Money Laundering: EFCC Closes-in On Real Estate Developers

The Economic and Financial Crimes Commission (EFCC) has closed-in on developers over insinuations that suspected fraudsters invested proceeds of crime obtained through money laundering on real estate business.

One of the EFCC lawyers, Chris Mishela stated this at a training for journalists on effective reporting of economic and financial crimes in Benin, Edo State capital.

He said the essence of the training was to intimate journalists about the framework of the new anti-money laundering Act 2022 and their roles as media practitioners.

“As it is, I am talking about Abuja; you see so many estates springing all over Abuja and more.

“The sources of these funds are unlawful; the funds are illegally gotten either from government or international crime and laundered through estate business.

“So, EFCC is actually working to look into that dimension and the new money laundering Act has provided an opening for the government to look into the aspect of real estate as we have seen under the Act," he added.

Mishela disclosed that real estate is one of the designated and non-designated professions under the purview of EFCC, adding that the commission has commenced investigation to unravel realtors involved in money laundering.

While highlighting the roles and responsibilities of individuals and corporate organisations under the new Act, he stated that its now a crime to deposit or receive cash payment above N5 million.

He disclosed the need to enlighten the public on the expanded scope of Money Laundering (Prevention and Prohibition) Act 2022 as against the repealed Money Laundering Prohibition Act 2011, which he said was one of the major crux of the workshop.

Mishela hinted that ignorance is not an excuse in law, noting that the commission is keen on letting individuals and corporate bodies including the media to be conversant about the law.

The Assistant Commander, Public Affairs Unit of EFCC, Mr Dele Oyewale, encouraged journalists to engage more on investigative reporting in order to provide leads for the commission.

He noted that investigative reporting is the pride of the journalism profession, pleading with the participants to engage in journalism of penetration, exploration, intensification and exhaustive inquiries.

Head, Cyber Crimes Unit of EFCC, Benin, Mrs Oluwakemi Olawoyin, highlighted the strategies for safe transactions on the various e-business platforms.

Comments

11- month Unpaid Salaries: FG Returns EHCON To Budget Circle By 2025

BY CHIKA OKEKE, Abuja Stakeholders and Staff of EHCON in a group photograph at the unveiling of EHCON’s Electronic Documentation Management Center (EDMC) in Abuja on Wednesday. The Federal Government has stated that plans are underway to return the staff of Environmental Health Council of Nigeria (EHCON) to budgetary allocation by 2025 and facilitate the payment of 11-month unpaid salaries. Minister of Environment, Alhaji Balarabe Abbas Lawal stated this on Wednesday in Abuja at the unveiling of Environmental Health Council of Nigeria's (EHCON) Electronic Documentation Management Center (EDMC). The centre, which is domiciled at the headquarters of EHCON in the Federal Secretariat, was built by EHCON in partnership with Agro - Climate Resilience in Semi Arid Landscape (ACReSAL) and financed by the World Bank. News Rider reports that the staff of EHCON received their last salary in December 2023, which implied that from January to November 2024, the workforce are y...

EHCON Seals Deal With SEPHON, EPHPAN, WAHEB To Revamp Environmental, Public Health

BY CHIKA OKEKE, Abuja Registrar of Environmental Health Council of Nigeria (EHCON) Dr Yakubu Baba displaying a Memorandum of Understanding (MoU) signed with the Registrar of West African Health Examination Board (WAHEB) Mrs Bola Oladejo in Abuja on Tuesday. In line with global best practices, the Environmental Health Council of Nigeria (EHCON) has sealed deal with strategic professional bodies to revamp environmental and public health issues across the country. They are Society for Environmental and Public Health of Nigeria (SEPHON), Environmental and Public Health Practitioners of Nigeria (EPHPAN), and West African Health Examination Board (WAHEB). Registrar of EHCON, Dr Yakubu Baba stated this on Tuesday at the signing of a Memorandum of Understanding (MoU) with the professional bodies in Abuja. He noted that Environmental Health (EH) is a profession recognised and established by Act 11 of Environmental Health Officers Registration Counc...

EFCC: You Do Not Change A Winning Team

By Iliyasu Gashinbaki Iliyasu Gashinbaki I have read the letter from the former President, Nigeria Bar Association (NBA), Dr. Olisa Agbakoba, SAN, addressed to the Chairmen of the Constitution Review Committee of both chambers of the National Assembly- Deputy Senate President and Deputy Speaker, House of Representatives. I was looking for his prayers to the esteemed lawmakers on clear and unambiguous anomalies he observed in the Establishment Act of the Economic and Financial Crimes Commission (EFCC) that need legislative action in the review exercise. I must confess, I could not find any. Instead, the legal luminary made a sweeping statement that is neither rooted in facts nor verifiable evidence that “I very strongly believe the EFCC is unconstitutionally established. The powers under which it was established go beyond the powers of the National Assembly. The EFCC is an unlawful organisation.” How? I have asked myself repeatedl...

News Rider

Search This Blog