90% of resources are laundered through real estate, says EFCC

The Chairman of Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa stated that 90 per cent of money laundering is done through the real estate sector.

Speaking on Channels TV’s Sunrise Daily, on Tuesday, monitored by Top Naija, EFCC boss disclosed that although the real estate sector is controlled through the special control unit, more needed to be carried out.

As indicated by Bawa, “One of the problems we have now is the real estate. 90 to 100 percent of the resources are being laundered through the real estate.”

He stated that there are countless issues involved, but they were working with the National Assembly to stop what he called “the gate keepers” as there would be decrease in looting if there is nobody to launder the money.

The Chairman of EFCC presented an instance of a minister who showed interest in a $37.5 million property a bank manager put up for sale.

He said, “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 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.”