The Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede, has said that many abandoned estates in the Federal Capital Territory (FCT) are owned by civil servants who have stolen money.
Olukoyede spoke in Abuja at a policy dialogue organised by Law Corridor with the theme, “Critical Issues Affecting Nigeria’s Real Estate Ecosystem”.
While noting that some of the estates have been abandoned for over 10 years, the EFCC chairman said the anti-graft agency has set up a special team that would start visiting 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 said the agency has had cause to file for forfeiture for about 15 estates in recent times.
“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 warned lawyers and real estate developers not to lend themselves as willing tools in the hands of those who engage in money laundering.
Afam Osigwe, president of the Nigerian Bar Association (NBA), said there is a need for a centralised system that would enhance the verification of ownership of properties in the country.
Osigwe also warned that the arbitrary revocation of land titles due to alleged failure to pay ground rent could scare away foreign investors.
Ayokunle Erin, the practice group lead for real estate, construction, and infrastructure at the Law Corridor, said the current estimate puts Nigeria’s housing deficit at between 17 and 20 million units, with a required annual delivery of 700,000 units to meet demand.
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.”