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A Lagos-based property developer, facing allegations of financial misconduct, has firmly denied receiving a letter from the Economic and Financial Crimes Commission (EFCC) concerning a ₦102 million bank draft. The developer, who was recently arraigned before a Lagos State High Court, dismissed the EFCC’s claims as unfounded and misleading.
According to details emerging from the court proceedings, the EFCC alleged that the defendant failed to properly declare and remit a substantial sum of money—specifically a ₦102 million bank draft—linked to a property transaction. However, the developer maintained that no official correspondence or prior notification had been received from the commission regarding this matter.
Legal representatives for the accused argued that the EFCC's claims were not only baseless but also procedurally flawed. They pointed out that no evidence had been presented to show delivery or acknowledgment of any letter, questioning the legitimacy of the commission’s accusations. The defense further stated that the developer had maintained transparent dealings in all real estate transactions and had complied with relevant regulatory processes.
The EFCC, on its part, insists that the bank draft is central to its investigation into potential financial misappropriation and breach of trust. The commission is pushing for the court to admit key documents, including the disputed letter, as evidence against the developer. The matter has since been adjourned for further hearing, with more testimonies and document verification expected in the next session.
This case underscores the ongoing scrutiny in Nigeria’s real estate and financial sectors, where regulatory bodies like the EFCC are ramping up efforts to tackle money laundering and corruption. It also highlights the importance of due process and transparency in financial reporting, especially in high-stakes property transactions.
Stay with Luchiinter for continued coverage on this developing story.
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