The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that many abandoned estates in the Federal Capital Territory (FCT) are owned by civil servants who misappropriated public funds. He made this statement during a policy dialogue organized by Law Corridor on Wednesday, August 6, themed “Critical Issues Affecting Nigeria’s Real Estate Ecosystem.”
Olukoyede noted that some of these estates have been left incomplete for over a decade. To address this, the EFCC has established a special team tasked with inspecting abandoned properties not only in Abuja but across Nigeria.
“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. 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,” he said.
The EFCC chairman explained that many of these projects were financed by civil servants using stolen funds. Once these individuals leave public service and the illicit funds dry up, the estates are abandoned, leaving developers to seek new investors to complete the projects.
The agency has recently filed forfeiture suits on approximately 15 such estates. Olukoyede also warned that further intelligence suggests more properties tied to illicit funds will be targeted, cautioning owners that legal action is imminent.
“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 said.
Furthermore, Olukoyede urged lawyers and real estate developers to avoid becoming accomplices in money laundering schemes, emphasizing the need for ethical practices in the industry.
