Ola Olukoyede, chairman of the Economic and Financial Crimes Commission (EFCC), says numerous abandoned estates in the Federal Capital Territory (FCT) are linked to civil servants who looted public funds.
Speaking in Abuja on Wednesday during a policy dialogue hosted by Law Corridor themed “Critical Issues Affecting Nigeria’s Real Estate Ecosystem,” Olukoyede revealed that some of the estates have been deserted for over a decade. He said the EFCC has now constituted a dedicated team to begin inspecting such properties.
“I have set up the team. We will start visiting all the estates, not only in Abuja but across Nigeria. We want to know who owns what,” he said.
**“It will shock you that some of these estates have been abandoned for 10 to 20 years. They just take it to a level, and they abandon it.
“Nobody knows what is going on. What we have been able to gather is that most of these estates were funded by civil servants who have stolen money.
“The moment they leave public service, and the money is no longer coming, they abandon the estate. Then, the developer will start looking for investors to support them to complete the project.”**
Olukoyede disclosed that the commission has recently filed forfeiture applications for about 15 such estates.
“We have gotten more intelligence, too. Some of you sitting in this room, probably some of those estates belong to you,” he said.
“But very soon, we expect to meet you in court because there is no way we will develop this sector if we continue with that attitude. I know some of you have your genuine source of capital.”
He also cautioned lawyers and real estate developers against aiding money launderers.
Meanwhile, Afam Osigwe, president of the Nigerian Bar Association (NBA), emphasized the importance of a centralized property ownership verification system. He also warned that arbitrary revocation of land titles over unpaid ground rent could deter foreign investment.
Ayokunle Erin, head of the real estate, construction, and infrastructure practice group at Law Corridor, estimated Nigeria’s housing deficit to be between 17 and 20 million units. He said the country needs to deliver 700,000 housing units annually to close the gap.
“Unfortunately, output falls drastically short. In Abuja, for example, only about 5,000 units were constructed in 2024, satisfying less than 10 percent of the city’s needs,” Erin said.
“These gaps reflect deep-rooted policy failures, regulatory lapses, and legal ambiguities that continue to embolden fraudsters, quacks, and unlicensed agents.”