The Legal Framework for Combating Money Laundering in Nigeria’s Real Estate Sector

Real estate has been identified by the Financial Action Task Force as one of the most significant global channels for money laundering due to the high value of transactions, opacity of ownership structures, and limited regulatory oversight of professional intermediaries. In Nigeria, the real estate sector, particularly in Lagos and Abuja, has attracted attention as a potential conduit for illicit funds. This research examines the legal framework for combating money laundering in Nigeria's real estate sector, with primary focus on the Money Laundering (Prevention and Prohibition) Act 2022 and the obligations it places on real estate agents, developers, and legal practitioners. A doctrinal methodology was employed, supplemented by interviews with real estate attorneys, EFCC investigators, and real estate association officials in Lagos. Secondary sources include FATF evaluations of Nigeria, GIABA reports, and academic literature from 2019 to 2024. Findings indicate that implementation of anti-money laundering obligations in the real estate sector is at an early stage, with limited awareness among agents of their customer due diligence and suspicious transaction reporting duties. Enforcement actions in the sector have been episodic rather than systematic. Recommendations include mandatory AML training for real estate professionals, registration of estate agents with a designated anti-money laundering supervisory body, and enhanced EFCC investigative capacity for real estate cases. This research contributes to financial crime law and regulatory compliance scholarship in Nigeria. Keywords: money laundering, real estate, EFCC, AML law, Nigeria.