This is How N18.75 billion was Laundered — Bawa

The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has described the real estate sector as one of the most corrupt in the country.

According to the EFCC chief, the industry is responsible for 90 to 100 percent of all money laundering.

Bawa made the claim on Channels Television’s Sunrise Daily, a current affairs program, on Tuesday.

READ ALSO  Aide To Governor Of Ogun State Arrested Over $350,000 Fraud

According to him, the commission investigated a female minister who allegedly bought property from a bank for $37.5 million (about N18,750,000,000) and deposited $20 million in cash.

“One of the problems we have in the country is real estate,” he said. Real estate is used to launder 90 percent to 100 percent of the resources. Of course, they are regulated, but not sufficiently in terms of how they submit their returns to the Special Control Unit.

READ ALSO  Governor Sule Visits Buhari, Raises Alarm Over Boko Haram Activities In Nasarawa

you may also read: Lai Mohammad to face court charges over twitter ban in Nigeria

Bawa, on the other hand, did not reveal the identity of the suspect or whether she is a current or former minister.

“We looked into a case in which a bank executive marketed a property to a minister and agreed to buy it for $37.5 million. In the first instance, the bank dispatched a vehicle to her residence in order to evacuate $20 million from her residence.

READ ALSO  The second wave of COVID-19 immunization begins in August

information nigeria


Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.