….Says 90% of money laundering is through real estate
Segun Amure
The Economic and Financial Crimes Commission, (EFCC) Chairman, Abdulrasheed Bawa, has said that the real estate sector has remained one of the problems hindering the commission’s fight against money laundering across the country.
He added that 90 percent of money laundering is done through the real estate sector in the country.
Bawa made this known on Tuesday while appearing as Guest on Channels TV, Sunrise Daily monitored by the Africa Housing News.
The Chairman of the antigraft commission stated that although the real estate sector is monitored via the special control unit, more needed to be done.
According to Bawa, “One of the problems we have now is real estate. 90 to 100 percent of the resources are being laundered through real estate.”
Speaking further, Bawa submits that there are so many issues involved, but that they were working with the National Assembly to stop what he called “the gatekeepers” as there would be reduction in looting if there is no one to launder the money.
Bawa, the EFCC boss, gave an example of a minister who expressed interest in a $37.5 million property a bank manager put up for sale.
Abdulrasheed Bawa: “The bank sent a vehicle to her house and in the first instance $20 million was evacuated from her house.
“They paid a developer and a lawyer to set up a special purpose vehicle, where the title documents were transferred into.
“And he (the lawyer) is posing as the owner of the property. You see the problem. This is just one of many; it is happening daily.”
