Money Laundering: ICPC recovers properties in real estate, others built by public servants

Independent Corrupt Practices and other Related Offences Commission chairman, Professor Bolaji Owasanoye told the House of Representatives Adhoc Committee Investigating Real Estate Developers in the Federal Capital Territory that it has recovered 241 houses and another 60 in a large expanse of land from public officers in Abuja.

The ICPC Boss who withheld the identities of the culprits explained that corrupt public officers now use real estate investment as a means to launder money and hide ill-gotten wealth, a development he said is made possible by the absence of proper documentation and the non-enforcement of beneficial ownership standards.

In addition, he disclosed that the agency recovered a total of N53.9 billion after completing its investigation of the defunct special presidential investigation panel on recovery of public property which exposed many real estate developers who defaulted in remittance and payment of money due to the government.

Owasanoye accused officials of the Federal Capital Development Authority, Nigeria Security and Civil Defence Corps, Real Estate Developers Association of Nigeria, fraudulent real estate development operatives of aiding public officers to deepen the mass housing gap in the FCT.

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