The Economic and Financial Crimes Commission (EFCC) has revealed that numerous abandoned estates in Abuja were owned by civil servants who allegedly stole public funds to finance the projects.
EFCC Chairman Ola Olukoyede disclosed this on Wednesday at a policy dialogue organised by Law Corridor, themed “Critical Issues Affecting Nigeria’s Real Estate Ecosystem”.
Olukoyede said many estates in Abuja have been deserted for over 10 to 20 years, with owners abandoning them after leaving public service and losing access to illicit funds.
He disclosed that EFCC has set up a special team to investigate and identify the owners of these abandoned properties, not just in Abuja but across Nigeria.
According to him, the commission has already initiated forfeiture proceedings for about 15 estates and is gathering more intelligence on additional cases.
He also disclosed that Nigeria was facing a significant housing deficit, estimated at 17 to 20 million units, with Abuja meeting less than 10 per cent of its annual housing needs in 2024.
The EFCC chairman attributed the dire state of the sector to policy failures, legal loopholes, and lack of regulatory enforcement, which have created opportunities for fraud and exploitation.
Olukoyede cautioned lawyers and real estate developers against aiding money laundering, warning that they would be held accountable if found complicit.
On his part, the Nigerian Bar Association president, Afam Osigwe, emphasised the need for a centralised property registry to verify ownership and reduce fraud in the real estate sector.
