Skip to main content

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enlighten the public on the  expanded scope of Money Laundering (Prevention and Prohibition) Act 2022 as against the repealed Money Laundering Prohibition Act 2011, which he said was one of the major crux of the workshop.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

Post a Comment

Popular posts from this blog

EHCON Moves To Rebrand Environmental Health Sector Using Artificial Intelligence

BY CHIKA OKEKE, Abuja   Dr Yakubu Baba The Environmental Health Council of Nigeria (EHCON) has taken cogent steps to rebrand the environmental health sector using artificial intelligence.  Already, plans are underway to extend the initiative across the six geopolitical zones, as no community would be sidelined.  The Registrar of EHCON, Dr Yakubu Baba stated this in Abuja at a 3-day workshop organised by EHCON in collaboration with Afri-Tourism Investment Limited and West Africa Gas Pipeline Authority (WAGPA) with the theme: "AI-Driven Operations and Predictive Analysis." The essence of the workshop is to improve environmental health practice and prevent emerging diseases using artificial intelligent.   It is expected to empower Environmental Health Officers (EHOs) with the necessary digital skills needed to deepen environmental health practice and provide workable  solutions to problems.  Baba noted that integrating AI into environmental he...
Post a Comment
Read more

CCB, NILDS Endorse CIFCFIN Agenda To Eliminate Fraud

BY CHIKA OKEKE, Abuja Iliyasu Gashinbaki  The Code of Conduct Bureau (CCB) and National Institute for Legislative and Democratic Studies (NILDS) have endorsed the agenda of the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CIFCFIN), aimed at eliminating fraud from systems of government.  This was one of the major highlights during the Institute’s 13th Direct Training/Licensed Practitioners Training/graduation and award of Fellowship at NILDS headquarters, Abuja.  Speaking after his investiture as an Honourary Fellow of the Institute, Chairman of CCB, Dr. Abdullahi Bello noted that CIFICFIN embodies excellence, integrity and a steadfast commitment to combating fraud and upholding justice. He pointed out that to be recognised and honoured as a fellow of the institute is a privilege that he will cherish and carry with great responsibility.  “As the Chief Executive of CCB, I am reminded of the critical role we play in fosterin...
Post a Comment
Read more

EHCON Seals Deal With EPHAN On Sustainable Environmental Solutions

BY CHIKA OKEKE, Abuja L-R- Registrar/ CEO of EHCON Dr. Yakubu Mohammed Baba and President of EPHAN, Dr. Samuel Akingbehin during a strategic engagement session on Friday in Abuja. In line with the Renewed Hope Agenda, the Environmental Health Council of Nigeria (EHCON) has sealed a deal with Public Health Association of Nigeria (EPHAN) on sustainable environmental solutions.  The partnership wlll also bolster  speedy implementation of the Sustainable Development Goals (SDGs) on environmental and public health.  News Rider reports that SDG 3 places emphasis on good health and well-being through the reduction of noncommunicable diseases, combatting waterborne diseases.; as well as lowers death and illness from exposure to hazardous chemicals and air, water, and soil pollution.  This is even as SDG 6 guarantees clean water and sanitation through universal and equitable access to safe and affordable drinking water and sanitation.  Addressing the media du...
Post a Comment
Read more