90% Of Money Laundered Is Through Real Estate — EFCC

EFCC Chairman, Abdulrasheed Bawa, has said that 90 percent of money laundering is done through the real estate sector.

Gatekeepers News reports that the Economic and Financial Crimes Commission (EFCC) Chairman, Abdulrasheed Bawa, has said that 90 percent of money laundering is done through the real estate sector, but that they were working with the National Assembly to stop what he called “the gate keepers” as there would be reduction in looting if there is no one to launder the money.

Bawa said this on Channels TV’s Sunrise Daily.

He stated that although the sector is monitored via the special control unit, more needed to be done.

Bawa said: “One of the problems we have now is the real estate. 90 to 100 percent of the resources are being laundered through the real estate.”

He gave an example of a minister who expressed interest in a $37.5 million property a bank manager put up for sale.

He narrated: “The bank sent a vehicle to her house and in the first instance $20 million was evacuated from her house.

“They paid a developer and a lawyer set up a special purpose vehicle, where the title documents were transferred into.

“And he (the lawyer) is posing as the owner of the property. You see the problem. This is just one of many; it is happening daily.” he said.