The Economic and Financial Crimes Commission (EFCC) has announced that it is closely monitoring the real estate sector across Nigeria, citing its potential as a hub for money laundering and fraudulent schemes.
EFCC spokesperson, Dele Oyewale, confirmed that the commission has placed real estate operators under surveillance to ensure compliance with anti-money laundering laws.
This development follows widespread attention sparked by social media influencer Scott Iguma, who publicly accused Property World African Network (PWAN), a real estate company, of defrauding investors by collecting payments without allocating land. The accusations, made in viral videos on social media, triggered widespread reactions and prompted a broader debate on fraud in the real estate sector.
However, Iguma now faces a 10-count charge of defamation and spreading false information through his Instagram account, which has over one million followers. A Federal High Court in Ikoyi, Lagos, has ordered his remand pending the resolution of the criminal charges.
In response to the controversy, Sesi Whingan, a lawmaker representing Badagry Federal Constituency, raised the issue during a plenary session at the Lagos State House of Assembly. He criticized the EFCC for allegedly neglecting to act on multiple fraud petitions against PWAN while targeting a whistleblower instead. He called for a formal petition to be submitted.
Oyewale defended the EFCC’s ongoing efforts, explaining that the agency is committed to enforcing compliance in the sector. He noted that the Special Control Unit Against Money Laundering (SCUML) is actively implementing the Money Laundering (Prevention and Prohibition) Act, 2022.
“We are not waiting passively,” Oyewale said. “Real estate firms must report suspicious transactions to SCUML. Our team is independently conducting intelligence operations and investigations to detect and address non-compliance.”
He added that the EFCC has a dedicated Land and Property Fraud Section handling real estate-related fraud and that positive outcomes are already being recorded. However, he emphasized the importance of public cooperation in identifying and reporting illicit activity.
“Public collaboration is vital,” Oyewale concluded. “We need people to provide credible intelligence so we can address issues that might otherwise go undetected and bring offenders to justice.”
