Abuja, Nigeria – June 14, 2025
The Economic and Financial Crimes Commission (EFCC) has called on members of the Real Estate Developers Association of Nigeria (REDAN) to partner with the Commission in its ongoing efforts to combat money laundering in the real estate sector.
Speaking at a stakeholder engagement in Abuja, the EFCC emphasized the critical role of real estate players in identifying and reporting suspicious transactions that could be linked to illicit financial flows.
“The real estate sector has unfortunately become a conduit for laundering illicit funds, and this trend must be reversed,” an EFCC official stated. “We urge REDAN and its members to work closely with us by adhering strictly to anti-money laundering regulations and reporting mechanisms.”
The Commission warned that non-compliance with financial transparency laws could attract sanctions and criminal prosecution, stressing that the agency is stepping up surveillance and enforcement activities in the sector.
In response, REDAN President, Mr. Aliyu Wamakko, expressed the association’s willingness to collaborate with the EFCC, adding that REDAN remains committed to sanitizing the industry and promoting best practices.
The EFCC has in recent years intensified its scrutiny of real estate transactions, noting their increasing use in concealing proceeds of corruption and other financial crimes.
