The Chief Executive of Pennek Nigeria Limited, Kennedy Nnadi in an interview with Business Day said real estate companies need to work hand in hand with the Economic and Financial Crimes Commission (EFCC) as a means of checks and balances to make sure those involved in fraudulent activities are curtailed.

This is in reaction to comments made by the Executive Chairman of EFCC, Abdulrasheed Bawa, alleging that some real estate developers are providing a safe haven for money laundering, added with allegations of delayed delivery of development to investors in greenfield projects.

“I think real estate companies need to work hand in hand with EFCC, as a means of checks and balances to make sure those perceived fraudulent activities are curtailed”, Nnadi said.

He also said some middle-class professionals, who are part of the target market and a potential net-gain for real estate developers, hopping out of the country for greener pastures, he said it could be a loss to the housing industry.

“Of course, it’s a net-loss to our industry and the nation as a whole, he stated.

“Those who are supposed to be purchasing properties and setting down roots are leaving the country because of the poor system we have here, investing their money over there instead of at home here.

“This has caused the pool of subscribers to be thinner than usual, he added.

He also gave his views on the impact of Russia’s invasion of Ukraine months back on the Nigerian real estate sector.

“It has really affected the real estate industry. For example, the prices of petroleum products has skyrocketed, especially diesel, Nnadi continued.

“Imagine running a diesel-powered plant for 24 hours multiple times a month, the amount alone is almost crippling. Also note that the increase in petroleum products affects the prices of other items in general, so now we have an all time record of inflation”.