The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that numerous abandoned estates in the Federal Capital Territory (FCT) are linked to civil servants who illicitly acquired public funds.
Olukoyede made the disclosure on Wednesday, August 6, during a policy dialogue organized by Law Corridor, themed “Critical Issues Affecting Nigeria’s Real Estate Ecosystem.”
He stated that several of these estates have remained unoccupied for over a decade. In response, the EFCC has established a special task force to begin inspecting such properties.
“I’ve set up a team, and we’re set to begin inspections—not just in Abuja but across the country. We want to identify the actual owners of these properties,” he said. “It will shock you to learn that some estates have been abandoned for 10 to 20 years. They are developed halfway and then deserted. No one knows what’s happening.”
According to him, preliminary investigations suggest that many of the estates were financed by civil servants using stolen funds. Once they retire or lose access to illicit income, the developments are halted. Developers are then forced to seek new investors to complete the projects.
Olukoyede added that the commission has recently filed forfeiture actions on approximately 15 estates and has received further intelligence regarding suspicious property ownership.
“Some of you in this room may even own some of these estates,” he noted. “Soon, we’ll be seeing each other in court. We can’t reform this sector while such practices persist. Although I know some of you have legitimate sources of funding, many do not.”
He also cautioned lawyers and real estate developers against aiding individuals involved in money laundering, urging them not to become tools for financial crime.
