By Nkechi Eze
The Special Control Unit Against Money Laundering (SCUML) and the Real Estate Developers Association of Nigeria (REDAN) have pledged to deepen collaboration to ensure compliance with Nigeria’s Anti-Money Laundering, Counter Financing of Terrorism and Counter Proliferation Financing (AML/CFT/CPF) laws in the real estate sector.
The resolve was reached during a stakeholders’ engagement held on Thursday, September 10, 2026, with discussions centred on Mutual Evaluation readiness, risk-based supervision, beneficial ownership transparency, customer due diligence, internal controls and stronger cooperation between SCUML and real estate operators.
According to an official statement signed by Dele Oyewale, Head, Media & Publicity, Assistant Commander of the EFCC, ACE I Ibinabo Amachree, who spoke on behalf of SCUML, stressed the strategic role of real estate operators in protecting the integrity of Nigeria’s financial system.
Amachree noted that the real estate sector remained vulnerable to money laundering and other financial crime risks, urging operators to move beyond mere registration with SCUML and embed compliance measures in their daily business operations.
She urged REDAN members to understand their institutional risks, know their customers and beneficial owners, identify politically exposed persons, conduct appropriate sanctions screening, maintain effective internal controls and comply with applicable reporting obligations.
She reaffirmed SCUML’s readiness to work closely with REDAN and other stakeholders to improve compliance, build capacity and promote a stronger culture of accountability within the sector.
“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.
In his remarks, the Chairman of REDAN, Lagos State, Mr Tony Kolawole, pledged the association’s readiness to partner with SCUML to ensure compliance with AML/CFT/CPF requirements and uphold financial integrity within the real estate industry.
The engagement also provided an avenue for REDAN members to highlight practical regulatory and operational challenges affecting the sector, reinforcing the need for sustained dialogue between regulators and industry stakeholders.
