Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), has revealed that many abandoned estates in Abuja are owned by civil servants who looted public funds.

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Speaking on Wednesday at a policy dialogue themed “Critical Issues Affecting Nigeria’s Real Estate Ecosystem,” organised by Law Corridor, Olukoyede stated that some of these estates have been deserted for over a decade.

He said the EFCC has now set up a special team to identify and investigate such properties nationwide.

“It will shock you to know that some of these estates have been abandoned for 10 to 20 years.

“We’ve found that many were financed by civil servants who stole government money,” he said.

According to him, once these officials exit public service and their illegal income dries up, they abandon the projects, leaving developers to seek new investors.

He also disclosed that the commission has initiated forfeiture proceedings for about 15 estates and hinted that more prosecutions are on the way.

“We’ll be meeting some of you in court very soon,” he warned attendees at the event.

Olukoyede cautioned lawyers and real estate developers against aiding money laundering through shady property deals, urging professionals in the sector to act responsibly.

Also speaking at the event, Afam Osigwe, President of the Nigerian Bar Association (NBA), called for a centralised system to verify property ownership and warned that indiscriminate revocation of land titles over unpaid ground rent could discourage foreign investment.

Ayokunle Erin, head of the real estate, construction, and infrastructure practice at Law Corridor, added that Nigeria faces a housing deficit of 17 to 20 million units. He noted that Abuja delivered just 5,000 units in 2024 — less than 10% of its housing needs — due to policy failures, regulatory lapses, and a lack of legal clarity that fuel fraud and exploitation in the sector.

LUKMAN ABDULMALIK
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