ICPC To Investigate Financing Of Abandoned Abuja Estates

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has disclosed that it will intensify its ongoing investigation of completed but unoccupied estates in the country as part of measures to address Illicit Financial Flows (IFFs). PM NEWS reports.

The Director of Asset Tracing, Recovery and Management (ATRM) of ICPC, Mr. Adedayo Kayode disclosed this at the opening of a two-day capacity building for investigators, prosecutors and tax inspectors on IFFs organised by the Commission in collaboration with the Ford Foundation.

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Presenting a paper titled “Illicit Financial Flows in Real Estate”, Kayode identified the continuation of the ongoing investigation of completed but unoccupied estates across the country as a solution in tackling the menace”. Information Guide Nigeria

“The ICPC in accordance with its mandate to curb corruption is presently investigating cases of myriad of completed but abandoned estates scattered around the Federal Capital Territory with the intention of identifying those that are instruments of IFFs.

“Furthermore, we are collaborating with the National Assembly to investigate, study and promulgate appropriate legislation to stem the tide of corruption in the real estate sector. We need a coordinated and concerted approach to fight IFFs: the law enforcement agencies need continuous investment in capacity building to trace and follow the money, their need for implementation and investigation of breaches of the Beneficial Ownership rule, data availability is a must, and intelligence sharing,” the director stated. jamb results

“A key sector to the laundering of IFFs at their origin globally is the Real Estate which is due to its informal, little regulated nature proves very attractive. Key culprits involved in the laundering of IFFs in the real estate sector are top public officers”.

“The laundering activity is conducted in collaboration with real estate developers and accomplices in the Land Administration departments”.

“Launderers of illicit wealth in the Nigerian real estate sector often engage in cash purchases which are done through the use of foreign exchange often procured from Bureau De Changes. Oftentimes after purchase, the property titles are not changed to reflect the new ownership”.

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