Deji Adeyanju backs EFCC crackdown on real estate money laundering

Deji Adeyanju, the human rights lawyer, has expressed support for the ongoing clampdown by the Economic and Financial Crimes Commission (EFCC) on real estate–related money laundering in Abuja and Lagos, describing it as a long-overdue move to tackle corruption in the property sector.

In a statement on Friday, Adeyanju commended Olanipekun Olukoyede, EFCC chairman, for probing the ownership of luxury properties by individuals whose sources of wealth are questionable, particularly civil servants and security operatives.

“I commend EFCC Chairman, Olanipekun Olukoyede, for launching a robust investigation into real estate–related money laundering, particularly in Abuja and Lagos,” he said.

Adeyanju said the practice of public servants acquiring luxury estates in highbrow areas like Asokoro and Maitama had long raised concerns.

“His initiative addresses long-standing concerns regarding the ownership of luxury estates by civil servants and security personnel, many of whom cannot justifiably explain their wealth. As noted, ‘most houses in Asokoro and Maitama are owned by civil servants,’” Adeyanju said.

He recalled previous calls for stricter regulation of the sector, which he described as a safe haven for laundering stolen public funds.

He added that unregulated housing developments had fuelled rent hikes, worsening the burden on ordinary Nigerians.

“We have consistently advocated for more rigorous oversight in the real estate sector, especially given the rapid inflation of housing rents in the capital, often fuelled by illicit funds. These estates, frequently used as venues for laundering stolen public funds, have remained underregulated for far too long,” he said.

Adeyanju said the EFCC’s decision to create a dedicated team to investigate suspicious properties and initiate forfeiture proceedings against more than 15 estates was a crucial step towards accountability.

“Chairman Olukoyede’s move to activate a special EFCC team to investigate and trace these properties, including the filing of forfeiture proceedings against over 15 estates, is a commendable step toward transparency and accountability,” he said.

He urged the commission to remain resolute and resist pressure from vested interests.

“I fully support this bold stance and call on the EFCC to sustain and deepen its efforts to stem money laundering through real estate across our cities,” Adeyanju said.

The EFCC had earlier announced that it was investigating several estates in Abuja and Lagos suspected to have been funded with proceeds of corruption.

The renewed focus comes amid public concern over the rising cost of housing and the opaque ownership of many luxury properties in urban centres.