The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr Ola Olukoyede, has called on the Real Estate Developers Association of Nigeria, REDAN and other stakeholders in the real estate sector to safeguard themselves against financial crimes by respecting effective tax administration, financial integrity and clear beneficial ownership disclosures.
He gave the charge in Abuja on Wednesday, February 4, 2026, at the 17th Annual General Meeting, AGM of the Real Estate Developers Association of Nigeria, REDAN, themed: “The New Tax Law as a Strategic Tool For Real Estate Finance and Housing Affordability”.
Olukoyede charged REDAN and its stakeholders to comply with the Anti-money Laundering and Financing of Terrorism AML/CFT frameworks, policies and regulations designed to prevent criminals from using the financial system to launder money or fund terrorist activities.
The Head, Compliance and Enforcement, Special Control Unit against Money Laundering (SCUML), Assistant Commander of the EFCC, ACE 1, Kazeem Oseni, who represented Olukoyede, described the theme of the AGM as timely and forward-looking, stating that the recent tax reforms of President Bola Ahmed Tinubu’s administration were a very critical opportunity to unlock sustainable real estate financing, improve housing affordability and deepen investor confidence while reinforcing transparency and accountability.
“As Nigeria’s AML/FCT 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,” he said.
He called for sustained collaboration with all stakeholders and critical players in the sector, adding that the EFCC and SCUML are willing and ever ready to collaborate with the Association.
According to him, “SCUML of the EFCC remains committed to sustain the engagement with the REDAN through guidance, capacity-building and risk-based supervision to ensure that regulatory compliance supports rather than constraints growth, innovation and access to affordable housing.”
He commended the Association for its continued partnership with the Commission. He urged it to carry out customer due diligence and transaction monitoring to detect, report, and mitigate illicit financial flows.
In his opening address, the President and Chairman of Council, REDAN, His Royal Majesty, HRM, Oba Akintoye Adeoye, described the presence of the stakeholders at the event as a strong conviction of their belief in the power of collaboration to drive national development.
The royal father said the AGM came at a critical moment in the Nigerian real estate sector, when the nation “is undergoing major economic adjustments, fiscal reforms and institutional realignments” and called for strong collaboration.
In his goodwill message, National President, Nigerian Institute of Town Planners, Dr. Ogbonna Chime said the real estate sector occupied a strategic position in national development, stressing that as Nigeria continued to experience rapid urbanisation, the actions and decisions 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”, he said.
