The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, has urged members of the Real Estate Developers Association of Nigeria and other stakeholders in the sector to strengthen compliance with tax laws and anti-money laundering regulations to guard against financial crimes.
Olukoyede gave the charge on Wednesday, February 4, 2026, in Abuja at the 17th Annual General Meeting of REDAN, themed, “The New Tax Law as a Strategic Tool for Real Estate Finance and Housing Affordability.”
He called on real estate developers to uphold effective tax administration, financial integrity and transparent beneficial ownership disclosures, stressing that the sector must align with Anti-Money Laundering and Combating the Financing of Terrorism frameworks to prevent abuse of the financial system.
The EFCC chairman, who was represented by the Head of Compliance and Enforcement at the Special Control Unit against Money Laundering, Kazeem Oseni, described the AGM theme as timely, noting that recent tax reforms introduced by the administration of President Bola Tinubu present an opportunity to unlock sustainable real estate financing and improve housing affordability.
Oseni said, “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 support compliance with the new tax framework and reduce exposure to financial crime risks.”
He called for sustained collaboration between the EFCC, SCUML and industry players, assuring that the Commission remains ready to engage REDAN through guidance, capacity building and risk-based supervision.
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According to him, such engagement would ensure that regulatory compliance supports growth, innovation and access to affordable housing rather than constraining them.
Oseni also commended REDAN for its continued partnership with the EFCC and urged members to strengthen customer due diligence and transaction monitoring to detect and report illicit financial flows.
President and Chairman of Council of REDAN, Oba Akintoye Adeoye, said the strong turnout of stakeholders at the AGM reflected a shared belief in collaboration as a driver of national development.
He noted that the meeting was coming at a critical time for the real estate sector, amid ongoing economic adjustments, fiscal reforms and institutional realignments, calling for closer cooperation among key actors.
Also speaking, the National President of the Nigerian Institute of Town Planners, Ogbonna Chime, said the real estate sector occupies a strategic position in national development, especially in the context of rapid urbanisation.
He added that collaboration between developers and planners would reduce conflicts, improve project delivery and enhance the long-term value and sustainability of developments.
