Understanding money laundering policies will curb harassment, REDAN Chairman tells realtors

Chairman of the Real Estate Developers Association of Nigeria (REDAN), Oyo State chapter, Dr Muibi Kehinde Hammed, has advised his fellow experts in the sector to have a better understanding of money laundering policies to avoid incessant harassment from the EFCC.

Muibi, who is the GMD of MKH properties, gave this charge at the maiden edition of the REDAN stakeholders meeting held at Jogor Centre in Ibadan on Thursday, 12th September 2024.

The meeting which was a gathering of experts from Oyo and other Southwest state chapters was an avenue to discuss issues affecting the sector and to raise solutions.

The chairman stated that creating awareness and putting structures in place are the major motive behind the stakeholders’ meeting.

According to him, “We are here to create more structures for REDAN for people to be more aware of REDAN in Oyo State. We want to carry people along because over time, we realized there were a lot of victims of real estate fraud. Also, some properties are not well-structured both from the government, developers and stakeholders. We don’t want such things to continue anymore. We really want everybody to be informed because when you are informed, you know the right thing to do at the right time.

“We have to take money laundering policies seriously. I am a success story. That’s why I am bringing awareness to our members. Very soon, the EFCC will see changes in the reporting of all our transactions in real estate. Many of our members say they are not aware that they have to report. Now that they are aware they need to be reporting. With the informal circulating everywhere, with the government doing the right thing and we as a body also doing the right thing, there will be less intratextual transactions. So I enjoin members to comply, know what to do and report.”

He affirmed the body’s resolution to involve community leaders like the Mogajis and Baales. In his words, he believes that they are the major stakeholders in the real estate sector and that not carrying them along will pose challenges for them.

Continuing, Muibi stated that different communities in police, tax and government matters have been set up for the seamless operation of the body. He added that the body is in talks with the state government and believed that the outcome of their deliberations will be successful.

The REDAN boss called on President Bola Ahmed Tinubu to listen more to the people at the grassroots in order to understand their core needs.

The public relations officer and one of the coordinators of the meeting, Mr Olu Falodun, in his own statement, said he feels happy with the success of the event as huge numbers turned up for the first maiden edition.

Mr Falodun said he looks forward to more collaborations and partnerships from the government that will help REDAN to be a major player in the development of Oyo State’s infrastructural landscape.

The PRO said he believes that in the next four years which will mark the end of the present tenure, the structure just commissioned would have become formidable. He, however, called on developers who have not enrolled as a member to do so.

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