The Special Control Unit Against Money Laundering (SCUML), an arm of the Economic and Financial Crimes Commission (EFCC), held a sensitisation and capacity-building workshop for members of the Real Estate Developers Association of Nigeria (REDAN), Oyo State Chapter, aimed at strengthening compliance with anti-money laundering regulations in the real estate sector.
The training, which took place at Jag Hotel in Ibadan, was designed to equip real estate professionals with the knowledge required to identify suspicious financial transactions and comply with statutory reporting procedures, in line with the Money Laundering (Prevention and Prohibition) Act.
Speaking at the event, which was in conjunction with EFCC REDAN’s Publicity Secretary, Olu Falodun, who represented the chapter’s chairman, as the convener, Dr. Kehinde Muibi, emphasized the importance of the training in safeguarding members from inadvertently engaging in illicit financial transactions.
“This training has helped us understand the legal and compliance frameworks around financial dealings in our businesses.
Knowing our customers (KYC) and being vigilant about the source of funds they use is critical to avoid sanctions and legal complications.
“Before now, many of our members got into trouble due to ignorance. That won’t be the case anymore,” Falodun said.
Falodun added that members are now more confident in applying SCUML’s reporting guidelines, including proper client documentation and proactive monitoring of suspicious activity. “From today’s interactions, it’s clear that members are ready to comply. Ignorance is no longer an excuse,” he noted.
The training also drew commendation from participants, including Joyce Aladeyelu, Head of Operations at Assured Way Ltd., who described the session as “an eye-opener.”
“I now realize how critical it is to report financial dealings accurately and perform background checks on clients.
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“It’s not about invading privacy but protecting our business reputation,” she said.
“I think this kind of training should be held quarterly to deepen our understanding.”
Another participant, Abioye Caleb, CEO of Golden Age Groups Ltd., praised the initiative and called it timely.
“This training couldn’t have come at a better moment. With increasing scrutiny on real estate firms, we now have a better grasp of our obligations under the law. It’s up to us to do the right thing.”
The session was facilitated by Mrs. Toyin Ehindero Benson, the Zonal Head of SCUML/EFCC, who reiterated SCUML’s commitment to supporting businesses with compliance education and regulatory guidance.
“We are not here to intimidate you. Our goal is to work with you to ensure your operations are legally sound and protected from criminal exploitation,” she stated.
“The earlier developers integrate compliance procedures, the healthier the business environment will be for everyone.”
Falodun extended gratitude to REDAN executives and SCUML officials for their collaboration and urged members to put the lessons learned into immediate practice.
The event marks a significant step in aligning the real estate industry in Oyo State with national anti-money laundering efforts, reinforcing transparency, and safeguarding the sector from abuse by criminal elements.
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