Veteran Nollywood actor Patrick Doyle has accused Nigeria’s real estate sector of serving as a major front for money laundering and other financial crimes.
He claims that money laundering is widespread in the industry, with many estates serving as storage for illicit funds rather than housing for residents.
Doyle made these revelations in a recent interview on Echo Room, hosted by Quincy Jones. He expressed concern over the increasing number of empty estates, particularly in Abuja and the Lekki corridor of Lagos.
Unoccupied estates raise questions
Doyle pointed out the contradiction in Nigeria’s real estate market. Despite a housing shortage, thousands of buildings remain unoccupied. He questioned why construction continues if high prices are preventing people from moving in.
“If you visit these areas, you’ll see rows of completed but unoccupied houses,” Doyle said. “If high prices were the issue, why are people still building? That should raise questions.”
He suggested that the answer lies in money laundering. “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.”
A safe haven for illicit funds
According to Doyle, many developers are not in the business of housing people. Instead, they are using real estate as a way to legitimize stolen money. He described it as an “artificial” market where buildings go up not to provide shelter but to store wealth.
“It beats my imagination how we have so many uncompleted buildings in a place where people struggle to find affordable homes. But there are entire estates standing empty. Go to Abuja, it’s crazy,” he said.
He further explained that corrupt individuals see real estate as a safer option than keeping cash. “People are simply parking stolen money in buildings, expecting future profits. Have you heard about the man who owns 7,000 apartments in one Abuja estate? Rather than leaving the money idle where rats could destroy it, they pour it into real estate.”
The impact on ordinary Nigerians
Doyle’s statements highlight growing concerns about corruption in Nigeria’s property sector. Reports have long suggested that real estate is being used to clean dirty money. The result is an inflated property market where genuine buyers and renters struggle.
In Abuja and Lagos, luxury estates remain empty while thousands of citizens lack decent housing. Experts warn that when illicit funds dominate the market, property prices rise beyond what ordinary Nigerians can afford. This widens economic inequality and makes homeownership more difficult.
Calls for government action
Government agencies have occasionally investigated money laundering in real estate. The Economic and Financial Crimes Commission (EFCC) has looked into cases, but enforcement remains weak. Loopholes in property registration and lack of oversight allow corruption to persist.
Doyle believes stricter regulation is necessary. Without intervention, he warns, real estate will continue to be a tool for corruption rather than development.
“The irony is that we desperately need more housing,” he said. “Yet, buildings are going up, not for people to live in, but for hiding money. It’s frustrating.”
A growing public debate
Doyle’s comments have sparked conversations among Nigerians. Many agree that real estate is increasingly being used for financial crimes. Others argue that developers are simply responding to market conditions.
Regardless, his concerns reflect a larger issue in Nigeria’s economy. Wealth remains concentrated in a few hands, while millions struggle with basic needs. Unless authorities step in, the trend of empty estates and rising property prices is unlikely to change.
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