Wednesday, 16th June 2021: The Chairman of the Economic and Financial Crimes Commission, (EFCC), Abdulrasheed Bawa, has described the real estate sector as one with grand scale corruption in the country.

Bawa stated this while featuring on Sunrise Daily, a current affairs programme, on Channels Television monitored by CEOAFRICA in Ibadan.

The EFCC boss added that about 90 to 100 percent of resources are being laundered through the sector.

He said the commission investigated a female minister, who he said, bought $37.5m property from a bank and deposited $20m cash.

Bawa, who is marking his 100 days in office, did not however disclose the identity of the suspect or whether she is a current or former minister.

He said, “One of the problems we have in the country is the real estate. Ninety to 100 per cent of the resources are being laundered through the real estate. Of course, they are being regulated but they are not enough in terms of how they give their returns to the Special Control Unit.

“We investigated a matter in which a bank MD marketed a property to a minister and agreed to purchase it at $37.5m. The bank then sent a vehicle to her house to evacuate $20m from her house in the first instance.