March 10, 2020

REDAN, SCUML join forces against terrorism financing

Terrorism, Nigeria



…Urges FG to redeem N1trn recapitalisation to FMBN

By Chris Ochayi

Stakeholders in real estate sector, Tuesday, announced their commitment to join forces with the Special Control Unit on Money Laundering, SCUML, to in order to collectively checkmate the issues of money laundering and terrorism financing occasioned in the built industry.

Addressing newsmen in Abuja, the President of Real Estate Developers Association of Nigeria, REDAN, Alhaji Aliyu Oroji Wamako, said the move was necessitated in view of global attention on real estate as avenue for money laundering and terrorism financing.

He said, “As the self-regulatory organisation of the Real Estate Developers of Nigeria, recognition accorded the association, reference the SCUML report of Nigeria national risk assessment on money laundering and terrorism financing 2016.

Alhaji Wamako noted that in the light of the foregoing; the association reiterated to the members to register with SCUML and comply with know your customer and report transactions above the stipulated threshold to NFIU.

He also revealed that he members are to copiously comply with SCUML operational guidelines to forestall their businesses being encumbered, also, “That we should be agents of national compliance and development.”

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According to him, “There is a global attention on real state as avenue for money laundering and terrorism financing. The association is collaborating assiduously with the Special Control Unit on Money Laundering, SCUML, which is an agency of the federal government to ensure that our members comply with extant laws and guidelines.”

Meanwhile, the association has called on the Federal Government to actualize earlier pronouncement to recapitalise the Federal Mortgage Bank of Nigeria to the tune of N1 trillion to service both the demand and supply side to take housing delivery to the next level of affordability.

Alhaji Wamaka noted that, “With 4-5 million registered subscribers to the National Housing Fund, NHF, their current capital outlay of N5 billion is grossly inadequate to provide both mortgage and construction loans to assuage the housing deficit and create the needed vibe to avail the citizens of over 200 million people home ownership.”

The association also called on the Federal Government to support the Family Homes Funds, to actualize their core objective in affordable housing and synergy with the real estate developers, especially, REDAN members on construction finance.