Daniel Esei, said developers are always breaking the law by allowing 3rd parties to make payments or buy houses, shortchanging the real subscribers.

The ICPC and EFCC Chairman are said to soon embark on joining forces with the relevant bodies to put more constricted laws that allows the application of sanctions on developers who go against the law.

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