EFCC Boss Urges Real Estate Developers to Prioritize Background Checks
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has issued a strong appeal to real estate developers across Nigeria to take customer verification seriously, as part of a broader effort to tackle money laundering within the sector.
Speaking on Wednesday, August 6, 2025, at a high-level policy dialogue hosted at the Abuja Intercontinental Hotel, Olukoyede emphasised that real estate stakeholders must embrace Know Your Customer (KYC) practices—even when not legally required to protect both their businesses and the sector at large. The event, organized by Law Corridor, brought together key industry players, public sector leaders, and legal experts to explore structural challenges and policy gaps in the real estate ecosystem.
Delivering remarks on the topic “Tackling Illegal Property Sales, Fake Developers and Unlicensed Agents,” the EFCC Chairman revealed that real estate remains a high-risk sector for illicit financial flows. “From data and field investigations, we’ve seen that money laundering is disturbingly prevalent among players in this space,” Olukoyede said.
He stressed that developers have a duty to verify the source of funds of property buyers. “Even if KYC isn’t a legal requirement yet, it’s a business survival strategy. Ignoring it doesn’t just endanger your business—it can implicate you. If stolen money is used to buy property and we trace it to your company, we are legally empowered to recover that asset from you,” he warned.
Olukoyede reminded developers that they could be held accountable as accessories to financial crimes if they knowingly or unknowingly aid the laundering of illicit funds. “It’s not about scaring away customers. It's about protecting your business and Nigeria’s economy,” he added.
Beyond warnings, Olukoyede assured industry professionals of EFCC’s willingness to collaborate with developers who operate ethically. “Real estate is crucial to economic growth. Our job isn’t to stifle the market but to support players who follow due process. If you understand and comply with the rules, you position your business for long-term success,” he said.
He also noted a troubling trend many entrepreneurs venturing into real estate without understanding the sector’s regulatory framework. “Every business operates under rules. The difference between Nigeria and advanced economies is largely in the level of compliance. When you examine successful businesspeople here, you’ll find that many of them make a conscious effort to play by the rules,” he concluded.
As the EFCC continues to monitor the real estate sector, Olukoyede’s message is clear: transparency isn’t just a legal issue, it’s a business imperative.
