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Real Estate Accounts For 90% Of All Money Laundering – EFCC

According to the Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, 90 percent of money laundering occurs in the real estate sector.

“One of the challenges we have now,” Bawa says, “is real estate.” Real estate is where 90 to 100 percent of the resources are laundered.”

He acknowledged that there are several difficulties at hand, but said they were working with the National Assembly to combat what he referred to as “the gate keepers,” claiming that there would be less looting if there was no one to launder the money.

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