By Francis Wilfred
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has cautioned members of the Real Estate Developers Association of Nigeria (REDAN) and other stakeholders in the real estate sector against exposure to financial crimes, urging strict adherence to effective tax administration, financial integrity and clear beneficial ownership disclosures.
Olukoyede gave the charge in Abuja at the 17th Annual General Meeting (AGM) of REDAN, themed “The New Tax Law as a Strategic Tool for Real Estate Finance and Housing Affordability.”
In a press release issued by the EFCC’s Head of Media and Publicity, Mr. Dele Oyewale, the EFCC chairman urged REDAN and its members to comply fully with Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) frameworks, policies and regulations aimed at preventing criminals from using the financial system to launder illicit funds or finance terrorist activities.
Representing Olukoyede at the event, the Head of Compliance and Enforcement, Special Control Unit against Money Laundering (SCUML), Assistant Commander of the EFCC (ACE 1), Kazeem Oseni, described the AGM theme as timely and forward-looking. He said the recent tax reforms introduced by the administration of President Bola Ahmed Tinubu present a critical opportunity to unlock sustainable real estate financing, improve housing affordability and deepen investor confidence, while reinforcing transparency and accountability in the sector.
“As Nigeria’s AML/CFT regulator for the real estate sector, SCUML-EFCC recognises that effective tax administration, financial integrity and clear beneficial ownership disclosures not only support compliance with the new tax framework, but also reduce the sector’s exposure to financial crime risks,” Oseni said.
He called for sustained collaboration with stakeholders and key players in the industry, assuring that the EFCC and SCUML remain willing and ready to partner with REDAN. According to him, SCUML will continue to engage the association through guidance, capacity building and risk-based supervision to ensure that regulatory compliance supports growth, innovation and access to affordable housing.
Oseni also commended REDAN for its continued partnership with the Commission and urged members to strengthen customer due diligence and transaction monitoring mechanisms to detect, report and mitigate illicit financial flows.
In his opening address, the President and Chairman of Council of REDAN, His Royal Majesty, Oba Akintoye Adeoye, described the strong turnout of stakeholders at the AGM as a clear demonstration of their belief in collaboration as a tool for national development.
He noted that the AGM was coming at a critical period for the Nigerian real estate sector, as the country undergoes major economic adjustments, fiscal reforms and institutional realignments, and stressed the need for stronger collaboration among stakeholders.
Also speaking, the National President of the Nigerian Institute of Town Planners (NITP), Dr. Ogbonna Chime, said the real estate sector occupies a strategic position in national development. He noted that with rapid urbanisation in Nigeria, the decisions and actions of real estate developers increasingly shape the form, functionality and sustainability of cities.
“When developers and planners work in partnership, conflicts are reduced, project delivery improves, and the long-term value of developments is enhanced,” Chime said.
