REDAN Seeks Regulatory Law in Real Estate Practice, Affordable Housing

Bennett Oghifo

The President of the Real Estate Developers Association of Nigeria (REDAN), Prince Akintoye Adeoye, has said the association would collaborate with the federal government in its Renewed Hope Housing Project. 

Adeoye stated this at his investiture ceremony, as the 5th President of REDAN, along with the National, Zonal, and State Executive Members, which was held in Lagos recently.

Adeoye, who also called for a regulatory Act for the real estate sector, said, “In the coming months, REDAN will significantly increase its visibility and pursue our vision and objectives with tenacity. The foundation is laid, and the journey has begun. Estate Developers must unite and support our collective voice through the association.

“Our founders envisioned providing affordable housing for Nigerians, including social and rental housing. REDAN will partner with the government in its renewed hope housing initiative to provide affordable homes for Nigerians.

“We aim to institutionalise and professionalise REDAN. A regulatory Act is urgently needed to reinforce our existence, enhance self-regulation, and enforce discipline. I call on the support of the honourable minister, members of the National Assembly, our royal fathers, and stakeholders to achieve this feat.

“My vision for the next four years is centred on: Advocacy and Industry Advancement: We will promote positive change and advancement within the real estate industry through advocacy, transparency, innovation, professionalism, technology, ethics, credibility, and discipline. Our continuous engagement with government and private sector players will foster growth and wealth creation in the real estate sector; Partnership, Networking, and Collaboration; We will establish robust partnerships with the public and private sectors, NGOs, and international bodies. Collaboration with Federal and State governments on land reforms, governance, and land administration will create a conducive environment for investments. We will provide platforms for engagement with financial institutions, investors, and government agencies, enabling members to access funding opportunities, grants, and resources for project development and expansion; Inclusivity and Diverse Membership: REDAN will welcome a diverse range of stakeholders, including Real Estate Development Companies, ProptechStart-ups, National Housing Associations, Academia, Professionals in the building and construction industries, Realtors, Diaspora communities, Faith-Based Developers, Construction Companies, Hospitality Developers, Educational Facilities Developers, Health and Wellness Facility Developers, Commercial, Industrial and Logistics Developers, Cooperatives Societies, specialized Developers, and Students. We aim to create an inclusive platform for all stakeholders in the real estate and built environment.

“Regulatory Frameworks and Environmental Social Governance (ESG): REDAN will take a leadership role in creating regulatory frameworks and governance for the real estate industry. We will advocate for the recapitalisation of the Federal Mortgage Bank of Nigeria to facilitate affordable housing. Promoting ESG frameworks, sustainable practices, and regulatory compliance will position our members for long-term success. We will focus on inclusivity, carbon emissions, energy consumption, waste management, water usage, and biodiversity conservation. Building capacity for green building practices will be a priority, offering resources, training, and incentives for adopting environmentally friendly construction methods and technologies.

The Chairman, Board of Trustees of REDAN, Prince Oluseyi Lufadeju, charged the new president and the executive council to work on the provision of affordable housing.

According to Lufadeju, “Your goals should include expanding access to affordable housing, reducing the nation’s housing deficit, adhering to professionalism and discipline, and stimulating Nigeria’s economic development through robust housing initiatives. It is expected that you dedicate your efforts towards achieving these objectives for the benefit of millions of Nigerians who look up to REDAN to lay the groundwork for substantial progress in the real estate sector.

“After a little of over 20 years of the existence, we have a responsibility to justify the confidence reposed in us by late Prof. Akin Mabogunje and his working colleagues and also late Alhaji Lateef Jakande, the foundation President of REDAN, who laid a solid foundation for us.

“This is a new dawn in the life of REDAN and I call on you all to join hands with other professionals of several Associations in the Housing Sector and respond to the challenges of this period.

The immediate past president of REDAN, Dr. Aliyu Oroji Wamakko, said, “The success recorded during his tenure “was propelled by the collective collaboration received from our critical stakeholders which include but not limited to: Professional Bodies in the Built Sector, the Federal Mortgage Bank of Nigeria (FMBN), the Family Homes Funds Limited (FHFL), the Nigeria Mortgage Refinance Company (NMRC), and Mortgage Banking Association of Nigeria (MBAN).

He said REDAN also received assistance from the Regulatory Organizations, especially the Economic and Financial Crime Commission (EFCC), the Nigeria Financial Intelligence Unit (NFIU) and State Security Services played key roles in fostering our work. “The Special Control Unit on Money Laundering (SCUML) was very supportive as they aptly recognized us as the Self-Regulatory Organization for the Real Estate Developers in Nigeria. Be assured that the Association will always work in tandem with you for the interest of Nigeria. This is the time for all of us to work assiduously to take Nigeria to higher levels by contributing to its growth and economic development. Members of the Association are hereby appreciated for their individual and collective contributions in increasing housing development in the country.” 

Caption: L-R: Nasarawa State Commissioner of Finance,  Hajjiya Munirat Abdullahi, representative of the Federal Ministry of Finance, Soji Kayode,  World Bank Task Team Leader, ACReSAL, Dr Joy Iganya Agene,  Deputy Governor, Nasarawa State, Dr Emmanuel  Akabe,  National Programme Coordinator, ACReSAL, Mr Abdulhamid Umar and an official of the World Bank, Dr Manivel Emmanuel at the joint World Bank Food and Agricultural Organisation and Support Mission to  Nasarawa State… recently