BY ANTHONIA EMMANUEL
The Economic and Financial Crimes Commission (EFCC) has initiated a comprehensive investigation into a significant land racketeering and money laundering scheme allegedly involving officials from the Lagos State Government and federal agencies. The probe centers on the allocation of prime real estate in Lagos to 14 companies, raising concerns about potential abuse of office and financial misconduct.
In a letter dated May 16, 2025, signed by Ahmed Ghali, Acting Director of the EFCC’s Lagos Zonal Directorate 2, the commission formally requested the Federal Ministry of Housing and Urban Development to provide Certified True Copies (CTC) of documents related to land allocations in areas such as Banana Island, Lekki, Osborne Foreshore, and Lagos Lagoon. The requested documents include development permits, certificates of occupancy, equity structures, revenue-sharing agreements, and other pertinent records.
Among the companies under scrutiny is Walaris Nigeria Limited, which reportedly acquired 572.735 hectares of land at Lagos Lagoon. Other companies named include Tafba Nigeria Limited, Pranav Contracting Nigeria Limited, Meroni Nigeria Limited, Marlot Eagle Island, Marina Del Ray, Marathon Infrastructure West Africa Limited, Spa Dredging Company Limited, Bull Construction Limited, Banana Island Higherend Castle Limited, Grace Waters, Grace Point, and Gold Island.
The EFCC’s request is made pursuant to Section 38 (1) and (2) of the Economic and Financial Crimes Commission (Establishment) Act 2004 and Section 24 of the Money Laundering (Prevention and Prohibition) Act, 2022. The commission seeks to determine whether these companies were granted development permits for the shoreline and to obtain copies of all relevant development permits, certificates of occupancy, and title documents for the allocated shoreline.
This investigation highlights ongoing concerns about transparency and accountability in land administration within Nigeria. The EFCC’s probe aims to uncover the extent of the alleged fraud and to hold accountable those responsible for any wrongdoing.
As the investigation progresses, stakeholders and the public await further developments and the potential implications for land governance and anti-corruption efforts in the country.
