The President of Real Estate Developers Association of Nigeria, (REDAN), Alhaji (Dr.) Aliyu Oroji Wamakko, on Thursday called on the Nigerian Government at all levels to concentrate energy in stimulating the Nigerian Economy via massive housing construction in order to
boost the economy, which Rural Urban Housing Initiative, (RUHI-774) provides.
Alhaji Wamakko made the call in his address of welcome at the 3rd Jakande Housing Lecture Series (JHLS) held in Lagos.
According to him, REDAN 6th Council under his stewardship decided to build on the genuine principles of Pa Jakande to provide homes for Nigerians by initiating the National Housing Development programme tagged Rural Urban Housing Initiative (RUHI 774).
He said the initiative was aimed at developing at least 100 housing units in each of the 774 Local Government Councils of the Federation including the FCT where feasible and viable.
He expressed his happiness that the Federal Government has endorsed the programme, while the Family Homes Funds Limited and Shelter Afrique have commenced the processing of Construction finance loan applications for REDAN members.
“The Federal Mortgage Bank of Nigeria and Mortgage Banking Association of Nigeria have keyed into the scheme by providing mortgage facilities to the home-seekers under the scheme. The RUHI -774 programme when successfully executed will serve as impetus for home provision, employment generation and boost the increase of the contribution of
housing to the Gross Domestic Product (GDP) of Nigeria. It will not only accelerate socio –economic contribution, but stem social restiveness in the country,” he explained.
He stated that JHLS is a call to governments at different levels in the country to align policies for the growth of the real estate and housing sector.
Alhaji Wamakko expressed REDAN’s appreciation to the 9th Senate of the National Assembly for passing the REDAN’s proposed Real Estate (Regulations and Development) Bill on Wednesday November 17, 2021.
He said, “The essence of the Bill is amongst others to ensure the standardization of the business of real estate development in Nigeria by regulating the conduct of transactions in the real estate sector; provide enabling environment and transparency in the business of real estate development in Nigeria; make the business of real estate development in Nigeria conform to international best practices and safeguard the ultimate interest of all stakeholders in the business; curb fraudulent practices in the business of real estate development in Nigeria; ensure that the real estate business conforms with the
National Building Code in Nigeria; create an innovative and sustainable environment to promote Nigeria as a real estate investment destination in Africa and the world, and, ensure that the real estate business in Nigeria conforms with the MONEY LAUNDERING PROHIBITION ACT 2011 (as amended) and NFIU ACT 2018 in terms of anti-money laundering and counter terrorism financing due diligence compliance.
With this development, and its eventual passage into law, all entrepreneurs in the business of Real Estate development are to be registered Members of REDAN and to be licenced by the Real Estate Regulation Council, (RERCON)
He then appealed to all critical stakeholders and Professionals in the real estate and housing sector to support and collaborate with REDAN for the Bill to be signed into law by the Federal Government’s administration of President Muhammadu Buhari, who we know to be an advocate of best practices and transparency.
REDAN President appreciated the Governor of Lagos State – Mr Babajide Sanwo-Olu, and the Chief Executive Officer of Fesadeb Communications, Barrister Festus Adebayo popularly known as Mr. Housing for their untiring efforts that made the 3rd edition of JHLS, a success.
He also commended Prince Seyi Lufadeju, the Chairman of REDAN Board of Trustees for his awesome interest and efforts to see that this event takes place. Rev Ugo Chime, the Immediate Past President, whose administration conceptualized the lecture series and members of the Board of Trustees and National Executive Council of the association
for approving the hosting of the event.
He emphasized that the Real Estate Developers Association of Nigeria is committed to recognizing the sterling efforts of the late REDAN’s Life Patron, Alhaji (Dr) Abdul-Lateef Kayode Jakande (CON); who committed his energies toward housing development in all
ramifications. He is remembered for developing many estates estimated to be about 30,000 housing units that dot the Lagos landscape. The endeavour leads to increased opportunity for enhanced economic development as well as commercial activities in Lagos. This led to increased trading and making Lagos the Centre of commercial activities
in Nigeria.
The Jakande Housing Lecture Series is conceptualized to be a housing industry wide collaboration of stakeholders in the sector to contribute to ensuring that the industry strives and moves geometrically to provide homes for our people. It is a forum or service charter to propel developments in the real estate and housing sector of Nigeria.
