The Economic and Financial Crimes Commission has said it is monitoring the activities of real estate companies across the country.
Spokesperson for the EFCC, Dele Oyewale, stated that the real estate sector could serve as a platform for money laundering and fraudulent activities.
A netizen social media influencer, Scott Iguma, sparked debates on X (formerly Twitter) by calling out Property World African Network, a real estate firm, for alleged fraud.
In one of the viral videos on the social media, Iguma accused PWAN of failing to allocate land to investors despite collecting payment from them.
But a Federal High Court in Ikoyi, Lagos has ordered that the influencer be remanded in custody over allegations of criminal defamation.
Iguma is facing a 10-count charge bordering on publication of false information and defamation using his Instagram platform with over one million followers.
During a plenary session at the Lagos State House of Assembly, a lawmaker representing Badagry Federal Constituency, Sesi Whingan, supported the motion asking EFCC to investigate the matter.
“Negligence and failure of the commission to investigate multiple fraud petitions against PWAN, a real estate company, while a whistleblower is criminally targeted and remanded. I seek the leave of the house to file this petition,” he said.
Asked what the EFCC was doing on checkmating fraudulent activities of the real estate owners, Oyewale said the commission had put them under watch as it was aware that they could be fertile land for money laundering.
“We are watching them, and we are insisting that they must comply with our laws. Real estate is a sector that is important to society, and we cannot allow it to operate on autopilot,” he said.
According to Oyewale, EFCC is ensuring that actors in the sector operate in line with the law, saying that was why the Special Control Unit Against Money Laundering was enforcing the Money Laundering (Prevention and Prohibition) Act, 2022.
He expressed that the Act would require real estate stakeholders to align their activities with established regulations.
Oyewale stated, “By focus, we mean that they must report suspicious transactions to SCUML so that any breaches of the law can be identified. We are not waiting for them to send us reports; we are conducting our own intelligence gathering and discreet investigations into the activities of these real estate actors to ensure they comply with extant laws.
“Any breach of any aspect of the law will attract appropriate sanctions. Therefore, we are maintaining constant watch over real estate actors to ensure they comply with our laws. Where we find any evidence of non-compliance, we will roll out sanctions.
“Additionally, we have a Land and Property Fraud Section within the EFCC that handles issues related to real estate, property, and fraud. We are actively pursuing this mandate and are achieving positive results.”
“Despite getting good results, we still need the public to collaborate with us by volunteering information and providing intelligence about the activities of these individuals. That way, even if we miss certain criminal activities, we can still tackle them and bring the culprits to justice.
Credit: punchng.com
