RismadarVoice Reporters
February 25, 2026
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has warned real estate managers across the country against aiding money laundering through property transactions.
Olukoyede gave the warning on Wednesday when he received executives of the Association of Real Estate and Property Managers (AREAPM), Edo State chapter, during a courtesy visit to the EFCC’s Benin Zonal Directorate.
Speaking through the Acting Zonal Director, Deputy Commander of the Commission (DCE) Sa’ad Hanafi Sa’ad, the EFCC boss expressed concern that fraudsters are increasingly using the real estate sector to conceal proceeds of crime.
“We have noted with grave concern that fraudsters are laundering money and hiding proceeds of crime through real estate and property. People now defraud government and individuals and invest in real estate,” he said.
He reminded property managers that they are classified as Designated Non-Financial Businesses and Professions (DNFBPs) and are therefore required to comply strictly with relevant laws and regulations.
“As professionals, you are expected to uphold the rules guiding your operations. The Commission will not hesitate to apply the law where there is any breach,” he warned.
Olukoyede, however, assured the association of the EFCC’s readiness to collaborate in tackling fraud within the sector, pointing out that the Commission has a Land and Property Fraud Section dedicated to handling such cases.
In his remarks, Edo State Chairman of AREAPM, Akpesiri Michael Egbonoje, said the visit was aimed at fostering collaboration with the EFCC to curb financial crimes in the real estate sector.
He noted that structured cooperation between the association and the anti-graft agency would enhance transparency, accountability and investor confidence in the property market.
“We cannot do it alone. We need the support of law enforcement agencies, especially the EFCC, in sanitising the sector,” Egbonoje said.
