The Economic and Financial Crimes Commission (EFCC) has uncovered a growing trend of abandoned estates across Nigeria, many of which are allegedly funded by stolen money from civil servants. EFCC Chairman Ola Olukoyede made this startling revelation during a policy dialogue held in Abuja on August 6, 2025.
In a detailed discussion on the “Critical Issues Affecting Nigeria’s Real Estate Ecosystem,” Olukoyede stated that many of the neglected estates in the Federal Capital Territory (FCT) are connected to corrupt civil servants who looted public funds to finance their property ventures. Some of these properties have been left unfinished for over 10 years, further raising concerns about the misuse of public resources.
“I have set up a special team that will begin inspecting these properties. It’s not just Abuja; we will expand our search across the country,” Olukoyede explained during the dialogue, organised by Law Corridor. “It will shock you to know that many of these estates have been abandoned for 10 to 20 years. Developers start projects, but once the money runs out, they abandon them.”
The EFCC’s investigations revealed that these estates are often left dormant when their owners, mostly civil servants who amassed wealth through corrupt means, exit public service. Once their illicit income stops flowing, the properties are left to languish. Olukoyede emphasized that this pattern has been identified in several instances, with the EFCC recently filing for the forfeiture of about 15 estates.
“Some of these estates might even belong to people sitting in this room,” Olukoyede added, urging those involved to prepare for legal consequences. The EFCC is intent on addressing this issue to ensure the country’s real estate sector is not tainted by corruption.
Furthermore, Olukoyede issued a stern warning to real estate developers and lawyers, advising them not to engage in facilitating illegal activities, such as money laundering, that could further taint Nigeria’s real estate market.
Afam Osigwe, President of the Nigerian Bar Association (NBA), echoed Olukoyede’s sentiments, highlighting the need for a more centralized system to verify property ownership across Nigeria. Osigwe warned that arbitrary revocation of land titles due to unpaid ground rent could discourage foreign investments, a critical area for Nigeria’s economic growth.
The EFCC’s move to inspect these abandoned estates is part of its broader efforts to combat corruption within the public sector. The agency continues to push for greater transparency and accountability, with hopes to transform Nigeria’s real estate sector into a more regulated and legitimate industry.
