Ola Olukoyede, Executive Chairman of the Economic and Financial Crimes Commission (EFCC), has cautioned the Real Estate Developers Association of Nigeria (REDAN) and other stakeholders in the property sector to guard against exposure to financial crimes by embracing effective tax administration, financial integrity.
According to a statement by Dele Oyewale, EFCC’s Spokesman, Olukoyede gave the warning in Abuja recently at the 17th Annual General Meeting (AGM) of REDAN, which was themed “The New Tax Law as a Strategic Tool for Real Estate Finance and Housing Affordability.”
Represented by Kazeem Oseni, Head, Compliance and Enforcement of the Special Control Unit against Money Laundering (SCUML), the EFCC chairman urged real estate developers to strictly comply with Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) frameworks, policies and regulations.
According to Olukoyede, adherence to these regulatory safeguards is critical to preventing criminals from exploiting the real estate sector and the broader financial system for money laundering and terrorism financing.
Olukoyede described the theme of the AGM as timely and forward-looking, noting that the ongoing tax reforms under President Bola Tinubu’s administration present a significant opportunity to unlock sustainable real estate financing, improve housing affordability and strengthen investor confidence in the sector.
He stressed that effective tax administration and transparency are central to reducing financial crime risks in the real estate industry.
“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 significantly reduce the sector’s exposure to financial crime risks,” Olukoyede said.
He called for sustained collaboration between the EFCC, SCUML and all stakeholders in the real estate sector, assuring that the Commission remains willing and ready to partner with REDAN to strengthen compliance and promote best practices.
“SCUML of the EFCC remains committed to sustaining engagement with REDAN through guidance, capacity-building and risk-based supervision to ensure that regulatory compliance supports, rather than constrains, growth, innovation and access to affordable housing,” he added.
Olukoyede commended REDAN for its continued partnership with the Commission and urged members of the association to prioritise customer due diligence and transaction monitoring to detect, report and mitigate illicit financial flows within the sector.
In his opening address, Akintoye Adeoye, President and Chairman of Council of REDAN, said the strong turnout of stakeholders at the AGM reflected a shared belief in the power of collaboration to drive national development.
The monarch noted that the AGM was taking place at a critical moment for Nigeria’s real estate sector, as the country undergoes major economic adjustments, fiscal reforms and institutional realignments, stressing the need for stronger cooperation among public and private sector actors.
Delivering a goodwill message, Ogbonna Chime, National President of the Nigerian Institute of Town Planners (NITP), described the real estate sector as strategic to national development, particularly in the context of Nigeria’s rapid urbanisation.
He said the decisions and actions of real estate developers increasingly shape the form, functionality and sustainability of Nigerian cities, adding that closer collaboration between developers and urban planners would enhance outcomes.
“When developers and planners work in partnership, conflicts are reduced, project delivery improves, and the long-term value of developments is enhanced,” Chime said.
