By Tunde Oguntola, Abuja
The Special Control Unit against Money Laundering (SCUML), a unit operationally domiciled in the Economic and Financial Crimes Commission (EFCC) has said that all estate developers must be members of Real Estate Developers Association Of Nigeria (REDAN).
This effort, according to the unit, is to avert money laundering and transfer of ill-gotten wealth into the real estate sector.
Speaking during the launching of REDAN seals and magazine in Abuja on Tuesday, director, SCUML, Mr Daniel Isei, said the new requirements will allow easy prosecution and conviction of fraudsters including confiscation of ill-gotten wealth in the country.
He said it will also help the body to carry out due diligence on all members and avert quackery in the real estate sector.
“The seal will help to classify members with seal and those without seal. The seal will be a requirement for SCUML,” said Isei represented by Enu Mathew.
The president, REDAN, Dr Aliyu Wamakko, said the two products are aimed at enhancing the association’s mandate of promoting real estate development in Nigeria.
“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,” he said.
The chief executive officer, Federal Mortgage Bank of Nigeria (FMBN), Arc. Ahmed Dangiwa, said the introduction of the seal will further strengthen the integrity of the association as a body and its members as individuals have been long overdue.
Dangiwa, who was represented by the zonal coordinator, FMBN, Mrs Zubaida Umar, said the REDAN seal will not only confer a mark of authenticity in whatever comes from the association but also help greatly in reducing quackery and misconduct among practitioners in the real estate sector.