He alleged that real estate is the leading form of money laundering in the country.
He said
“If you go to Abuja and many estates in the Lekki corridor, you will see plenty of houses completed and uninhabited. So, if it’s the prices that are too high, how come people are still building and they are not being occupied? That should tell you something.
“It’s funny because real estate has become one of the leading forms of money laundering. A lot of it is illegal money finding expression in the construction industry.
“It’s artificial. It beats my imagination how we have so many uncompleted buildings in a place where there is a shortage of housing for people. But there are a lot of empty estates. Go to Abuja, it’s crazy.
“That only tells you that people are just using money that has been stolen to store up value, hoping that one day they will sell. Didn’t you hear about the man who has about 7,000 apartments in one estate in Abuja? It’s better to use the money to build something than to store it in the house where rats are.”
“It’s funny because real estate has become one of the leading forms of money laundering. A lot of it is illegal money finding expression in the construction industry.
“It’s artificial. It beats my imagination how we have so many uncompleted buildings in a place where there is a shortage of housing for people. But there are a lot of empty estates. Go to Abuja, it’s crazy.
“That only tells you that people are just using money that has been stolen to store up value, hoping that one day they will sell. Didn’t you hear about the man who has about 7,000 apartments in one estate in Abuja? It’s better to use the money to build something than to store it in the house where rats are.”
-interview on Echo Room
Hmmm. 🤔🤔🤔
ReplyDeleteSpeechless 😳😳
ReplyDeleteHello iya Boys
Anything to launder money
ReplyDeleteThe realtors buying the lands, erecting those estates are mostly women. Akwulakwulas all of dem.
ReplyDeleteIf you have a friend shouting I'm a Realtor,I'm a Realtor, ask him for N50,000 loan, he will faint.
They are not selling anything. Majorly building new ones, price high above ceiling.
This is similar to the real estate bubble that popped more recently in China or the 2008 housing bubble that burst after years insane inflation via subprime lending, leading to the global recession. There's no water in many of these "luxury" developments on the island but everyone wants a quick buck. The developer makes money from bulk projects, the agents need constant turnover to stay afloat but the demand is not just there except from Nigerian diasporans who have bought the mirage of 50million a year profit from an Airbnb in an empty estate with no utilities. Everything isn't necessarily money laundering.
ReplyDelete16:38, what he said it’s the absolute truth, that ur last line is vry vry wrong, i know cos i work in one of the anti corruption agencies in Nigeria. The figures speak for themselves and the trends too. Sometimes to avoid trouble, the owners of those houses refuse to be linked to them, we pursue them wt it and they run away from them claiming they r not theirs, meanwhile they belong to them. May God help us.
DeleteIt’s always been like this.
ReplyDeleteVery very true, no be today.
ReplyDeleteVery true sir. With there be so many houses and few people to rent to bcos the price. It eventually lead to low rent
ReplyDeleteIt will not lead to low rent except the government passes a law that if you don't rent out 2 years after construction,they take it over and rent it out for you at low prices.
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