The Economic and Financial Crimes Commission (EFCC) has disclosed that it is intensifying surveillance on real estate firms across Nigeria, citing concerns that the sector has become a potential hub for money laundering and fraudulent practices.
EFCC spokesperson Dele Oyewale revealed this during a media briefing, noting that the commission has activated its Special Control Unit Against Money Laundering (SCUML) to ensure compliance with the Money Laundering (Prevention and Prohibition) Act, 2022.
“Real estate is too important to society to be left to operate on autopilot. We are keeping close watch and enforcing strict compliance with financial regulations,” Oyewale said.
The development follows a recent public outcry after a social media influencer, Scott Iguma, accused Property World African Network (PWAN), a real estate company, of defrauding investors by collecting payments without allocating promised land.
Iguma’s claims went viral on X (formerly Twitter), prompting widespread debate. However, his accusations landed him in legal trouble, as a Federal High Court in Ikoyi, Lagos, ordered his remand on charges bordering on criminal defamation and publication of false information, using his Instagram platform which has over one million followers.
Amid the controversy, Sesi Whingan, a lawmaker representing Badagry Federal Constituency at the Lagos State House of Assembly, called on the EFCC to investigate multiple petitions against PWAN. He decried what he termed a lack of proactive response by the commission, even as a whistleblower faces criminal proceedings.
In response, Oyewale reiterated that EFCC is not passive on the matter. “We are conducting independent investigations. Real estate companies are now mandated to report suspicious transactions to SCUML. We will not wait for reports—we’re carrying out discreet intelligence gathering to ensure full legal compliance,” he said.
He added that the EFCC has a dedicated Land and Property Fraud Section working actively to tackle fraud and malpractice in the real estate space.
“While we are getting positive results, we also need the cooperation of the public. Whistleblowers and concerned citizens can help by reporting suspicious activity, allowing us to act swiftly,” he concluded.
As the EFCC ramps up efforts to sanitize the sector, stakeholders are advised to operate transparently and in accordance with the law to avoid sanctions.
