Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has narrated how a minister purchased a property through a bank chief.
Bawa spoke Tuesday in an interview with “Sunrise Daily,” on Channels Television.
Bawa identified the real estate sector as a major conduit for money laundering.
He disclosed that EFCC investigated a female minister, who bought $37.5million property from a bank and deposited $20million cash.
He, however, did not indicate whether or not the minister is in the Presifent Buhari’s cabinet or in the previous administration
Bawa observed that 90 to 100 percent of stolen public funds were used for the procurement of houses and lands.
“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,” he said.
Bawa added that the financial institution put the money in their system and paid the developer.
The bank then got a lawyer to set up a special purpose vehicle (SPV) into where the title documents were transferred.
Bawa said the legal practitioner was currently claiming to be the owner of the house.
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