Patrick Doyle Raises Concerns Over Money Laundering in Real Estate

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Veteran actor Patrick Doyle has voiced concerns about Nigeria’s real estate sector, alleging that it serves as a major channel for money laundering.

Speaking in a recent interview on Echo Room with host Quincy Jones, which was shared on YouTube on Friday, Doyle questioned the high number of unoccupied buildings in Abuja and parts of Lekki, suggesting they are being used to hide illicit wealth.

“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,” he remarked.

According to him, real estate has become one of the easiest ways to launder money in Nigeria, with huge sums of unaccounted funds being funneled into construction projects.

“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,” he stated.

Doyle found it puzzling that in a country facing a housing crisis, there are so many abandoned buildings and empty estates.

“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,” he said.

He also cited reports of a certain individual allegedly owning thousands of apartments in Abuja, questioning the purpose behind such large-scale property holdings.

“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.”

Doyle’s remarks have reignited discussions about financial misconduct in Nigeria’s property sector and the urgent need for increased oversight.

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