The Economic and Financial Crimes Commission (EFCC) has made it compulsory for players in the real estate sector to be registered under Real Estate Developers Association (REDAN).
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The Special Control Unit against Money Laundering (SCUML), a unit operationally domiciled in EFCC, said the measure is part of efforts to check fraudulent activities in the sector.
Real estate in Nigeria has rapidly expanded and recorded significant growth in recent years. But the sector is poorly regulated, and often seen as a magnet for fraudsters and corrupt officials who invest with stolen public funds.
Speaking at the launch of the REDAN seal and magazine in Abuja on Tuesday, the Director of SCUML, Daniel Isei, said the seal will help identify real members of the association.
Mr. Isei said the seal will also enable the easy prosecution, conviction, and confiscation of ill-gotten wealth and fraudsters in the country.
“The seal will help to classify members with seal and those without seal. The seal will be a requirement for SCUML,” the director represented by Enu Mathew, an EFCC official said.
On his part, REDAN president, Aliyu Wamakko, said the seal will be issued to members who have agreed to abide by the ethics of the association.
“As Members, they shall uphold the principle of equity in the conduct of their business affairs with professionalism, honesty, integrity and sound practices that support the principle of Know Your Customer (KYC) and other Financial Regulations,” he said.
“It will give more credibility to businesses of our members and recognition to the association’s documentation process.
“Whereas the seal will advance the practice of real estate and housing development business in Nigeria, the magazine will boost public knowledge of estate development activities, all in line with global best practices.”
Also speaking, the managing director of FESADEB group, said there should be stiffer penalties against fraudsters in the sector.
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