The Chairman of the Independent Corrupt Practices and other related offenses Commission (ICPC), Prof Bolaji Owasanoye, has revealed that the anti-graft agency recovered 301 houses from two civil servants in the nation’s capital, Abuja.
ICPC boss made the disclosure at the inauguration of the House of Representatives Ad-hoc Committee on Investigation of the Operations of Real Estate Developers on Thursday.
He said that while 241 buildings were retrieved from one of the suspects at different locations within the FCT, the remaining 60 were recovered on a large expanse of land at another location. Prof Owasanoye, who did not mention the names of the affected civil servants, bemoaned the increasing rate at which corrupt public officers were using real estate investment as a vehicle for hiding ill-gotten wealth and money laundering in the country.
“Public officers acquire estates in pseudonyms to conceal the illegal origin of funds. This is made possible by the absence of proper documentation, the registration of titles to land and estates in the country, and the non-enforcement of beneficial ownership standards.
A tour around Abuja, especially the metropolis and the Central Area, would show a lot of estates that are built up but empty. If they had been constructed with funds that were borrowed at market rates, I don’t think any investor would leave such proprieties empty. One way or the other they would put them to use. So it is suspected that some of those estates have been used to launder ill-gotten public funds.”
He revealed that the agency recovered a total of N53,968,158,974.64 after completing the task of the defunct Special Presidential Investigation Panel on recovery of public property to investigate some real estate developers who defaulted in remittance and payment of money due to the government.