Veteran Nigerian actor Patrick Doyle has reportedly claimed that real estate is a major channel for money laundering. His statement brings attention to growing concerns over the sector’s potential use for cleaning illicit funds—a subject frequently examined in global financial crime investigations.
Money laundering in real estate typically involves acquiring properties with illegal funds, inflating prices, or hiding ownership through shell companies. With Nigeria’s real estate industry expanding rapidly, financial analysts and regulatory bodies continue to emphasize the need for greater transparency and stricter oversight.
In a recent interview on The Echooroom podcast, veteran Nigerian actor Patrick Doyle raised concerns about the real estate sector, questioning why so many completed but unoccupied houses exist while many Nigerians struggle with housing affordability. He alleged that these expensive, empty properties are being used for money laundering.
“If you go to Abuja and Lekki, you’ll see many estates fully built but uninhabited. If the prices are too high, why are people still building, and why do the houses remain empty? That should tell you something. It’s funny. Why? Because real estate has become one of the leading forms of money laundering,” Doyle stated.
He also highlighted reports of individuals owning thousands of apartments in a single estate, claiming that these properties are not intended for living but rather for stashing illicit wealth.
