The Chairman of Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has described the real estate sector as one with grand scale corruption in the country.
Bawa stated this while featuring on Channels Television programme ‘Sunrise Daily,’ on Tuesday.
The EFCC boss added that about 90 to 100 per cent of resources are being laundered through the sector.
He said the commission investigated a female minister, who he claimed bought $37.5 million property from a bank and deposited $20 million cash.
Bawa, who is marking his 100 days in office, however did not disclose the identity of the minister or whether she is a current or former minister.
He said:“One of the problems we have in the country is the real estate. 90 to 100 per cent of the resources are being laundered through the real estate. Of course, they are being regulated but they are not enough in terms of how they give their returns to the Special Control Unit.
“We investigated a matter in which a bank MD marketed a property to a minister and agreed to purchase it at $37.5 million. The bank then sent a vehicle to her house to evacuate $20 million from her house in the first instance.
“The bank succeeded to put it in their system and paid the developer and then a lawyer set up a special purpose vehicle where the title documents were transferred into and of course, he is posing as the owner of the house.
“Without the help of the banker, the minister couldn’t have imagined collecting $20 million from anyone with opportunity from the real estate sector; she could not have thought of where to launder the proceeds of crime.”