The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has admitted that “some groups of unscrupulous elements” have turned the real estate sector into their money laundering haven.
The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, had alleged massive fraud in the real estate sector and vowed that the commission would go all out to investigate money laundering in the sector.
Speaking in Abeokuta, Ogun State, the National Chairman of the Continuing Professional Development (CPD) of NIESV, Dr Emmanuel Mark, said fraudsters had turned the sector into their refuge.
He spoke at a seminar organised by the Ogun State branch of NIESV with the theme: “Money Laundering and Real Estate Investment”.
Mark, represented by an expert in the sector, Austin Injoku, also identified land grabbing, breach of contract by real estate brokers and money laundering as some of the fraudulent practices bedevilling the sector.
He, however, said the institution had partnered with the anti-graft agency in order to flush out money launderers and other fraudsters out of the sector.
He further said, “For the purpose of this seminar, I like to submit that it is true that some groups of unscrupulous villainous elements have turned the real estate platform into their money laundering haven and refuge.
“Our institution has been working with relevant government agencies to sanitise the system, and our collaboration with the EFCC in fighting the risk of money laundering is quite impressive.
“It is on record that a good number of our members and practising estate firms have obtained the Special Control Unit Against Money Laundering (SCUML) certificate of the EFCC.”
In his opening remarks, the state Chairman of NIESV, Wale Ojo, said the body owed the nation a responsibility to enlighten its members and hold them to account for the need to prevent fraudulent practices.
He said, “There is what we call disclosure duty; an obligation that you owe the government. As a professional body, this is a very responsible institution which will not take for granted if any member is found wanting in this area.
“That is why every member, in line with that disclosure duty, every money coming into transactions, we have that duty to disclose because a lot of clients come to us; they want to buy property, they want to make an investment in property and we need to ascertain where all these monies are coming from.”
