Civil Servants Built Estates with Stolen Funds — EFCC
Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that many abandoned estates in the Federal Capital Territory (FCT) were built by civil servants using stolen public funds.
Olukoyede spoke in Abuja on Wednesday at a policy dialogue organised by Law Corridor with the theme, “Critical Issues Affecting Nigeria’s Real Estate Ecosystem.”
While noting that some of the estates have been abandoned for over 10 years, the EFCC chairman said the anti-graft agency has set up a special team that would start visiting such properties.
“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,” he said.
“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. What we have been able to gather is that most of these estates were funded by civil servants who have stolen money.
“The moment they leave public service, and the money is no longer coming, they abandon the estate. Then, the developer will start looking for investors to support them to complete the project.”
Olukoyede said the agency has had cause to file for forfeiture for about 15 estates in recent times.
“We have gotten more intelligence, too. Some of you sitting in this room, probably some of those estates belong to you,” he said.
“But very soon, 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 warned lawyers and real estate developers not to lend themselves as willing tools in the hands of those who engage in money laundering.
Afam Osigwe, president of the Nigerian Bar Association (NBA), said there is a need for a centralised system that would enhance the verification of ownership of properties in the country.
Osigwe also warned that the arbitrary revocation of land titles due to alleged failure to pay ground rent could scare away foreign investors.