The Executive Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has warned real estate managers across Nigeria to guard against the use of property transactions for money laundering.
Securitynewsalert.com learned that Olukoyede issued the warning on Wednesday, February 25, 2026, when executives of the Association of Real Estate and Property Managers (AREAPM), Edo State chapter, paid a courtesy visit to the Benin Zonal Directorate of the Commission.
Speaking through the Acting Zonal Director and Deputy Commander of the Commission, DCE Sa’ad Hanafi Sa’ad, the EFCC chairman expressed concern that fraudsters were increasingly using real estate to conceal illicit funds.
“We have noted with grave concern that fraudsters are laundering money and hiding proceeds of crime through real estate and property,” he said. “People now defraud the government and individuals and invest in real estate.”
He stressed that the Commission would continue to carry out its statutory mandate of bringing offenders to justice. According to him, real estate and property managers fall under Designated Non-Financial Businesses and Professions and are expected to comply with relevant regulations.
“As a Commission, we recognise the role of real estate and property managers. Property managers are Designated Non-Financial Businesses and Professions, so we expect them to be professional and uphold the relevant rules and regulations in the discharge of their duties,” he said. “The Commission will apply the laws when there is a breach of relevant rules and regulations.”
Olukoyede also assured the association of the EFCC’s readiness to collaborate in tackling fraud and criminal activities within the sector.
“We have a unit, the Land and Property Fraud Section, which attends to issues in that regard. So when you have challenges, you can report to us,” he added.
Earlier, the Edo State Chairman of AREAPM, Akpesiri Michael Egbonoje, said the visit was aimed at building collaboration with the Commission to combat financial crimes in the real estate sector.
“Part of our strategy is to familiarise ourselves with law enforcement agencies in the state and seek collaborative relationships,” Egbonoje said. “As a body, we cannot do it alone; we need help in areas of financial crimes.”
He added that closer cooperation between the association and the EFCC would strengthen transparency and accountability in the industry.
“We believe that structured collaboration between AREAPM and the EFCC will promote financial transparency, investors’ confidence, and accountability within the real estate sector,” he said.
