EFCC Arrests House Agent Over N288m Fraud

The Economic and Financial Crimes Commission, EFCC has arrested house agent over N288m fraud. the agent based in Abuja was identified as Hajia Adama Ahmed Adamu. The alleged N288 million property fraud, case has once again brought renewed attention to deepening concerns over sharp practices in Nigeria’s real estate sector.

The commission disclosed the arrest in a statement posted on its official X (formerly Twitter) handle on Wednesday, noting that the suspect was apprehended by operatives of its Ilorin Zonal Directorate following a petition filed by an aggrieved client.

According to the anti-graft agency, Adamu allegedly obtained the sum of N288 million from one Alhaji Tanko Yawale under the guise of facilitating the purchase of a high-value property located at House 31, Haile Selassie Street, Asokoro, Abuja.

“The Ilorin Zonal Directorate of the EFCC has arrested an Abuja-based house agent, Hajia Adama Ahmed Adamu, over an alleged property fraud to the tune of N288 million,” the commission stated.

The agency added that after receiving the payment, the suspect allegedly failed to provide valid title documents for the said property and subsequently became evasive, raising suspicion and prompting the victim to file a petition.

The commission said investigations into the matter were ongoing, reiterating its commitment to clamp down on fraudulent practices in the nation’s housing and real estate sector.

Sector under scrutiny

The latest development underscores a persistent pattern of real estate fraud across major urban centres such as Abuja, Lagos and Port Harcourt, where unregulated agents, dubious property lawyers and even some landlords have continued to exploit gaps in documentation, verification systems and enforcement frameworks to defraud unsuspecting buyers and tenants.

In many of these cities, prospective tenants and property buyers are often confronted with opaque processes, inflated charges and, in some cases, outright deception involving fake or disputed property titles. The absence of uniform standards across states has also contributed to the problem, allowing fraudulent actors to operate across jurisdictions with minimal oversight.

Stakeholders say the growing incidence of housing-related fraud has triggered a wave of reforms, policy actions and legislative interventions in several states aimed at sanitising the sector and restoring public confidence.

In Lagos State, authorities have stepped up enforcement of the Lagos State Real Estate Regulatory Authority Law, which established a framework for the registration and regulation of real estate practitioners. The agency has intensified public awareness campaigns, urging residents to avoid dealing with unregistered agents and to verify transactions before making payments. Offenders have also been prosecuted in line with the law.

Complementing this is the Tenancy Law of Lagos State, which prescribes rules guiding landlord-tenant relationships, including provisions that address excessive rent demands and arbitrary eviction practices issues frequently exploited by middlemen within the housing value chain.

Similarly, in Rivers State, authorities have revisited and strengthened enforcement of tenancy regulations, with renewed attention on illegal eviction practices and exploitative charges imposed by agents and landlords. Consumer protection efforts in the state have continued to encourage residents to report infractions and insist on proper documentation in all rental transactions.

Enugu residents express concern

In Enugu State, however, residents say the situation is becoming increasingly worrisome, as house rents, agency fees and legal charges continue to rise without corresponding regulatory safeguards.

Findings indicate that many tenants and prospective renters are compelled to pay multiple layers of charges, including agency fees, legal fees, caution fees and agreement costs, which in some cases range between 40 and 60 per cent of the annual rent. These charges are often imposed without clear standardisation, leaving residents with little room for negotiation.

The growing financial burden has heightened expectations around a proposed tenancy reform bill sponsored months ago by a member of the State House of Assembly, Okey Mbah. The bill is designed to regulate the activities of house agents and landlords, introduce transparency in rental transactions and potentially cap excessive fees imposed on tenants.

However, months after its introduction, the bill has yet to be passed into law, a delay that has continued to generate concern among residents who had hoped for swift legislative intervention.

Many residents say the prolonged delay has effectively left the housing market open to continued exploitation, with little deterrence for erring agents and landlords.

A resident noted that securing accommodation now involves costs far beyond the advertised rent, as additional charges imposed by agents and legal representatives significantly inflate the total amount payable.

Another resident observed that without a binding legal framework, many agents operate without accountability, often dictating terms that favour landlords while placing heavy financial pressure on tenants.

The absence of enforceable regulations, residents say, has contributed to a climate where arbitrary charges have become normalised, further deepening frustration among those seeking accommodation.

Calls for vigilance

Industry observers maintain that while regulatory frameworks are gradually improving across some states, enforcement gaps and delays in legislative processes continue to undermine progress.

They emphasise that the passage of tenancy reform measures, particularly in states where such frameworks are still pending, would play a critical role in standardising charges, protecting tenants and improving transparency within the housing sector.

The EFCC has also repeatedly advised members of the public to exercise caution in property transactions, stressing the importance of verifying ownership documents at appropriate land registries, conducting background checks on agents and insisting on proper documentation before making payments.

As investigations into the alleged N288 million fraud continue, stakeholders insist that sustained collaboration between anti-graft agencies, state regulators and the public remains essential to curbing fraudulent practices and restoring confidence in Nigeria’s real estate market.

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