Abdulrasheed Bawa, the Chairman of the Economic Financial Crimes Commission (EFCC), described how a female minister purchased a $37.5 million property from a bank and deposited $20 million in cash.
Bawa did not say whether the suspect is a current or past minister, and she did not reveal the identity of the suspect.
The anti-graft bureau chief stated resources are being laundered through the real estate sector while appearing on Sunrise Daily, a Channels Television show.
He classified the industry as one of the most corrupt in the country.
According to him , “One of the problems we have in the country is the real estate. Ninety to 100 per cent of the resources are being laundered through the real estate. Of course, they are being regulated but they are not enough in terms of how they give their returns to the Special Control Unit.
“We investigated a matter in which a bank MD marketed a property to a minister and agreed to purchase it at $37.5m. The bank then sent a vehicle to her house to evacuate $20m from her house in the first instance.
“The bank succeeded to put it in their system and paid the developer and then a lawyer set up a special purpose vehicle where the title documents were transferred into and of course, he is posing as the owner of the house.
“Without the help of the banker, the minister couldn’t have imagined collecting $20m from anyone with opportunity from the real sector; she could not have thought of where to launder the proceeds of crime.”
