The Real Estate Developers Association of Nigeria (REDAN) has reiterated its commitment to collaborating with all levels of government to enhance the lives of Nigerian citizens and ensure the success of affordable and accessible housing policies in the country.
The president of REDAN and chairman of the council, Alhaji Aliyu Oroji Wamakko, during his opening speech at their annual general meeting held in Abuja, emphasised that the real estate sector is labor-intensive and offers significant employment opportunities.
He highlighted its potential to generate a positive multiplier effect across various sectors, ultimately contributing to the nation’s economic growth.
Wamakko firmly stated that REDAN’s leadership has a zero-tolerance policy for illicit activities and will continue to collaborate with the government to promote integrity and national development.
He further emphasised that REDAN is dedicated to enhancing access to affordable housing for the purpose of wealth creation and national development.
The AGM, held under the theme “Improving Access to Affordable Housing for Wealth Creation and National Development,” served as an opportunity for REDAN to account for the stewardship of the 6th Council to its members, in accordance with the Association’s constitution. The subsequent session of the AGM would delve into the achievements and provide a comprehensive report to the congress. However, this segment aimed to highlight the significance of housing in socio-economic advancement, with the goal of informing the government, investors, and the general public.
The REDAN president also reiterated the association’s strong partnerships with key stakeholders in the housing sector, including a flagship National Housing Development Program known as the ‘RURAL-URBAN HOUSING INITIATIVE (RUHI-774).’
He said the programme aims to develop a minimum of 100 housing units in each of the 774 Local Government Councils, including the Federal Capital Territory (FCT).
Wamakko highlighted the approval of a bill proposed by REDAN, known as ‘The Real Estate (Regulations and Development) Bill,’ by both chambers of the 9th National Assembly (Senate and House of Representatives). The bill, which awaits the President’s assent, establishes the Real Estate Regulatory Council of Nigeria (RECON) and is expected to incentivize investments in the sector.
In their pursuit of aligning real estate development with global practices, he said REDAN maintained collaborative relationships with regulatory institutions such as the Economic and Financial Crimes Commission (EFCC), the Special Control Unit Against Money Laundering (SCUML), the Nigerian Financial Intelligence Unit (NFIU), and the Independent Corrupt Practices and Other Related Offenses Commission (ICPC).
By doing so, he said REDAN aims to foster credibility and inspire confidence among the international community, demonstrating their commitment to conducting business in accordance with international best practices and deterring fraudulent practices.
Wamakko called upon members to conduct their business diligently and in compliance with existing laws, emphasizing the need to protect and align the real estate industry with global standards.
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