Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has alleged that a significant number of abandoned estates in the Federal Capital Territory (FCT) are owned by civil servants who looted public funds and later abandoned the properties to evade detection.
Olukoyede disclosed this during a policy dialogue organised by Law Corridor in Abuja on Wednesday, themed: “Critical Issues Affecting Nigeria’s Real Estate Ecosystem.”
According to him, the EFCC has established a special investigative team to begin visiting these estates, many of which, he said, have remained unoccupied for over a decade.
“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.
He revealed that in recent months, the Commission has sought forfeiture orders for about 15 estates, citing concerns over their questionable origins.
“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 abandon it. Nobody knows what is going on,” Olukoyede said.
“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 stops flowing, they abandon the estate. Then the developer starts seeking investors to complete the project.”
Olukoyede issued a stern warning to individuals implicated in such practices:
“Some of you sitting in this room—probably, some of those estates belong to you. 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.”
He, however, acknowledged that not all property owners are corrupt, noting that some developers and investors have genuine sources of capital.
