Ola Olukoyede, Executive Chairman of the Economic and Financial Crimes Commission (EFCC), has urged real estate developers to conduct Know Your Customer (KYC) checks to verify the legitimacy of investors’ funds.
Speaking at the “Policy Dialogue on Critical Issues Affecting Nigeria’s Real Estate Ecosystem” on August 6, 2025, at Aso Hall, Abuja Intercontinental Hotel, Olukoyede highlighted rampant money laundering in the sector.Organized by Law Corridor, the event gathered regulators, public officials, and industry leaders to address systemic issues and promote transparency.
Olukoyede warned that developers failing to perform KYC risk losing properties linked to illicit funds, as the EFCC will trace and recover such assets.
“Do KYC for the survival of your business,” he advised, noting that basic information is easily accessible online.
He reaffirmed the EFCC’s commitment to supporting compliant developers to stimulate economic growth, emphasizing that adherence to regulations is key to success.
“The difference between Nigeria and developed nations is compliance with rules,” Olukoyede said, urging stakeholders to follow sector guidelines to foster sustainable growth.
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