Patrick Doyle Exposes Real Estate as a Major Money Laundering Hub in Nigeria

Veteran Nollywood actor Patrick Doyle has made a bold revelation, claiming that the real estate industry has become one of the biggest fronts for money laundering in Nigeria.

Speaking in an interview on Echo Room, hosted by Quincy Jones, Doyle pointed out how numerous luxury estates remain unoccupied despite a housing shortage, raising suspicions about the real purpose of these developments.

“If you go to Abuja and many estates in the Lekki corridor, you will see plenty of houses completed and uninhabited. So, if it’s the prices that are too high, how come people are still building, and they are not being occupied? That should tell you something.”

"Real Estate is Artificially Booming" – Doyle

The actor believes that corrupt individuals are using real estate to store illicit wealth, rather than actually meeting housing demands.

“It’s funny because real estate has become one of the leading forms of money laundering. A lot of it is illegal money finding expression in the construction industry.”

Doyle also mentioned that some individuals own thousands of apartments, further proving that real estate is being used as a tool for hoarding stolen funds.

“Didn’t you hear about the man who has about 7,000 apartments in one estate in Abuja? It’s better to use the money to build something than to store it in the house where rats are.”

Opinion: A Reflection of Nigeria’s Deep-Rooted Corruption

Doyle’s statement sheds light on a major flaw in Nigeria’s economic structure. While millions struggle with high rent, poor living conditions, and homelessness, luxury estates sit empty—not because there aren’t people who need them, but because they were never meant to be lived in.

This raises an important question: Why hasn’t the government implemented policies to curb this practice?

Final Thoughts

If Nigeria is to tackle corruption effectively, real estate regulations must be tightened, and suspicious developments should be investigated. Housing should serve its true purpose—sheltering people, not hiding stolen wealth.