By Abuja, Nigeria
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.
Olukoyede gave the charge in Abuja at the 17th Annual General Meeting (AGM) of the Real Estate Developers Association of Nigeria (REDAN), tagged: “The New Tax Law as a Strategic Tool For Real Estate Finance and Housing Affordability”.
Speaking at the event, 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.
Represented by the Head, Compliance and Enforcement, Special Control Unit against Money Laundering (SCUML), Assistant Commander of the EFCC, ACE 1, Kazeem Oseni, 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 was a very critical opportunity to unlocking 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.
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.”
Earlier in his opening remarks, President and Chairman of Council, REDAN, His Royal Majesty, HRM, Oba Akintoye Adeoye, described the presence of the stakeholders at the event as 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.
