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).
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. The Director of SCUML, Daniel Isei, speaking at the launch of the REDAN seal and magazine in Abuja on Tuesday, said the seal will help identify real members of the association, and also enable the easy prosecution, conviction, and confiscation of ill-gotten wealth and fraudsters in the country.
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