EXCLUSIVE: Federal Investigators Uncover Biggest Land Racket, Money Laundering Involving Lagos State And Nigerian Govt Officials

Federal investigators in Nigeria have uncovered what appears to be one of the largest land racketeering and money laundering schemes involving the Lagos State Government and certain federal officials.

The revelation has prompted an official probe into the extensive fraud.

SaharaReporters obtained a document showing that the Economic and Financial Crimes Commission (EFCC), in a letter dated May 16, 2025, formally requested detailed records from the Federal Ministry of Housing and Urban Development regarding questionable land allocations to 14 companies across prime areas in Lagos, including Banana Island, Lekki, Osborne Foreshore, and Lagos Lagoon.

The letter, signed by the Acting Director of the EFCC’s Lagos Zonal Directorate 2, Ahmed Ghali, and marked CR:3000/EFCC/LS.2/ADM/KOO/VOL.2/491, specifically requested the Minister of Housing and Urban Development, Mr. Ahmed Musa Dangiwa, to provide Certified True Copies (CTC) of development permits, certificates of occupancy, equity structures, revenue-sharing agreements tied to these land allocations, amongst other details.

The letter noted that the commission is investigating an “alleged case of conspiracy, abuse of office and money laundering”.

The agency requested to be furnished with Certified True Copies (CTC) of specific documents to aid its investigation. These include confirmation on whether any of the listed companies were granted Development Permits for the shoreline, as well as copies of all relevant Development Permits or Certifications, Certificates of Occupancy (C of O), and title documents for the allocated shoreline.

Additionally, it asked for copies of all layout plans related to the allocated shoreline, along with details such as location, size, purpose of allocation, and whether each allocation was acquired, donated, or transferred from another government agency.

The agency also requested information on equity contributions and joint venture partners, full terms and conditions of the Development Permit—especially revenue-sharing arrangements—and any other relevant details that could assist the Commission in its investigation.

The agency noted that the request was 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 EFCC listed 14 companies allegedly involved in land racketeering and money laundering. Among them is Walaris Nigeria Limited, which reportedly acquired 572.735 hectares of land at Lagos Lagoon.

Tafba Nigeria Limited is also named, having allegedly obtained five hectares and an additional 55.8 hectares of land in the same area.

Others include Pranav Contracting Nigeria Limited, which got 254 hectares of land at Banana Island; Meroni Nigeria Limited, which got 25.33 hectares of land at Lagos Lagoon; Marlot Eagle Island, which got 100.060 hectares of land at Banana Island; and Marina Del Ray, which got 68 hectares of land at Water Lagoon.

Others listed are Marathon Infrastructure West Africa Limited, which got 10.27 hectares of land at Osborn Foreshore Phase; Spa Dredging Company Limited, which got 80.997 hectares of land at Orange Island; Bull Construction Limited, with 20 hectares of land at Onikoyi Waterfront; Banana Island Higherend Castle Limited, with 96 hectares of land at Banana Island.

The others are Grace Waters, which was allocated 115 hectares of land in Lekki (phase not specified); Grace Point, which received 100 hectares in Lekki; and Gold Island, which reportedly acquired 261.403 hectares of land in Banana Island.

The latest discovery echoes a troubling pattern in Nigeria’s urban development history, particularly in Lagos, where high-value real estate has often served as a conduit for illicit financial flows and patronage.

In 2021, the Ikoyi Property Scandal exposed how senior officials laundered public funds through luxury apartment purchases, triggering a probe that led to the suspension of several top civil servants.

Similarly, in 2019, EFCC investigations into the Alpha Beta Consulting and Lekki-Epe Toll Concessions uncovered billions in allegedly diverted state revenue.

Urban analysts have long warned of opaque practices in land administration, where public assets are transferred to shell companies with little public scrutiny.

These assets are flipped at exponentially higher prices, often with the proceeds laundered through complex real estate investments or offshore holdings.

As the investigation deepens, industry insiders and civil society groups are expecting transparency and the publication of a public register of all state land allocations, joint ventures, and shoreline development permits.

Meanwhile, the Ministry of Housing and Urban Development has yet to issue a formal statement.

The EFCC's probe marks a significant test of the Nigerian government’s anti-corruption agenda and may redefine how public land is allocated and accounted for in the country's commercial capital.