Federal investigators in Nigeria have uncovered what appears to be one of the largest land racketeering and money laundering schemes involving the Lagos State Government and certain federal officials.
The EFCC has launched a major investigation into alleged land racketeering and money laundering involving Lagos State Government officials and 14 private companies. A May 16 letter obtained by SaharaReporters shows the anti-graft agency demanding documents for prime properties in Banana Island, Lekki, and Lagos Lagoon worth billions.
The commission specifically requested Certified True Copies of development permits, C of O certificates, and revenue-sharing agreements from the Housing Ministry. “We’re investigating alleged conspiracy, abuse of office and money laundering,” stated EFCC’s Lagos zonal director Ahmed Ghali in the letter.
Among implicated firms are Walaris Nigeria Ltd (572ha), Pranav Contracting (254ha), and Banana Island Higherend Castle Ltd (96ha). The probe follows Section 38 of EFCC Act and Section 24 of Money Laundering Act, with investigators examining possible equity fraud in the lucrative shoreline developments.
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