EFCC boss reveals that 90% of the corruption in Nigeria takes place through the real estate sector

ECONOMIC and Financial Crimes Commission (EFCC) chairman Abdulrasheed Bawa has dropped shocking statistics revealing that as much as 90% of the corruption that takes place in Nigeria is executed through the country's real estate sector.

Founded to combat graft in public office, the EFCC has had a hard long battle against corrupt public officials, who are highly imaginative with the way they steal money. All sorts of innovative means have been devised to loot the Nigerian treasury, including stashing raw cash away, using third parties and moving money abroad.

Despite concerted efforts to arrest the menace, Nigerian politicians and officials appear to always be ahead of the EFCC. According to Mr Bawa, although the real estate sector is monitored via the EFCC's special control unit, more needs to be done to prevent it being using as a money laundering conduit.

Mr Bawa said: “One of the problems we have now is the real estate as 90% to 100% of resources are being laundered through the real estate sector. There are so many issues involved but we are working with the National Assembly to stop the gate keepers, as there would be reduction in looting if there is no one to launder the money."

He gave an example of a minister who expressed interest in a $37.5m property a bank manager put up for sale. Mr Bawa added: “The bank sent a vehicle to her house and in the first instance $20m 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 the lawyer began posing as the owner of the property. You see the problem, this is just one of many that  it is happening daily.”