Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), has revealed that many abandoned estates in the Federal Capital Territory (FCT) are owned by civil servants who amassed wealth through corrupt practices.
Speaking at a policy dialogue organized by Law Corridor on August 6, 2025, themed “Critical Issues Affecting Nigeria’s Real Estate Ecosystem,” Olukoyede announced that the EFCC has formed a special team to investigate such properties nationwide.
He highlighted that some estates, abandoned for 10 to 20 years, were funded by civil servants who stole public funds.
These projects are often left incomplete when the illicit funds dry up after the officials leave public service, leaving developers scrambling for investors.
The EFCC has recently filed for the forfeiture of approximately 15 such estates.Olukoyede warned that the agency’s investigations will extend beyond Abuja, vowing to uncover the true owners of these properties.
He cautioned real estate developers and lawyers against aiding money laundering schemes, emphasizing the EFCC’s commitment to sanitizing the real estate sector.
“Some of you in this room may own such estates, and we expect to meet you in court soon,” he stated, while acknowledging that some developers operate with legitimate capital.
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