The Special Control Unit Against Money Laundering (SCUML) and the Real Estate Developers Association of Nigeria (REDAN) have reaffirmed their commitment to strengthening compliance with Nigeria’s anti-money laundering and counter-terrorism financing regulations across the real estate sector.
The commitment was made on Thursday, September 10, 2026, during a stakeholders’ engagement focused on improving the sector’s preparedness for Nigeria’s Mutual Evaluation.
Discussions at the meeting centred on risk-based supervision, beneficial ownership transparency, customer due diligence, internal controls and enhanced cooperation between SCUML and real estate operators.
Speaking on behalf of SCUML, Assistant Commander of the EFCC, ACE I Ibinabo Amachree, highlighted the importance of real estate businesses in protecting the integrity of Nigeria’s financial system, particularly because of the sector’s exposure to money laundering and other financial crime risks.
Amachree urged REDAN members to look beyond registration and make regulatory compliance part of their daily business operations.
She identified key areas requiring attention, including assessing institutional risks, knowing customers and beneficial owners, identifying politically exposed persons, conducting appropriate sanctions screening, maintaining effective internal controls and fulfilling applicable reporting obligations.
She also assured the association that SCUML was prepared to work with REDAN and other stakeholders to strengthen compliance, build capacity and promote greater accountability within the industry.
“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, REDAN Chairman, Lagos State, Tony Kolawole, pledged the association’s readiness to collaborate with SCUML to ensure compliance with AML/CFT/CPF requirements and strengthen financial integrity within the real estate industry.
The engagement also allowed REDAN members to raise practical and regulatory challenges affecting their businesses, while emphasising the need for sustained dialogue between regulators and industry stakeholders.
The collaboration comes as Nigeria continues efforts to strengthen its anti-money laundering framework, improve transparency in financial transactions and ensure that vulnerable sectors of the economy comply with applicable financial crime regulations.
