EFCC Warns Real Estate Developers Over Financial Crimes

​The Economic and Financial Crimes Commission (EFCC) has issued a stern advisory to the Real Estate Developers Association of Nigeria (REDAN), urging members to insulate their businesses from financial crimes through strict adherence to tax laws and beneficial ownership disclosures.

​Speaking at the 17th Annual General Meeting (AGM) of REDAN in Abuja on Wednesday, February 4, 2026, EFCC Executive Chairman, Ola Olukoyede, emphasized that financial integrity is no longer optional. The event, themed “The New Tax Law as a Strategic Tool For Real Estate Finance and Housing Affordability,” served as a platform for the Commission to reinforce its stance on Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) frameworks.

​A Call for Transparency

​Representing the EFCC Chairman, ACE 1 Kazeem Oseni, Head of Compliance and Enforcement at the Special Control Unit against Money Laundering (SCUML), highlighted that the real estate sector remains a high-risk area for illicit financial flows.

​Oseni noted that the recent tax reforms under President Bola Ahmed Tinubu’s administration present a “critical opportunity” to stabilize real estate financing. However, he warned that these benefits can only be realized if developers prioritize:

• ​Effective Tax Administration: Ensuring all liabilities are met transparently.
• ​Beneficial Ownership Disclosure: Identifying the actual individuals who own or control companies to prevent anonymous money laundering.
• ​Customer Due Diligence: Rigorous monitoring of transactions to detect and report suspicious activities.

​Collaboration for Growth

​Despite the cautionary tone, the EFCC reaffirmed its commitment to supporting the industry. Oseni stated that SCUML is focused on “risk-based supervision,” ensuring that regulations act as a catalyst for growth rather than a bottleneck for housing affordability.

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​In his opening remarks, REDAN President, HRM Oba Akintoye Adeoye, acknowledged the sector’s current challenges, citing significant economic adjustments and fiscal reforms. He echoed the need for collaboration, suggesting that the industry’s future depends on institutional alignment and integrity.

​The Nigerian Institute of Town Planners, represented by Dr. Ogbonna Chime, added that the partnership between developers and planners is essential for sustainable urban growth. As Nigeria undergoes rapid urbanization, the consensus among stakeholders is clear: the path to affordable housing must be paved with transparency and legal compliance.