The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has issued a strong warning to real estate and property managers across Nigeria, urging them to desist from money laundering and other financial crimes within the sector.
Olukoyede gave the warning while receiving executives of the Association of Real Estate and Property Managers (AREAPM), Edo State chapter, who paid a courtesy visit to the EFCC’s Benin Zonal Directorate on Wednesday, February 25, 2026.
Speaking through the Acting Zonal Director, Deputy Commander of the Commission, DCE Sa’ad Hanafi Sa’ad, the EFCC boss expressed concern that criminals are increasingly using real estate to conceal proceeds of crime.
“We have noted with grave concern that fraudsters are laundering money and hiding proceeds of crime through real estate and property. People now defraud the government and individuals and invest in real estate,” he said.
Olukoyede stressed that the Commission would not relent in enforcing the law, noting that real estate and property managers fall under Designated Non-Financial Businesses and Professions (DNFBPs).
“As a Commission, we recognise the role of real estate and property managers. We expect them to be professional and to uphold relevant rules and regulations in the discharge of their duties. The Commission will apply the laws when there is a breach,” he warned.
He further assured the AREAPM leadership of EFCC’s readiness to collaborate in tackling fraud and criminality in the sector.
“We have a unit, the Land and Property Fraud Section, which attends to issues in that regard. Whenever you have challenges, you can report to us,” he added.
In his remarks, Edo State Chairman of AREAPM, Akpesiri Michael Egbonoje, said the visit was aimed at strengthening collaboration with the EFCC to curb financial crimes in the real estate sector.
“Part of our strategy is to familiarise ourselves with law enforcement agencies and seek collaborative relationships. As a body, we cannot do it alone; we need help in addressing financial crimes,” he said.
Egbonoje concluded that a structured partnership between AREAPM and the EFCC would enhance transparency and confidence in the sector.
“We believe that structured collaboration between AREAPM and the EFCC will promote financial transparency, investor confidence, and accountability within the real estate sector.”