SCUML and REDAN Strengthen Anti-Money Laundering Efforts

On September 15, 2026, real estate operators in Nigeria were advised to strengthen their anti-money laundering safeguards during a stakeholders’ engagement between the Special Control Unit Against Money Laundering (SCUML) and the Real Estate Developers Association of Nigeria (REDAN). ACE I Ibinabo Amachree, representing SCUML, stated that mere registration with regulatory authorities is insufficient; operators must incorporate compliance into their daily business activities due to the sector's vulnerability to financial crimes.

Key obligations highlighted include institutional risk assessment, customer and beneficial ownership checks, and timely reporting. Tony Kolawole, Chairman of REDAN, expressed the association's commitment to supporting SCUML's compliance efforts.

The meeting also addressed regulatory challenges faced by operators and emphasized the need for ongoing dialogue between regulators and industry stakeholders, especially as Nigeria prepares for its Mutual Evaluation, which increases pressure on sectors to enhance transparency and safeguards against illicit financial flows.