The chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, stated that many of the abandoned estates in the Federal Capital Territory (FCT) are owned by civil servants who have embezzled public funds.
Olukoyede made these remarks on Wednesday in Abuja during a policy dialogue organized by Law Corridor, with the theme, “Critical Issues Affecting Nigeria’s Real Estate Ecosystem.”
Olukoyede noted that some of these estates have been abandoned for more than ten years. He said the EFCC has formed a special team to begin inspecting such properties.
“I have set up the team. We will start visiting all the estates, not only in Abuja but across Nigeria. We want to know who owns what,” he said. “It will shock you that some of these estates have been abandoned for 10 to 20 years. They just take it to a level, and they abandon it.”
He added, “Nobody knows what is going on. What we have been able to gather is that most of these estates were funded by civil servants who have stolen money.”
He explained that “the moment they leave public service, and the money is no longer coming, they abandon the estate. Then, the developer will start looking for investors to support them to complete the project.”
The EFCC chairman disclosed that the agency has recently filed for the forfeiture of approximately 15 estates. “We have gotten more intelligence, too. Some of you sitting in this room, probably some of those estates belong to you,” he said.
He warned, “But very soon, we expect to meet you in court because there is no way we will develop this sector if we continue with that attitude. I know some of you have your genuine source of capital.”
Olukoyede also cautioned lawyers and real estate developers against becoming willing participants in money laundering schemes.
Afam Osigwe, the president of the Nigerian Bar Association (NBA), highlighted the need for a centralized system to improve the verification of property ownership in the country.
Osigwe also warned that the arbitrary revocation of land titles for alleged failure to pay ground rent could deter foreign investors.
Ayokunle Erin, the practice group lead for real estate, construction, and infrastructure at the Law Corridor, said that Nigeria’s housing deficit is currently estimated to be between 17 and 20 million units, with an annual requirement of 700,000 units to meet demand.
“Unfortunately, output falls drastically short. In Abuja, for example, only about 5,000 units were constructed in 2024, satisfying less than 10 percent of the city’s needs,” Erin said.
He concluded that “These gaps reflect deep-rooted policy failures, regulatory lapses, and legal ambiguities that continue to embolden fraudsters, quacks, and unlicensed agents.”