Read How Real Estate Is Being Used For Money Laundering According To ICPC And EFCC

The Independent Corrupt Practices and other related offences Commission (ICPC) has alleged that corrupt individuals are using real estate as an avenue to launder illicit funds.

ICPC Chairman, Prof Bolaji Owasanoye, disclosed this in a remark before the House of Representatives Ad-Hoc Committee investigating the activities of estate developers in the Federal Capital Territory (FCT) on Thursday.

He said that the Commission had carried out a study between 2010 and 2011 which revealed the sharp practices in the sector including massive corruption and injection of illicit funds.

Prof Owasanoye alleged that estate developers have formed the habit of selling allocated lands for mass housing in piecemeal to the highest bidders.

The ICPC chairman further revealed that where the houses are built, they were allegedly sold to the rich.

On his part, the Chairman, Economic and Financial Crimes Commission (EFCC), Mohammed Bawa, who was represented by a director of the agency, Daniel Esei, said developers were not complying with extant laws which aggravated the sharp practices in the sector.

According to him, developers break the laws by allowing third parties to make payments or buy houses, shortchanging the real subscribers.