Veteran Nollywood actor Patrick Doyle has raised serious concerns about Nigeria's real estate sector being exploited for money laundering activities, describing it as "the new playground for illicit wealth."
The Explosive Allegations
In an exclusive interview with The Guardian, Doyle made startling revelations:
"What we're seeing is a disturbing trend where luxury properties in Lagos, Abuja and Port Harcourt are being purchased with questionable funds. These aren't investments - they're money laundering operations disguised as real estate transactions."
How the Scheme Works
Industry sources explain the modus operandi:
1. Shell Companies: Properties are bought through front companies with untraceable ownership
2. Price Inflation: Transactions are deliberately overvalued to legitimize dirty money
3. Quick Flips: Assets are resold rapidly to create paper trails
Sector-Wide Implications
- Market Distortion: Legitimate buyers priced out of major cities
- Regulatory Gaps: No centralized property ownership database exists
- Security Risks: EFCC reports 43% spike in property-related financial crimes since 2023
Government Response
Finance Minister Wale Edun acknowledged the challenge:
"We're working with NFIU to implement a Beneficial Ownership Register for high-value properties by Q3 2025."
Industry Backlash
Real Estate Developers Association president Ugochukwu Chime countered:
"These are blanket accusations. Our members follow strict KYC protocols. The few bad apples shouldn't tarnish the entire sector."
Expert Analysis
Financial crime investigator Dr. Ngozi Okonkwo warns:
"Until we mandate disclosure of property purchasers' income sources, Nigeria remains vulnerable to these schemes. Dubai's recent reforms offer a good template."
The National Assembly is fast-tracking the Real Estate Transparency Bill which would:
- Require dollar property purchases to show forex sources
- Impose 10-year jail terms for violations
- Establish a national property database
With $3.8bn in luxury property transactions last year, Nigeria's real estate sector risks becoming a haven for illicit wealth unless urgent reforms are implemented. The clock is ticking.
Source: The Guardian Nigeria
