The African Real Estate Society (AFRES) has raised concerns over illicit investment flows in property development across Sub-Saharan Africa, warning that criminals are using the sector to launder money.
Speaking ahead of the 24th AFRES Annual Conference, scheduled for September 9–12 in Nigeria, AFRES President (Nigeria Chapter), Adekunle Awolaja, said the event will feature EFCC Chairman, Ola Olukoyede, delivering a keynote on curbing illicit funds in real estate.
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With the theme "Shaping the Future of the African Real Estate Market: Exploring Opportunities", the conference will gather stakeholders from 23 African countries to discuss sustainable development, property technology, finance, and AI applications in the sector.
Conference Chair, Adediran Adetunji, highlighted infrastructure investment as key to economic growth and noted that the event will boost local businesses through tourism, transport, souvenirs, and deal-making opportunities. The meeting is also expected to attract over $5 million in foreign direct investment, creating openings for SMEs in construction, services, and real estate value chains.
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