Abdulrasheed Bawa, Chairman of the Economic and Financial Crimes Commission (EFCC) has narrated how a minister purchased a property through a bank chief.
Bawa spoke Tuesday in an interview with Sunrise Daily, a Channels Television programme.
The anti-corruption chief identified the real estate sector as a major conduit for money laundering.
Bawa disclosed that EFCC investigated a female minister, who bought $37.5million property from a bank and deposited $20million cash.
The chairman did not mention if the suspect is a serving or former minister.
Bawa observed 90 to 100 percent of stolen public funds are 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) where the title documents were transferred into.
Bawa said the legal practitioner is currently claiming to be the owner of the house.
SIJUADE RAJI TAOHEED (ZOBO): A VISIONARY LEADER WITH AN UNCOMMON AMELIORATION AGENDA
SIJUADE RAJI TAOHEED (ZOBO): A VISIONARY LEADER WITH AN UNCOMMON AMELIORATION AGENDA _”Between stimulus and response, there is a space....
Eid Il Fitr: FPE Alumni President Felicitates With Muslims
Eid Il Fitr: FPE Alumni President Felicitates With Muslims May 13, 2021 The National President of Federal Polytechnic...
Face Of Osun State 2021 Unveil Winners, Releases Stunning Photos
A beautiful Student of Osun state, Obafemi Awolowo University osun state, Queen Bakare Hasiat who emerged the winner Face...
Kizz Daniel welcomes set of twins
Popular Nigerian singer, Kizz Daniel, has announced the birth of his sons. The singer revealed this on Instagram on Saturday...
BBNaija: Big Brother announces date for Season 6 audition, lists criteria
Organizers of Big Brother Naija, BBNaija reality show has announced a new date for auditioning of season 6. A post...