The Executive Chairman of Economic and Financial Crimes Commission, EFCC, Ola Olukoyede has warned Real Estate managers across the country against money laundering in the country. The Executive Chairman gave this warning when he received the Executives of Association of Real Estate and Property Managers, AREAPM, Edo State who paid a courtesy visit to the Benin Zonal Directorate of the Commission on Wednesday February 25, 2026.
The EFCC boss who spoke through the Ag Zonal Director, Deputy Commander of the Commission, DCE Sa’ad Hanafi Sa’ad, noted that fraudsters were using real estate and property to conceal proceeds of crime. “We have noted with grave concern that fraudsters are laundering money and hiding proceeds of crime through real estate and property. People now defraud the government and individuals and invest in real estate.”
He noted that the Commission will continue to discharge its statutory mandate of bringing those who seek to circumvent the system to book. “As a Commission, we recognise the role of Real Estate and Property Managers. Property Managers are Designated Non-financial Businesses and Professions. So we expect them to be professionals and uphold the relevant rules and regulations in the discharge of their duties, adding that “The Commission will apply the laws when there is a breach of relevant rules and regulations.”
He assured the AREAPM executives of the Commission’s willingness to collaborate with them in dealing with fraud and criminality in the sector. “We have a unit, the Land and Property Fraud Section which attends to issues in that regard. So when you have challenges, you can report to us.”
State Chairman of AREAPM, Akpesiri Michael Egbonoje stated that the essence of the visit was to seek areas of collaboration with the Commission and work out ways of combating real estate financial crimes and fraud in the state. “Part of our strategy is to familiarise ourselves with law enforcement agencies in the state and seek for collaborative relationships. As a body, we cannot do it alone, we need help in areas of financial crimes. We have tried to sanitize the space but we realised that your agency is at the apex when it comes to dealing with financial crimes, ” before concluding that “We believe that structured collaboration between AREARM and the EFCC will promote financial transparency, investors confidence, and accountability within the real estate sector.