The Economic and Financial Crimes Commission (EFCC) and the Nigerian Real Estate Developers Association (REDAN) have agreed to clean up the industry.
At the commission’s offices in Jabi, Abuja, anti-corruption chief Abdulrasheed Bawa, REDAN President Aliyu Wammako, and several officials met.
The EFCC, according to Bawa, will assist the body in passing the proposed Real Estate Regulation and Development Bill.
The chairman bemoaned the industry’s high rate of corruption and urged citizens to join the fight.
“In Nigeria, real estate has become a convenient means for corrupt public and private sector officials to launder their criminal earnings.
“It is the second-highest conduit for laundering proceeds of crime, after financial institutions, particularly the banking sector.”
Bawa urged Nigerians to keep an eye out for and report anyone they know who has fraudulently acquired land or buildings.
“We hope and pray that you (REDAN) will be able to strengthen yourself and pick out the bad apples.
“There isn’t a day that goes by that the EFCC isn’t tracing one or more profits of crime into real estate,” he said.
Wammako stated that the group is willing to work with the EFCC to clean up the industry by regulating transactions.
The bill to regulate the sector will be enacted and signed, according to the REDAN president, with the help of the commission.
