• Latest
  • Trending
ICPC Reclaims Over 300 houses From Two Government Officials

ICPC Reclaims Over 300 houses From Two Government Officials

how-to-start-business-in-nigeria

How to Start a Business in Nigeria With Little Capital

Peter-Odili-Biography

Peter Odili Biography, Life And Career

how-to-join-a-sports-club-in-nigeria

How to Join a Sports Club in Nigeria

Police-Arrest-Two-Over-Motorcycle-Theft-in-Ogun

Police Arrest Two Over Motorcycle Theft in Ogun

Nigerian-Wedding-Planning-Tips

Nigerian Wedding Planning Tips 

  • Live TV
  • Live Radio
  • Live Service
  • Music
    • Naija Music (mp3)
    • Naija Music Videos (mp4)
    • Naija Gospel Music (mp3)
    • Naija Gospel Music Videos (mp4)
Saturday, June 14, 2025
  • Login
LiveFromNaija!
  • Home
  • Blog
  • Live Radio
  • Live TV
  • Live Church
  • Live Streaming
  • Contact Us
No Result
View All Result
  • Home
  • Blog
  • Live Radio
  • Live TV
  • Live Church
  • Live Streaming
  • Contact Us
No Result
View All Result
LiveFromNaija!
No Result
View All Result

Home » ICPC Reclaims Over 300 houses From Two Government Officials

ICPC Reclaims Over 300 houses From Two Government Officials

by LiveFromNaija News
October 29, 2021
in News
0
ICPC Reclaims Over 300 houses From Two Government Officials
196
SHARES
1.5k
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has reclaimed almost 300 properties from two civil servants in Abuja.

Professor Bolaji Owasanoye, the Chairman of the ICPC, made the announcement on Thursday and went on to explain how real estate is frequently used as a cover for money laundering and illicit financial flows (IFFs).

Public authorities utilize real estate developers as conduits for IFFs, according to Owasanoye, who addressed during a public hearing on real estate held by the House of Representatives Ad-Hoc Committee on Investigation of Operations of Real Estate Developers in the Federal Capital Territory, Abuja.

He said: “Corrupt public officers use real estate investment as a vehicle for hiding ill-gotten wealth and money laundering. Public officers acquire estates in pseudo names to conceal the illegal origin of funds.

“This is made possible by the absence of proper documentation and registration of titles to lands and estates in the country and non-enforcement of beneficial ownership standards.”

“The Commission has a case in which we recovered 241 houses from a public officer and another one with 60 buildings on a large expanse of land,” he added.

“Corruption in real estate aids illicit financial flows. The real estate sector is globally recognized as attractive to IFFs largely because it is informal, unregulated, and thus open to abuse, shell-companies, use of intermediaries and third parties to acquire high-value real estate with proceeds of crime and/or illicit funds,” the ICPC boss further explained.

The ICPC leader informed the committee about measures to clean up the real estate sector, which had resulted in the government recovering funds and properties.

He said: “ICPC continued with an exercise started by the defunct SPIP and concluded it from which recovery of a total sum of N53,968,158,974.64 was made.

“The figure comprises of N858,938,681,681.06 fully recovered and paid into FMBN account; N1,357,490,846.28 post-dated cheque for October 2021 and a notarized agreement to pay the sum of N51,751,729,447.30 to the FMBN, “Owasanoye explained.

Owasanoye went on to say that anomalies such as forgery and cloning of land papers, double/multiple land allocations, land allocations without the minister’s consent, and revocation of land titles without proper procedure have grown rampant.

Even real estate developers, he observed, were not immune to the sector’s problems, which included high home acquisition costs, an unstable capital market, currency volatility, increased rural-to-urban migration, ineffective property protection laws, perceived multiple taxation, and poor building quality.

While some of these real estate concerns may be addressed by legislative and executive laws and policies, others are solely dependent on the interaction of economic forces, he added.

Tags: ICPC

Related Posts

Peter-Odili-Biography
News

Peter Odili Biography, Life And Career

Police-Arrest-Two-Over-Motorcycle-Theft-in-Ogun
News

Police Arrest Two Over Motorcycle Theft in Ogun

LPDC-Rejects-Afe-Babalolas-Request-to-Debar-Dele-Farotimi
News

LPDC Rejects Afe Babalola’s Request to Debar Dele Farotimi

Load More

Latest from our blog

how-to-start-business-in-nigeria

How to Start a Business in Nigeria With Little Capital

Peter-Odili-Biography

Peter Odili Biography, Life And Career

how-to-join-a-sports-club-in-nigeria

How to Join a Sports Club in Nigeria

Police-Arrest-Two-Over-Motorcycle-Theft-in-Ogun

Police Arrest Two Over Motorcycle Theft in Ogun

Nigerian-Wedding-Planning-Tips

Nigerian Wedding Planning Tips 

  • About Us
  • Contact Us
  • Privacy Policy
  • Copyright complaint
  • Latest News in Nigeria

© 2021 LiveFromNaija - All Rights Reserved. All other trademarks and copyrights are the property of their respective holders.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Blog
  • Live Radio
  • Live TV
  • Live Church
  • Live Streaming
  • Contact Us

© 2021 LiveFromNaija - All Rights Reserved. All other trademarks and copyrights are the property of their respective holders.

SUBSCRIBE TO NOTIFICATIONS

Subscribe for live stream notifications and event updates.

Thank you for subscribing!

Something went wrong.

We respect your privacy and take protecting it seriously