In a decisive move against financial crimes, the Institute of Mortgage Brokers and Lenders in Nigeria (IMBLN) has signed a Memorandum of Understanding (MoU) with the Economic and Financial Crimes Commission (EFCC) to expose corrupt Nigerians laundering illicit funds through real estate.
Announcing the development via its official X handle, Sahara Reporters highlighted growing concerns over the increasing use of real estate as a conduit for laundering illegal wealth. The IMBLN revealed that some individuals acquire high-value properties using pseudonyms, shell companies, or proxies to obscure the illicit origins of their money.
Speaking at the MoU signing ceremony held at the EFCC headquarters, Dr. Jasper Adeleye, Registrar/CEO of IMBLN, described the agreement as a major milestone in Nigeria’s ongoing battle against financial crimes in the real estate and mortgage industries.
> “This partnership is designed to tackle financial crimes and fraudulent transactions within the real estate and mortgage sectors. It aligns with our mandate to uphold professionalism, regulate ethical practices, and ensure compliance within the industry,” Adeleye stated.
The IMBLN boss further noted that real estate has become a favored tool for money laundering, with many corrupt individuals exploiting the sector’s lax regulations to move illicit funds undetected.
According to the agreement, endorsed by EFCC Chairman Olanipekun Olukoyede, the collaboration will enhance regulatory compliance and ethical standards among real estate professionals.
Key areas covered in the partnership include:
Developing a database for tracking real estate transactions and identifying suspicious activities.
Data sharing to improve intelligence gathering on illicit financial flows.
Certification and accreditation to professionalize the real estate sector.
Joint research and training to equip industry professionals with anti-money laundering skills.
Public awareness and advocacy to sensitize stakeholders on the dangers of real estate fraud.
This is not IMBLN’s first attempt to combat financial crimes. In 2024, the institute signed a similar MoU with the Independent Corrupt Practices and Other Related Offences Commission (ICPC), signaling a broader crackdown on illicit financial activities in the real estate sector.
With this latest alliance, experts believe that Nigeria is taking a bold step toward sanitizing its real estate market, preventing it from being a safe haven for dirty money. The initiative is also expected to boost economic stability, attract genuine investors, and align Nigeria’s real estate sector with global best practices.
As financial watchdogs tighten their grip on illicit funds, the message is clear—the era of using real estate as a shield for corruption is coming to an end.
PIONEER NEWS 