The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede, has warned real estate managers across the country against involvement in money laundering and other financial crimes.
Olukoyede gave the warning when he received executives of the Association of Real Estate and Property Managers (AREAPM), Edo State branch, who paid a courtesy visit to the Benin Zonal Directorate of the Commission 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 over the increasing use of real estate as a channel for laundering 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.
He stressed that the Commission would continue to discharge its statutory mandate by bringing offenders to justice, noting that real estate practitioners fall under the category of Designated Non-Financial Businesses and Professions (DNFBPs).
“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 professionals and uphold the relevant rules and regulations in the discharge of their duties. The Commission will apply the laws when there is a breach of relevant rules and regulations,” he said.
Olukoyede assured the AREAPM executives of the Commission’s readiness to collaborate in tackling fraud and criminality in the sector. He disclosed that the EFCC has a specialised Land and Property Fraud Section to handle related matters.
“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.
In his remarks, the Edo State Chairman of AREAPM, Akpesiri Michael Egbonoje, said the purpose of the visit was to explore areas of collaboration with the Commission and develop strategies 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. As a body, we cannot do it alone; we need help in areas of financial crimes. We have tried to sanitise the space, but we realise that your agency is at the apex when it comes to dealing with financial crimes,” he said.
He expressed confidence that structured collaboration between AREAPM and the EFCC would promote financial transparency, boost investor confidence, and strengthen accountability within the real estate sector.
In a statement by Dele Oyewale, Head, Media & Publicity, the Commission reiterated its commitment to partnering with stakeholders to safeguard the integrity of Nigeria’s financial system.
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