Female Minister Laundered $37 million through property deal – EFCC
June 16, 2021
Female Minister Laundered $37 million through property deal – EFCC
EFCC boss “Abdulrasheed Bawa” bemoans corruption traces in the nation’s real estate sector describing the sector as one with grand scale corruption in the country.
In his submission, about 90% of the nation’s resources are being laundered through the sector.
Bawa hinted on this while featuring on Sunrise Daily, a current affairs programme on Channels Television on Tuesday.
In his words;
“One of the problems we have in the country is the real estate. Ninety to one hundred percent of the resources are being laundered through the real estate. Of course, they are being regulated but they are not enough in terms of how they give their returns to the Special Control Unit.
“We investigated a matter in which a bank MD marketed a property to a minister and agreed to purchase it at $37.5m. The bank then sent a vehicle to her house to evacuate $20m from her house in the first instance.
“The bank succeeded to put it in their system and paid the developer and then a lawyer set up a special purpose vehicle where the title documents were transferred into and of course, he is posing as the owner of the house.
“Without the help of the banker, the minister couldn’t have imagined collecting $20m from anyone with opportunity from the real estate sector, she could not have thought of where to launder the proceeds of the crime.”
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