Olukoyede Warns REDAN On Financial Crime Risks In Real Estate Sector

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 sector to guard against exposure to financial crimes by embracing effective tax administration, financial integrity and transparent beneficial ownership disclosures.

Olukoyede gave the charge in Abuja on Wednesday, February 4, 2026, 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.”

He urged developers to strictly comply with Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) frameworks, policies and regulations designed to prevent the abuse of the financial system for laundering illicit funds or financing terrorist activities.

The EFCC Chairman, who was represented at the event by the Head, Compliance and Enforcement of the Special Control Unit against Money Laundering (SCUML), Assistant Commander of the EFCC, ACE I Kazeem Oseni, described the AGM theme as timely and forward-looking.

Oseni noted that 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 significantly reduce the sector’s exposure to financial crime risks,” he said.

He called for sustained collaboration among stakeholders, stressing that the EFCC and SCUML remain willing and ready to partner with REDAN to strengthen compliance across the industry.

According to him, “SCUML of the EFCC remains committed to sustained 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.”

Oseni commended REDAN for its continued partnership with the Commission and urged the association to strengthen customer due diligence and transaction monitoring mechanisms to detect, report and mitigate illicit financial flows.

In his opening remarks, the President and Chairman of Council of REDAN, His Royal Majesty, Oba Akintoye Adeoye, described the strong turnout of stakeholders as a demonstration of their collective belief in collaboration as a catalyst for national development.

He noted that the AGM came at a critical period for Nigeria’s real estate sector, as the country undergoes major economic adjustments, fiscal reforms and institutional realignments, stressing the need for stronger partnerships among stakeholders.

Also speaking at the event, the National President of the Nigerian Institute of Town Planners, Dr. Ogbonna Chime, underscored the strategic importance of the real estate sector to national development, particularly in the face of rapid urbanisation.

“When developers and planners work in partnership, conflicts are reduced, project delivery improves, and the long-term value of developments is enhanced,” he said.