The Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Prof. Bolaji Owasanoye, (SAN) said the commission is set to investigate completed and uncompleted housing estates in Abuja, Lagos and Port Harcourt. Owasanoye said the aim is to tackle money laundering and illicit financial flows (IFFs) in Nigeria.
This was contained in his goodwill message at the 13th Annual General Meeting (AGM) and Conference of the Association held in Enugu.
The chairman, who was addressing the leadership of the Real Estate Developers Association of Nigeria (REDAN), warned developers not to serve as a conduit for Politically Exposed Persons (PEPs). He, therefore, tasked them to self-regulate its members as part of measures to prevent being used for money laundering and IFFs.
He disclosed that the Commission was currently investigating cases of fully completed but unoccupied estates in Abuja in order to identify developers serving as a conduit for money laundering and IFFs.
The ICPC Chairman added that the Commission intended to cover other major housing hubs in the country, especially Lagos and Port-Harcourt.
Owasanoye, who was represented by the Commission’s Director of Asset Tracing, Recovery and Management, Adedayo Kayode, urged the leadership of REDAN to introduce the Know-Your-Customer (KYC) principles for its clients to avoid serving as a conduit for money laundering offenders.
The ICPC boss stated that the theme of the AGM: “Enhancing the Real Estate Sector through Effective Regulation and Collaborations”, was in line with the Commission’s mandate of partnership and collaboration with relevant institutions towards building a mass mobilisation vanguard in the curbing of corruption and IFFs within the system and out of the country.
He, however, expressed regrets that some members of REDAN are engaged by unscrupulous individuals and Politically Exposed Persons (PEPs) to launder their ill-gotten wealth thereby exposing honest and patriotic members of the association to being labeled corrupt by perception.
Prof. Owasanoye also encouraged the REDAN leadership to play a pivotal role in bringing down the mounting cost of housing construction in Nigeria, as well as closing the enormous gap in housing construction by collaborating with relevant government agencies. He further urged the real estate association to consider direct involvement in low-cost housing constructions nationwide to assist the “Housing for All” Programme of the Federal Government.
He added that the Commission intends to cover other major housing hubs in the country, especially Lagos and Port-Harcourt.
