The Civil Society Legislative and Advocacy Centre CISLAC, says Nigeria’s real estate sector has become the refuge for criminals and fraudsters who use it to stow away illicit funds.
At an event to launch its report titled “Nigeria’s Dirty Money and Real Estate: How Money Laundering Through Real Estate Impacts Nigeria’s Fight Against Corruption” in Abuja on Tuesday, the Executive Director of CISLAC Auwal Ibrahim Rafsanjani said that illegal funds are cleaned up through real estate sector in Nigeria’s highbrow cities such as Lagos, Abuja and Portharcourt or in tax havens abroad.
He said that the evidence of the illicit funds in Nigerian real estate sector can be seen in the prime properties lining in highbrow areas in urban and suburban locations but which are hardly occupied
The executive director said many fraudsters use Professionals, Family members and close associates to acquire the high value properties. He said, these illegal practice compounds Nigerias’s security problems and called for Stiffer legislation to address the situation.
Also speaking at the event, The CISLAC Report Chief consultant Mrs. Chinwe Udeze stated that the research around Money Laundering in the real estate sector became imperative because of the contribution of real estate to the Nigeria’s GDP
In her recommendations, Udeze called for the regulations, verification, Proper record keeping and professionalization of the real estate sector in Nigeria.