The Economic and Financial Crimes Commission (EFCC) has confirmed it is actively monitoring the activities of real estate companies across Nigeria due to their potential involvement in money laundering and fraudulent schemes, as stated by EFCC spokesperson Dele Oyewale during a press briefing in Abuja on July 25, 2025.
The announcement, reported by Creebhills and corroborated by earlier statements on the EFCC website, reflects the agency’s intensified efforts under the Special Control Unit Against Money Laundering (SCUML) to enforce the Money Laundering (Prevention and Prohibition) Act, 2022. Oyewale emphasized that the real estate sector’s role as a conduit for illicit funds necessitates scrutiny to safeguard the nation’s financial integrity.
The EFCC’s focus includes ensuring real estate operators comply with “Know Your Customer” (KYC) policies and report suspicious transactions, with a dedicated Land and Property Fraud Section already recording positive outcomes. This move follows concerns raised by lawmakers like Sesi Whingan of the Lagos State House of Assembly about the agency’s handling of fraud petitions against firms like PWAN, as noted in recent web reports. The public has reacted with mixed sentiments, with some praising the EFCC’s proactive stance while others call for transparency in the monitoring process, as Nigeria continues to combat economic crimes.
