EFCC Expresses Displeasure Over Slack In Regulation Of Real Estate Sector

The Chairman of the Economic and Financial Crimes Commission, EFCC, Abdulrasheed Bawa, yesterday appealed to the House of Representatives to enforce the real estate regulations.

He made the appeal when members of the House of Representatives Adhoc Committee Investigating Real Estate Developers paid him a courtesy visit, in Abuja.

The EFCC Boss while addressing the visitors, noted that its enforcement would help to curb the sharp practices as well as money laundering in the real estate sector.

His words: “Real estate is the highest avenue through which corrupt Nigerians launder proceeds of crime. When I heard of your committee, I thought this was an opportunity to work with the representatives of the people, to discuss how we can deal with this issue.

“The major challenge in the real estate sector was the poor enforcement of regulations by the relevant authorities.

Abdulrasheed Bawa said that the Commission was prepared to combat financial crimes in the sector, adding that it was the reason behind the restructuring of the Special Control Unit against Money Laundering, SCUML.

According to him, the restructured Special Control Unit Against Money Laundering would improve the service of the commission to the nation.

Commenting, the Chairman of the Committee, Hon. Blessing Onyeche Onuh said the purpose of the visit was to seek the help of the commission to achieve its objective.

Blessing Onyeche Onuh said: “We know the role the EFCC plays in checkmating corruption in the society, and we recognize that the Commission has value to add through the activities of this committee, hence we seek to partner with you.

“We have come to you to share our mandate and for you to guide us on the way forward in this regard.”

Hon Onuh explained that the Committee was established to investigate allegations of misconduct by developers and working with the relevant ministries, departments and agencies, MDAs, in formulating policies and laws to check financial crimes in the sector.

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