Mystery Clouds Identity Of Bank MD, Female Minister In $37.5m Property Deal

The Chairman of the Economic Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has thrown political pundits in the country into an overdrive after he narrated how a female minister bought a $37.5 million property from a bank and deposited $20m cash.

Speaking while featuring on Sunrise Daily, a Channels Television programme, the anti-graft agency boss said resources are being laundered through the real estate sector.

He described the sector as one with grand-scale corruption in the country.

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.

“The bank succeeded to put it in their system and paid the developer and then a lawyer set up a special purpose vehicle where the title documents were transferred into and of course, he is posing as the owner of the house.

“Without the help of the banker, the minister couldn’t have imagined collecting $20m from anyone with opportunity from the real sector; she could not have thought of where to launder the proceeds of crime.”

Bawa, who withheld the identity of the suspects, did not also state whether she is a current or former minister.

He also did not say if the minister and the bank Managing Director who facilitated the deal were still engaged in their positions and as such throwing stakeholders in the banking industry and the political space as to the identity of those involved.

 GreenWhiteGreen GWG reports that a few bank executives had in the past been named in alleged corruption deals facilitated during the Goodluck Jonathan administration.

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