Follow Us on Google
From Sola Ojo, Abuja
Real estate operators in Nigeria have been told to strengthen their anti-money laundering safeguards as the Special Control Unit Against Money Laundering (SCUML) and the Real Estate Developers Association of Nigeria (REDAN) move to tighten compliance in the sector.
SCUML warned that registration with regulatory authorities alone was not sufficient, insisting that operators must integrate anti-money laundering compliance into their day-to-day business activities amid concerns over the sector’s vulnerability to financial crimes.
The position was canvassed at a stakeholders’ engagement between SCUML and REDAN focusing on Nigeria’s Mutual Evaluation readiness, risk-based supervision, beneficial ownership transparency and customer due diligence.
Speaking on behalf of SCUML, Assistant Commander of the Economic and Financial Crimes Commission (EFCC), ACE I Ibinabo Amachree, said real estate operators had a strategic responsibility to protect the integrity of Nigeria’s financial system because of the sector’s exposure to money laundering and other financial crime risks.
She urged REDAN members to move beyond mere registration with regulatory authorities and make compliance an integral part of their daily operations.
“The message is clear: effective compliance is not just about meeting regulatory requirements; it is about protecting businesses, strengthening the real estate sector and safeguarding the integrity of Nigeria’s financial system,” she said.
Amachree listed institutional risk assessment, customer and beneficial ownership checks, identification of politically exposed persons, sanctions screening, effective internal controls and timely reporting among key obligations operators must observe.
She reaffirmed SCUML’s readiness to work with REDAN and other stakeholders to improve compliance, build capacity and promote greater accountability across the sector.
Chairman of REDAN, Lagos State, Tony Kolawole, pledged the association’s support for SCUML’s efforts to ensure compliance with Anti-Money Laundering, Counter Financing of Terrorism and Counter Proliferation Financing (AML/CFT/CPF) requirements in the real estate industry.
The engagement also provided an opportunity for operators to highlight regulatory and operational challenges affecting compliance, with participants calling for sustained dialogue between regulators and industry stakeholders.
The collaboration comes as Nigeria prepares for its Mutual Evaluation, increasing pressure on vulnerable sectors to strengthen transparency, risk-based supervision and safeguards against illicit financial flows.
