RismadarVoice Reporters
February 7, 2026
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 to safeguard themselves against financial crimes by adhering to 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 REDAN and its members to comply strictly with Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) frameworks, policies and regulations aimed at preventing criminals from exploiting the financial system to launder money or fund terrorist activities.
The EFCC chairman was represented at the event by the Head of Compliance and Enforcement, Special Control Unit against Money Laundering (SCUML), Assistant Commander of the EFCC, ACE I, Kazeem Oseni.
Oseni described the theme of the AGM as timely and forward-looking, noting that 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 recognizes 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, adding that the EFCC and SCUML remain willing and ready to partner with REDAN to promote regulatory compliance.
According to him, “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.”
Oseni commended the association for its continued partnership with the Commission and urged members to strengthen customer due diligence and transaction monitoring to detect, report and mitigate illicit financial flows.
