Abuja estates are proceeds of money laundering – EFCC

By Sola Omoniyi, Lagos

The Economic and Financial Crimes Commission (EFCC) has stated that many houses in Abuja and across Nigeria are built with money laundered.

The commission said that it’s beaming its searchlight on fraudsters who use real estate to launder money.

Chris Mishela, the EFFC’s lawyer, revealed this during a media workshop in Benin, Edo State. Chris said that many estates springing up in the country, especially in Abuja, are built with illegal money.

“In Abuja, you see so many estates coming all over and we believe the sources of this funds are unlawful. The funds are illegally gotten either from government or from international crime that is used to launder through estate business. Chris said.

“So, EFCC is actually working to look into that dimension and the new Money Laundering Act has provided an opening for the government to look into the aspect of real estate as we have seen under the Act.

“Real estate is one of the designated and non-designated professions that are also under our obligation, under the establishment to do a full disclosure.

“It is an investigation that is going on; not that we have identified any specific entity to these proceeds of crime, but we are working to unravel what those areas are.” He added.