Wamakko: Real Estate Linked to Money Laundering in Nigeria

On 12 September 2026, Aliyu Wamakko, the former President of the Real Estate Developers Association of Nigeria (REDAN) and Chief Executive Officer of Jedo Investment, addressed journalists in Abuja, stating that real estate serves as a conduit for money laundering. He expressed optimism regarding the passage of the Real Estate Regulation and Development (RECON) to combat corruption in the sector.

Wamakko urged the government to reduce taxes on cement production and consider subsidies to alleviate the rising costs of building materials and housing. He highlighted that the price of cement has surged from N7,500 per bag in March 2025 to approximately N13,000, exacerbating Nigeria's housing deficit and making home ownership unaffordable.

He called for a significant investment of at least N1 trillion into the Federal Mortgage Bank to provide affordable financing for construction, emphasizing that lower building material costs would ultimately reduce housing prices.