“Real Estate Has Become A Money Laundering Hub In Nigeria”- Patrick Doyle

Renowned Nollywood actor Patrick Doyle has raised concerns over the increasing use of Nigeria’s real estate sector as a cover for money laundering.

In a recent interview on Echo Room with host Quincy Jones, Doyle highlighted how illicit funds are funneled through property transactions, making it challenging to trace illegal financial activities.

He pointed out that the industry has become a safe haven for financial criminals who exploit loopholes in property acquisitions to legitimize their unlawful wealth. Doyle also questioned the rapid surge in luxury real estate developments, emphasizing the need to scrutinize the sources of funding behind such projects.

The veteran actor called for stricter financial regulations and greater transparency in the sector to curb the misuse of real estate for illicit purposes. He urged authorities to establish stronger oversight measures to prevent fraudulent activities within the industry.

Doyle’s remarks have sparked widespread discussions among industry stakeholders and the general public, as concerns grow over the negative impact of money laundering on Nigeria’s economy and housing market.

Doyle said, “If you go to Abuja and many estates in the Lekki corridor, you will see plenty of houses completed and uninhabited. So, if it’s the prices that are too high, how come people are still building and they are not being occupied? That should tell you something.

“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.

“It’s artificial. It beats my imagination how we have so many uncompleted buildings in a place where there is a shortage of housing for people. But there are a lot of empty estates. Go to Abuja, it’s crazy.

“That only tells you that people are just using money that has been stolen to store up value, hoping that one day they will sell. Didn’t you hear about the man who has about 7,000 apartments in one estate in Abuja? It’s better to use the money to build something than to store it in the house where rats are.”