₦airaland Forum

by Jesupemi Are


Ola Olukoyede, chairman of the Economic and Financial Crimes Commission (EFCC), says many abandoned estates in the federal capital territory (FCT) are owned by civil servants who have stolen money.

Olukoyede spoke in Abuja on Wednesday at a policy dialogue organised by Law Corridor with the theme, “Critical Issues Affecting Nigeria’s Real Estate Ecosystem.”

While noting that some of the estates have been abandoned for over 10 years, the EFCC chairman said the anti-graft agency has set up a special team that would start visiting such properties.

“I have set up the team. We will start visiting all the estates, not only in Abuja but across Nigeria. We want to know who owns what,” he said.

“It will shock you that some of these estates have been abandoned for 10 to 20 years. They just take it to a level, and they abandon it.

“Nobody knows what is going on. What we have been able to gather is that most of these estates were funded by civil servants who have stolen money.

“The moment they leave public service, and the money is no longer coming, they abandon the estate. Then, the developer will start looking for investors to support them to complete the project.”

Olukoyede said the agency has had cause to file for forfeiture for about 15 estates in recent times.

“We have gotten more intelligence, too. Some of you sitting in this room, probably some of those estates belong to you,” he said.

“But very soon, we expect to meet you in court because there is no way we will develop this sector if we continue with that attitude. I know some of you have your genuine source of capital.”

He warned lawyers and real estate developers not to lend themselves as willing tools in the hands of those who engage in money laundering.

Afam Osigwe, president of the Nigerian Bar Association (NBA), said there is a need for a centralised system that would enhance the verification of ownership of properties in the country.

Osigwe also warned that the arbitrary revocation of land titles due to alleged failure to pay ground rent could scare away foreign investors.

Ayokunle Erin, the practice group lead for real estate, construction, and infrastructure at the Law Corridor, said the current estimate puts Nigeria’s housing deficit at between 17 and 20 million units, with a required annual delivery of 700,000 units to meet demand.

“Unfortunately, output falls drastically short. In Abuja, for example, only about 5,000 units were constructed in 2024, satisfying less than 10 percent of the city’s needs,” Erin said.

“These gaps reflect deep-rooted policy failures, regulatory lapses, and legal ambiguities that continue to embolden fraudsters, quacks, and unlicensed agents.”

vanbonattel:
And you cannot mention their names?

All these vain sweeping accusations is a way to play yourself wayo.

autoez:
Like they don't have families. Imagine your uncle was among them. Baba calm down and let EFCC do their job. They have a code of conducts manual. You can't be on Nairaland and be telling them how to run their job.

vanbonattel:
And you cannot mention their names?

All these vain sweeping accusations is a way to play yourself wayo.

bolaayenimo:
Keep paying then 70k as minimum wage and expect them not to steal

Softmirror:
You mean that's the reason our CBN governor, senators, governors, ministers, steal public funds?!

tnerro1:
There is a difference between civil servants and public servants, civil servants are paid 70k, public servants pay themselves what they like…

vanbonattel:
And you cannot mention their names?

All these vain sweeping accusations is a way to play yourself wayo.

bolaayenimo:
Keep paying then 70k as minimum wage and expect them not to steal

bolaayenimo:
Keep paying then 70k as minimum wage and expect them not to steal

datola:
“I have set up the team. We will start visiting all the estates, not only in Abuja but across Nigeria. We want to know who owns what,” he said.

That will be very nice. They buy properties with stolen funds and abandoned them to waste denying genuine people the opportunity.

It is corruption that's driving properties price in Nigeria!