Renowned Nollywood star Patrick Doyle has disclosed the primary method of money laundering in Nigeria.
He pointed out that the real estate sector has now become the favored disguise for financial illicit activities in Nigeria.
He made these claims during a recent conversation on Echo Room, a show hosted by Quincy Jones.
Doyle stated,
“If you visit Abuja and various estates along the Lekki corridor, you will notice numerous completed houses standing empty. So, if the prices are excessively high, how is it that construction continues without occupancy? That should indicate something.
“It’s amusing because real estate has evolved into one of the foremost means of money laundering. A significant amount of it involves illegal funds manifesting in the construction sector.
“It’s unnatural. It astonishes me how there are countless unfinished buildings in an area where housing is scarce for the populace. Yet, there are many vacant estates. Visit Abuja, it’s astonishing.
“That simply indicates that individuals are merely using misappropriated funds to preserve value, anticipating that one day they will sell. Didn’t you hear about the individual who possesses approximately 7,000 apartments within one estate in Abuja? It’s preferable to invest the money in construction rather than hoarding it in a place where rodents thrive.”