Real estate developers in Nigeria are under renewed pressure to ensure their operations are transparent, as the Economic and Financial Crimes Commission (EFCC) intensifies its crackdown on fraud and illicit financial flows within the sector.
Speaking at a policy dialogue in Abuja, EFCC Chairman Ola Olukoyede announced that the Commission is now closely monitoring property transactions — particularly in luxury estates — which have become key channels for money laundering and other financial crimes.
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Delivering a keynote address titled “Comply With Anti-Corruption Laws or Be Prepared to Face the Full Force of the Law”, Olukoyede expressed concern over the growing role of the real estate market in laundering stolen public funds, especially in high-value developments in Abuja.
He cited specific cases where developers accepted payments exceeding ₦3.5 billion for duplexes from civil servants with no legitimate source of income. He warned that any developer who fails to carry out Know Your Customer (KYC) checks — even if not yet legally required — could be held accountable when fraudulently acquired assets are traced to their projects.
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Olukoyede revealed that the EFCC is working closely with the Corporate Affairs Commission (CAC) to roll out the Beneficial Ownership Register, a tool designed to unmask the true owners of properties acquired through shell companies. He also disclosed that the EFCC’s Land and Property Fraud Unit is prosecuting cases involving officials of the Federal Capital Development Authority (FCDA) over multiple land allocations and forged titles.
According to him, more than 15 real estate projects are currently facing civil forfeiture proceedings, many linked to looted funds or unexplained wealth. He urged developers to avoid acting as fronts for public officials or engaging in overleveraged projects that collapse under scrutiny.
While acknowledging genuine industry challenges such as high interest rates and limited access to credit, the EFCC Chairman stressed that ethical business practices are non-negotiable. “If developers adopt transparency and due diligence as part of their business model, the Commission will support rather than oppose their efforts,” he assured.
Also speaking at the event, Adebowale Adedokun, Director General of the Bureau of Public Procurement (BPP), highlighted how procurement-related corruption has fuelled fraudulent real estate transactions — particularly in public housing and infrastructure projects. He pointed to opacity in land allocations and contract awards as major causes of a parallel real estate market that disadvantages legitimate developers.
“Political interference, coupled with non-compliance with procurement laws, has given rise to a parallel market that distorts urban development priorities,” Adedokun said. He called for stronger alignment between procurement laws, real estate regulations, and anti-corruption strategies.
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The message from regulators is clear . Due diligence, transparency, and compliance are now crucial competitive advantages. Developers who ignore these standards risk prosecution, loss of projects, and reputational damage.
At Krent, we make it easier for developers to protect their reputation while growing their business. Our platform allows you to market all types of properties — from off-plan projects to completed homes, rental apartments, commercial spaces, and luxury estates — while ensuring secure transactions, verified partners, and a trusted listing process.
With Krent, you’re not just listing properties; you’re building trust and attracting serious buyers and tenants.