Chairman of the Economic and Financial Crimes Commission (EFCC) Abdulrasheed Bawa has urged the House of Representatives to insist on the enforcement of regulations by relevant authorities in the real estate sector.
He stated that this will help to check sharp practices and money laundering by operators in the sector.
Bawa stated this when he received members of the House of Representatives Adhoc Committee Investigating Real Estate Developers, led by the Chairman, Honourable Blessing Onyeche Onuh, at the headquarters of the Commission in Jabi, Abuja on Wednesday.
He said, “Real estate is the highest avenue through which corrupt Nigerians launder proceeds of crime. When I heard of your committee, I thought this was an opportunity to work with the representatives of the people, to discuss how we can deal with this issue.”
He urged the committee to prevail on those charged with the responsibilities of regulating the sector.
He pointed out that the major challenge the sector faces is the poor enforcement of regulations.
Bawa said the anti-graft agency was determined to fight financial crimes in the sector, adding that it has restructured the Special Control Unit against Money Laundering, SCUML to enhance its performance.