SCUML,REDAN Deepen Ties to Bolster AML Compliance in Real Estate

The Special Control Unit against Money Laundering (SCUML) and the Real Estate Developers Association of Nigeria (REDAN) have reaffirmed their joint commitment to achieving full compliance with Nigeria’s Anti-Money Laundering, Countering the Financing of Terrorism and Counter-Proliferation Financing (AML/CFT/CPF) laws in the real estate sector.

The resolve was sealed at a stakeholders’ engagement held on Thursday, 10 September 2026. Discussions centred on readiness for Nigeria’s Mutual Evaluation, risk-based supervision, beneficial ownership transparency, customer due diligence, robust internal controls and closer collaboration between the regulator and industry operators.

Assistant Commander of the EFCC and Head of SCUML Lagos, ACE 1 Ibinabo Amachree, who spoke on behalf of SCUML, underscored the strategic importance of real estate operators in safeguarding the integrity of Nigeria’s financial system. She noted that the sector remains particularly vulnerable to money laundering and related financial crimes because of the high value of transactions, the prevalence of cash deals in some segments, complex ownership structures and the potential use of property to disguise illicit funds.

Amachree urged REDAN members to move beyond mere registration with SCUML and embed compliance into everyday operations. Key areas she highlighted include understanding institutional risks, knowing customers and ultimate beneficial owners, identifying politically exposed persons (PEPs), conducting appropriate sanctions screening, maintaining effective internal controls, and fulfilling all applicable reporting obligations under the Money Laundering (Prevention and Prohibition) Act 2022 and related regulations.

“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 response, the Chairman of REDAN Lagos State Chapter, Dr Tony Kolawole (also known as Tony Aspire Kolawole), pledged the association’s readiness to partner with SCUML. He affirmed that REDAN would work to ensure members uphold AML/CFT/CPF standards and contribute to the broader goal of financial integrity in the sector.

The engagement also gave REDAN members a platform to air practical regulatory and operational challenges. Officials emphasised that continuous dialogue between regulators and industry stakeholders is essential for building a culture of compliance that is both effective and realistic.

The meeting forms part of wider efforts by SCUML—the EFCC department responsible for supervising Designated Non-Financial Businesses and Professions (DNFBPs)—to strengthen oversight of the real estate sector ahead of Nigeria’s next Mutual Evaluation exercise. Real estate developers, agents, brokers and related professionals are required to register with SCUML, conduct customer due diligence, report cash transactions above statutory thresholds, file suspicious transaction reports where necessary, and maintain proper records.

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Previous collaborations between SCUML/EFCC and REDAN, including capacity-building sessions in various states and national-level discussions on Mutual Evaluation readiness, have similarly stressed the need for the industry to close compliance gaps. The Lagos engagement reinforces that message at a time when authorities are intensifying risk-based supervision and promoting greater transparency in beneficial ownership.

Both sides expressed optimism that sustained partnership will help protect legitimate businesses, reduce the sector’s exposure to illicit finance and support Nigeria’s overall AML/CFT/CPF framework.