THE Chairman of the Economic and Financial Crimes Commission (EFCC),
Ola Olukoyede, has revealed that numerous abandoned estates in the Federal Capital Territory (FCT) were funded with stolen public funds by civil servants.
Speaking at a policy dialogue hosted in Abuja by Law Corridor, themed “Critical Issues Affecting Nigeria’s Real Estate Ecosystem,” Olukoyede disclosed that many of these properties have been unoccupied for over a decade.
According to him, the EFCC has formed a special task force to inspect these estates across Nigeria.
“We’ve created a dedicated team to begin inspecting estates nationwide. It’s alarming that some have been deserted for 10 to 20 years,” he said,
“What we’ve found is that these properties were financed by civil servants using stolen government funds. Once they retire or lose access to illicit income, the projects are abandoned, and developers scramble to find new investors.”
Olukoyede further stated that the EFCC has recently filed forfeiture cases involving about 15 such estates, and warned that individuals benefiting from proceeds of corruption—possibly even some attendees at the event—could soon face prosecution.
“If we hope to reform this sector, such behavior must end. While I acknowledge that some developers have legitimate funding sources, others will be held accountable in court,” he said.
He also cautioned legal professionals and real estate developers against being complicit in laundering stolen funds.
The President of the Nigerian Bar Association (NBA), Afam Osigwe, emphasized the urgent need for a centralized system to verify property ownership and warned that arbitrary revocations of land titles over unpaid ground rent could discourage foreign investment.