The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has revealed that the Commission has launched a nationwide operation to inspect and investigate real estate developments believed to have been financed through the proceeds of corruption, particularly by unscrupulous civil servants.
Speaking on the alarming rise in unoccupied and suspiciously funded estates across the country, Mr. Olukoyede stated that intelligence gathered by the EFCC indicates that a significant number of these properties were developed using funds siphoned from public coffers. He lamented that many of these estates were not built through legitimate income, but rather through illicit wealth acquired by individuals entrusted with public resources.
According to him, a dedicated team has already been constituted and deployed to begin physical assessments of estates in different states of the federation. The move, he said, is part of the Commission’s broader strategy to trace, recover, and prosecute financial crimes, particularly those rooted in abuse of office and economic sabotage by public servants.
“I have set up a team, and we’ll start visiting all the estates across Nigeria,” Olukoyede said. “What we’ve been able to gather is that most of these estates were funded by civil servants who have stolen money.”
The EFCC boss expressed deep concern over how public service, which is meant to be a platform for nation-building, has become a tool for personal enrichment for some individuals. He warned that the Commission will not overlook any suspicious development, no matter how highly placed the individuals involved may be.
The real estate sector has in recent years become a key focus of anti-graft agencies in Nigeria, with concerns that it is increasingly being used as a safe haven for laundering illicit funds. Several properties have already been seized by the EFCC in ongoing investigations, and more are expected to come under scrutiny as the crackdown continues.
Mr. Olukoyede reiterated the Commission’s resolve to expose and dismantle corrupt networks hiding behind property investments, adding that transparency and accountability in public service must be upheld as non-negotiable values in Nigeria’s path to economic recovery and institutional integrity.
