Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that many of the abandoned estates scattered across the Federal Capital Territory (FCT) were built by corrupt civil servants using stolen public funds.
Speaking at a policy dialogue themed “Critical Issues Affecting Nigeria’s Real Estate Ecosystem” organized by Law Corridor in Abuja, Olukoyede said investigations showed that several estates in Abuja and other parts of the country have been left incomplete or unoccupied for up to 10–20 years.
According to him, most of the owners were civil servants who could not continue funding the projects after leaving office and losing access to illicit money.
EFCC to Investigate Property Ownership
Olukoyede said he had set up a special team to visit all estates across Nigeria to determine ownership and trace funding sources.
“It will shock you that some of these estates have been abandoned for 10 to 20 years. They just take it to a level and abandon it. Most were funded by civil servants who stole public funds. Once they leave office and the money stops flowing, they abandon the projects,” he stated.
The EFCC chairman noted that the agency had already filed forfeiture cases for about 15 estates and gathered new intelligence for more investigations.
“Some of you sitting in this room may own some of those estates. Very soon, we expect to meet you in court,” he warned.
Caution to Real Estate Stakeholders
While admitting that some developers have legitimate sources of capital, Olukoyede warned lawyers and real estate stakeholders against aiding money laundering or shielding illicit investments.
“There’s no way we can grow this sector if this culture continues,” he said.
He called for greater accountability, transparency, and ethical compliance within Nigeria’s real estate industry to restore public trust and attract genuine investment.
