Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has declared that the real estate sector of the economy served as a major conduit for money laundering in the country.
He also clarified that he was not referring to a serving minister in his narration of how a Minister purchased a $37.5 million property through a bank chief.
Bawa, who featured Thursday at the weekly Ministerial Press Briefing organised by the Presidential Media Team at the State House, Abuja, identified the real estate sector as a major conduit for money laundering saying 90 to 100 percent of stolen public funds are used for the procurement of houses and lands.
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When asked why no Minister had resigned or a bank manager prosecuted over the money laundering matter, Bawa said he was only making reference to Diezani Alison-Madueke’s case, insisting she will still be prosecuted once she is in the country.
Bawa had on Tuesday in an interview with Channels Television disclosed that EFCC investigated a female Minister, who bought $37.5million property from a bank and deposited $20 million cash.
“We investigated a matter in which a bank MD marketed a property to a minister and agreed to purchase it at $37.5 million.
“The bank then sent a vehicle to her house to evacuate $20 million from her house in the first instance,” he had said.
