The Economic and Financial Crimes Commission, EFCC, has warned real estate operators, landlords and property managers in the country to desist from renting out, leasing or selling properties to individuals that do not comply with the “Know Your Customer”, KYC policy.
This warning was given in Ibadan on July 30, 2022 by the Ibadan Zonal Commander of the EFCC, Assistant Commander of the EFCC, ACE Kanu Idagu while addressing a Town Hall meeting with members of the Kolapo Ishola Government Reservation Area, GRA, Residents Association, held at Rolat Event Centre, Akobo, Ibadan, Oyo State.
According to him, “one major regulatory concept that was set up by the government to uphold and maintain the standard of conducting business and sanitizing the economy is the concept of KYC and it simply means Know Your Customer. This has become a regulatory mandate, which requirement is not only limited to the private sector but to all sectors of the Nigerian economy with the primary objective of mitigating fraud”.
Idagu, who spoke through Head, Extractive Industry Fraud Section, EIFS, Chief Superintendent of the EFCC, CSE Oluwasegun Oloruntuyi stressed the need for real estate operators to verify, monitor and report any suspicious activities in their premises to the Commission as this will help curb and combat all fraud schemes, money laundering and terrorism financing. .
He further reiterated the stance of the Executive Chairman of the EFCC, Abdulrasheed Bawa regarding the use of premises for fraudulent activities, stressing that the law shall take its course whenever individuals fail to comply with Section 3 of the Advance Fee Fraud and Other Related Offences Act, 2006, which states that, “a person who, being the occupier or is concerned in the management of any premises, causes or knowingly permits the premises to be used for any purpose which constitutes an offence under this Act commits an offence and is liable on conviction to imprisonment for a term of not more than 15 years and not less than 5 years without the option of a fine”.
Idagu commended the Association for its deliberate efforts and role played in sensitizing and enlightening the public in the fight against corruption. The EFCC, he says, is aware “of the role played by the real estate operators and property managers as major stakeholders in the fight against crimes and corruption. Hence, it is crucial to further collaborate in creating more awareness and enlightenment campaigns on the positive roles expected from every Nigerian”.
Responding, Chairman of the Association, Barrister Olalekan Thanni thanked the EFCC for gracing the event, while emphasizing the commitment of his members to ensure that the government has adequate information on every citizen who resides in Nigeria. “The synergy between the Association and the EFCC will help reduce crime rate and make the Commission a pacesetter”, he said.
Media & Publicity
4 August, 2022