News
Real Estate Sector Now Hub For Money Laundering-EFCC

The Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices and other related offences Commission (ICPC) have stated that the real estate sector is now used to launder illicit funds.
Speaking before a House of Representatives Ad-Hoc Committee investigating the activities of estate developers in the Federal Capital Territory (FCT) on Thursday, October 28, ICPC Chairman, Prof. Bolaji Owasanoye said a study they conducted between 2010 and 2011, revealed the sharp practices in the sector including massive corruption and injection of illicit funds.
Owasanoye who revealed that the agency has recovered 241 houses and 60 buildings from corrupt public officers through its investigation added that estate developers have a habit of selling allocated lands for mass housing in piecemeal to the highest bidders.
Chairman of EFCC, Mohammed Bawa who was represented by a director of the agency, Daniel Esei, alleged that developers are not complying with extant laws which aggravated the sharp practices in the sector.
He accused developers of breaking the law by allowing third parties to make payments or buy houses, short-changing the real subscribers.
The EFCC chairman noted that there is need for more stringent laws to allow the application of sanctions on developers who go against the law.
-
Society6 years ago
How Socialite, Drug Peddler Toyin Igbira Died
-
Music5 years ago
Police Arrest Salawa Abeni’s Blackmailer
-
Opinion5 years ago
Why I said Anyone Opposed To Church Opening Will Die-Oyedepo
-
News6 years ago
See Open Letter Written By Pastor To Adeboye, Kumuyi Others
-
News5 years ago
Nigerian Army Arrest Soldier For Attack On Chief Of Army Staff
-
Live2 years ago
Bayelsa Election Live: Voting Begins In Earnest
-
Society5 years ago
Happy Times Return For Sanusi Lamido Sanusi
-
Live2 years ago
Primate Ayodele Launches Palliative Market, Sells Bags Of Rice, Beans, Others For Less Than N5,000