The African Real Estate Society has initiated efforts to curb illicit investment flows in property development across Sub-Saharan Africa.

The President of the African Real Estate Society, Nigerian Chapter, Adekunle Awolaja, recently raised an alarm during the press briefing of its 24th annual conference over what he described as “criminal elements” exploiting the sector to carry out illicit activities.

Awolaja, who highlighted the activities for the upcoming 24th AFRES Annual Conference billed to be held September 9-12 in Nigeria during a press briefing, disclosed that the Executive Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, will deliver a keynote lecture on ‘the flow of illicit funds in the property development within sub-Saharan Africa’.

He said, “It is a sound note of warning to those who are criminals who want to take an avenue of property development to clean their dirty money. They rob other people’s sweat, then come and hide under the property development sector.

“Africa is a green continent in the sense that it is yet to be explored to its fullest.

If we don’t take punitive steps and measures, before you know it, we will be a haven for criminals, and so we don’t want that. Whatever it is in terms of development, we want it to be unique and homogenous for everybody.”

He added that the conference with the theme ‘Shaping the Future of the African Real Estate Market: Exploring Opportunities’ would offer stakeholders from 23 African countries the opportunity to examine the latest trends in how demographics, urbanisation and infrastructure spending can unlock growth.

“The aim is to change the narrative and present credible investment opportunities to global and regional investors. It is expected to convene policymakers, developers, financiers, academics and practitioners in the property sector,” he said.

According to him, the conference will provide networking opportunities and provide solutions to issues on sustainable development, finance, property technology and also artificial intelligence in the real estate and property sector.

“The conference will include panel sessions with policymakers, educators, practitioners in the property sector and people inclined to estate surveying,” he added.

The conference chair, Adediran Adetunji, emphasised the need for investing in infrastructure, describing it as a potential way the government can change its economy.

“When you want to change the narrative in a country, invest in infrastructure,” he said.

He noted that the conference is also expected to boost local spending through tourism, transport and souvenir sales during the week-long programme, adding that the networking opportunity could lead to new projects, contracts and deal flow in the months ahead.

“It is a means for people from different countries to explore investment opportunities in Nigeria as well, and the conference would generate over $5m in FDI,” he noted.