The Independent Corrupt Practices and other related offences Commission, ICPC, has alleged that, corrupt individuals are using real estate as an avenue to launder illicit funds.
The Chairman of the commission, Professor Bolaji Owasanoye made this known when he appeared before the House of Representatives Ad-Hoc Committee investigating the activities of estate developers in the Federal Capital Territory (FCT).
Prof Owasanoye, stated that the Commission had carried out a study between 2010 and 2011 which revealed the sharp practices in the sector including massive corruption and injection of illicit funds.
He alleged that, estate developers are in the habit of selling allocated lands for mass housing piecemeal to highest bidders.
The ICPC chairman further revealed that, where the houses are built, they were allegedly sold to the rich instead of the people who own the Houses.
According to him, the commission had in the process of it’s investigations and prosecution recovered 241 houses and 60 buildings from corrupt public officers.
On his part, the Chairman, Economic and Financial Crimes Commission (EFCC), Mohammed Bawa who was represented by a director of the agency, Daniel Esei said, developers are not complying with extant laws which aggravated the sharp practices in the sector.
He stressed the need for more stringent laws to allow application of sanctions on developers who go against the law.
On his part, the president, Real Estate Developers Association of Nigeria (REDAN), Aliyu O. Wamakko said that, although what ICPC alleged may be happening, but the developers involved are not their members.
He stated, that their association have registered members that have laid down rules for their operations.