EFCC Boss Olukoyede Cautions REDAN Against Exposures To Financial Crimes

EFCC boss Olukoyede cautions REDAN against exposures to financial crimes. The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr Ola Olukoyede, has called on the Real Estate Developers Association of Nigeria, REDAN and other stakeholders in the real estate sector to safeguard themselves against financial crimes by respecting effective tax administration, financial integrity and clear beneficial ownership disclosures.

He gave the charge in Abuja on Wednesday, February 4, 2026 at the 17th Annual General Meeting, AGM of the Real Estate Developers Association of Nigeria, REDAN, themed: “The New Tax Law as a Strategic Tool For Real Estate Finance and Housing Affordability”.

Olukoyede charged REDAN and its stakeholders to comply with the Anti-money Laundering and Financing of Terrorism AML/CFT frameworks, policies and regulations designed to prevent criminals from using the financial system to launder money or fund terrorist activities.

The Head, Compliance and Enforcement, Special Control Unit against Money Laundering (SCUML), Assistant Commander of the EFCC, ACE 1, Kazeem Oseni, who represented Olukoyede, described the theme of the AGM as timely and forward-looking, stating that the recent tax reforms of President Bola Ahmed Tinubu’s administration was a very critical opportunity to unlocking sustainable real estate financing, improve housing affordability and deepen investor confidence while reinforcing transparency and accountability.

“As Nigeria’s AML/FCT regulator for the real estate sector, SCUML-EFCC recognises that effective tax administration, financial integrity, and clear beneficial ownership disclosures not only support compliance with the new tax framework but also reduce the sector’s exposure to financial crime risks,” he said.

He called for sustained collaboration with all stakeholders and critical players in the sector, adding that the EFCC and SCUML are willing and ever-ready to collaborate with the Association.

According to him, “SCUML of the EFCC remains committed to sustain the engagement with the REDAN through guidance, capacity- building and risk-based supervision to ensure that regulatory compliance supports rather than constraints growth, innovation and access to affordable housing.”

He commended the Association for its continued partnership with the Commission and urged it to carry out customer due diligence and transaction monitoring to detect, report, and mitigate illicit financial flows.

In his opening address, the President and Chairman of Council, REDAN, His Royal Majesty, HRM, Oba Akintoye Adeoye, described the presence of the stakeholders at the event as strong conviction of their belief in the power of collaboration to drive national development.

EFCC Chairman Ola Olukoyede

The royal father said the AGM came at a critical moment in the Nigerian real estate sector, when the nation “is undergoing major economic adjustments, fiscal reforms and institutional realignments” and called for strong collaboration.

In his goodwill message, National President, Nigerian Institute of Town Planners, Dr. Ogbonna Chime said real estate sector occupied a strategic position in national development, stressing that as Nigeria continued to experience rapid urbanisation, the actions and decisions of real estate developers increasingly shape the form, functionality and sustainability of cities.

“When developers and planners work in partnership, conflicts are reduced, project delivery improves, and the long-term value of developments is enhanced”, he said.

Edo Government Partner NNPC To Establish 10,000bpd Condensate Refinery

Edo government partner NNPC to establish 10,000bpd condensate refinery. The Edo government and NNPCL say they will collaborate to establish a 10,000-barrels-per-day condensate refinery in the state.

The Edo government and NNPCL say they will collaborate to establish a 10,000-barrels-per-day condensate refinery in the state. Governor Monday Okpebholo’s spokesman, Patrick Ebojele, disclosed this in a statement on Thursday.

Mr Ebojele stated that the refinery would be sited across Oredo and Orhionmwon LGAs. He added that the facility was slated for completion between 24 months and 36 months.

According to the Edo government, once operational, the refinery would produce approximately 20 truckloads of Premium Motor Spirit and 10 truckloads of diesel per day.

The statement added that the facility would serve Edo and the neighbouring states.
It further stated that the governor described the investment as a reflection of President Bola Tinubu’s ‘Renewed Hope Agenda’.
The governor also promised that the refinery would create jobs, reduce poverty, and strengthen the state’s industrial base.

The statement added that Mr Okpbeholo, who received the NNPC’s executive vice-president (downstream), Mumuni Dagazia, and his team to the Government House, Benin, assured them of his administration’s full commitment to the success of the project.

“We are delighted to welcome this major investment to Edo. My administration is committed to creating jobs and reducing poverty, in line with the renewed hope agenda of the president,” the governor reportedly said.

The statement further reported that the Edo government would provide land, certificates of occupancy, security, and other necessary logistics to facilitate the execution of the project.

Okpebholo

“We are committed to protecting investments and ensuring Edo remains safe for business. Our political will is fully behind this initiative,” Mr Okpebholo said. Mr Dagazia described the proposed refinery as a sustainable project aimed not only at generating revenue but also at creating jobs, fostering industrial growth, and advancing the overall development of the state.

The chief downstream investment officer at NNPC, Ikedichi Dick-Nwoke, was also reported to have promised that upon completion, the refinery would position Edo as a major energy and industrial hub in the South-South region.

“He said the project would boost investor confidence, align with Governor Okpebholo’s industrialisation agenda, and significantly expand employment opportunities for Edo residents,” the statement added.

Obidients Begin Nationwide Mobilisation Against Nigerian Senate For Doctored Electoral act

Obidients begin nationwide mobilisation against Nigerian Senate for doctored electoral act. They accused Mr Akpabio of removing the electronic transmission clause from the Senate’s electoral bill.

Members of the Obidient movement have commenced nationwide mobilisation against Nigeria’s Senate President Godswill Akpabio over alleged doctoring of the country’s electoral act.

The movement plan to besiege the National Assembly complex in Abuja in protest to force Mr Akpabio and the Senate to pass the bill seeking the electronic transmission of election results into law.

The mobilisation began with several hashtags and inscriptions amongst which are: #OccupyNASS, “Is The Senate Against Democracy?”, and “Operation Save Our Democracy.”

The Nigerian Senate had on Wednesday passed the Electoral Act, 2022 (Repeal & Enactment) Bill, 2026, while announcing the rejection of a proposed amendment to make electronic transmission of election results compulsory.

According to the announcement, the Senate retained the 2022 framework, which mandates manual completion, signing, stamping, and distribution of results to party agents and security personnel, with results announced at polling units and transferred in a manner as prescribed by the Independent National Electoral Commission (INEC), without mandating electronic transmission.
Former vice president Atiku Abubakar, ex-governor Peter Obi, the Peoples Democratic Party, and the Action Democratic Congress have condemned the reported rejection of electronic transmission of election results by the Senate.

However, a group of Senators on Thursday revealed that what was announced by the leadership of the Senate was entirely different from what was passed by Senators.

They accused Mr Akpabio of removing the passage of electronic transmission of election results from the electoral bill passed during Senate proceeding on Wednesday.

The Senators led by Enyinnaya Abaribe, Aminu Tambuwal, and Natasha Akpoti, said senators voted to retain electronic transmission of election results in the electoral bill, as opposed to what was announced by the leadership of the Senate.

Speaking during the press conference in a video seen by Peoples Gazette, Mr Abaribe said it was necessary to make a clarification on Wednesday’s proceedings.

Obidients

“To put the records straight, the senate did not pass the transfer of results which was in the 2022 Act. What we passed; and which the Senate President himself, when he was doing a clarification, sitting on his chair; is transmission of results.

“I can assure you on my honour and on the honour of all of us here, that both the electoral committee of the Senate and the ad-hoc committee of the Senate; and also in the executive session that we had, that we all agreed on Section 60(3) which is electronic transmission of results. Transmit, not transfer. What is in the 2022 act is transfer, and we don’t want a law that is vague or can be misinterpreted.

We want a law that is clear, concise, and can be interpreted by all and that is unambiguous, so, it is electronic transmission of results,” Mr Abaribe said.