Patrick Doyle Alleges Real Estate is Nigeria’s Primary Money Laundering Channel
Veteran Nollywood actor Patrick Doyle has alleged that the real estate sector has become a major avenue for money laundering in Nigeria.
Speaking in a recent interview on Echo Room, hosted by Quincy Jones, Doyle claimed that a significant portion of real estate investments in the country are being used to launder illicit funds.
He pointed to the abundance of completed but unoccupied houses in Abuja and Lekki, questioning why construction continues despite a lack of occupants.
“If you go to Abuja and many estates along the Lekki corridor, you will see plenty of completed houses that remain uninhabited. If high prices were the issue, why are people still building? That should tell you something,” he stated.
According to him, real estate has become a front for financial crimes, with individuals using stolen wealth to develop properties as a means of storing value.
“It’s artificial. It beats my imagination how we have so many empty estates in a country where housing shortages persist. There are people with thousands of apartments sitting idle. Instead of keeping stolen money in cash, they invest in real estate, hoping to sell in the future,” he added.
Doyle’s remarks add to ongoing concerns about financial misconduct in Nigeria’s property sector, which experts say has led to rising housing costs and urban development distortions.
