Questionable People are Purchasing Abuja, Lagos Properties with Foreign Money – EFCC Chairman

The EFCC chairman, Abudlrasheed Bawa, has voiced concerns about the unregulated usage of foreign money in real estate deals.

Bawa, speaking through his chief of staff, Hadiza Zubairu, at a workshop in Abuja on Monday, said real estate was the second most vulnerable business in Nigeria to money laundering activities, according to an evaluation report.

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According to Bawa, popular towns like Abuja, Port Harcourt, Kano, and Lagos are significant places where properties are often purchased, often in cash and in foreign currencies.

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Criminals were allegedly using weak regulations, regulatory agencies’ lack of rigorous standards for business activities, poor compliance with laws, and other loopholes to launder money, according to the EFCC chairman.

Highlighting a recently launched app, Bawa said, “Just last year in July, the EFCC launched an app called ‘The Eagle Eye’ which has eased the processes of reporting economic and financial crimes and also exposed the flow of illicit funds in the real estate sector.”

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He added, “This indeed has provided useful intelligence and goes to show the level of commitment that EFCC has in the real estate sector.”

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