EFCC Warns Real Estate Investors: “Know Your Customer or Risk Losing Your Property”
By Chief Editor | Public Eye News
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has cautioned property developers and investors across Nigeria to uphold transparency and integrity in all real estate transactions, stressing that “Know Your Customer (KYC) is no longer optional it’s essential.”
Speaking at the Policy Dialogue on Nigeria’s Real Estate Ecosystem, Olukoyede said the Commission is determined to sanitize the sector and ensure that real estate becomes a legitimate driver of economic growth rather than a refuge for illicit funds.
“If you’re selling property, you must know where the buyer’s money comes from,” Olukoyede warned. “If you collect proceeds of crime unknowingly, you may still be liable. And if we trace stolen funds to your property, we will recover it.”
The EFCC boss emphasized that the agency is not against business activities but is committed to supporting legitimate enterprises that contribute to Nigeria’s development.
“We’re here to help honest businesses thrive. Our goal is to ensure the real estate sector supports economic progress — not corruption,” he added.
Olukoyede’s remarks come amid growing concerns about the use of Nigeria’s booming real estate industry for money laundering and asset concealment. The EFCC has repeatedly called for stronger compliance measures, particularly through KYC and transaction verification, to promote accountability and transparency.
The Commission reaffirmed its readiness to collaborate with investors, developers, and financial institutions to make Nigeria’s real estate market clean, credible, and globally competitive.
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