Nigeria, April 14 -- 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.

Speaking at the launch of the REDAN seal and magazine in Abuja on Tuesday, the Director of SCUML, Daniel Isei, said the seal will hel...