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Not Yet Uhuru: Call on REDAN to Work More with Housing Professional Bodies In Ensuring REDAN ‘Regulation and Development Bill’ Is Finally Passed into Law

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Our Stand (49) —

Hence assuming office, the President of the Real Estate Developers Association of Nigeria (REDAN), Alhaji Aliyu Wamakko, through some of the activities he has carried out as the President of REDAN, has been to project the association in good light to the public, improve its publicity, ensure that genuine developers are registered with the association, thereby, enhancing transparency in transactions which will end up building trust from the public.

Prior to his administration, doubts, accusations were leveled against some of the activities of developers, accused by the Economic and Financial Crime Commission (EFCC), Independent Corrupt Practice & Other Related Offence Commission (ICPC) and subscribers for money scamming issues or been duped.

To this end, it became glaring that one of his major priorities will be to re-organizing the association, identify fake or unregistered developers, get them registered, improve and increase the association’s membership to add to its over 2300 registered corporate firms as members who are also small housing providers that have trained professionals, builders and artisans under their employment.

His administration had also launched its Membership Seals, Endorsement and REDAN Magazine. The essence of the Seal which is to be affixed to members’ document is driven to advance the business practices of the association and the REDAN Magazine will boost public knowledge of estate development activities, which he said will match best international standards. 

The use of REDAN Seal is part of the association’s self regulating mechanism that will give more credibility to businesses of REDAN members and recognition to the association’s documentation processes.

The introduction of these REDAN Seals is also meant to serve as a mark of credence and to distinguish accredited real estate developers from others who can be identified as land racketeers posing to be developers and members of REDAN, using the social media with attractive offers and other medium to ostensibly entice and convince prospective home-seekers and the public of the genuineness of their activities. This he aims at putting an end to, through the “REDAN Regulation and Development Bill”, as one of the means.

“Real estate development is a business and we need to protect it, Wamakko said recently.

“If we don’t, it will catch up with us and if we allow other people to protect it for us, it will be a shame in the future.

“That is the reason we made a move to regulate the real estate sector by regulating (sending) a bill to the National Assembly ‘Insha Allah. The Bill will give us security in the aspect of real estate, it will regulate us the providers, also, the home seekers will be protected”. These were said in one of his interactions with housing stakeholders in the country earlier this year”.

He went further to say that the association will continue to partner with security agencies to ensure members of the association go about real estate business in the right way and those who are yet to register with the association to defer from carrying out real estate businesses until they do and get the REDAN Seal.

He still emphasized that what housing stakeholders need to understand is the dynamics of today’s real estate business which must involve security agencies.

Last Wednesday, Alhaji Aliyu Wamakko told the public that the REDAN Regulation and Development Bill that has recently passed third reading at the Upper Chambers of the National Assembly, aims at standardizing the business of real estate development in the country, by regulating the conduct of transactions in the built sector.

This is a good move and a welcome development to the real estate sector regulated by REDAN, as it has been long hoped for in promoting transparency in the sector and leading to boost of investments in the built industry.

However, REDAN should understand that successful passage into law of the bill which is hoped will provide an enabling environment and transparency in the business of real estate development in Nigeria, make the business of real estate development in Nigeria conform with international best practices and safeguard the ultimate interest of all stakeholders in the business, is one to save Nigeria, its integrity and to convince investors of standards in real estate business in the country, give them comfort and wipe out corruption in the sector.

This drive should not just be identified as a REDAN thing alone but, seen as a success for the entire housing stakeholders in the built industry. The bill when passed into law will control money laundering, stop the incessant siphoning of funds to foreign lands like Dubai, London, Carlifornia, in buying choice properties.  

Having successfully scaled through third reading, brings joy, a feeling of knowing that efforts put are yielding fruits. However, this may not be the time for REDAN to rejoice but, time to work more with other housing professional bodies like Nigerian Institute of Architects, Nigerian Institute of Town Planners, Association of Housing Corporation of Nigeria, among others, in actualizing and ensuring that the bill is eventually passed into law.

This is an opinion to be built on because next, the bill will go to the House of Representatives comprising more of young Nigerians that can easily depict any loophole in a bill.

Saying this is to draw a cue from the NHF Bill that passed third reading but, failed to be passed into law because petitions were brought against it and was eventually stood down.  

Presently, we still have the House of Reps Committee on Housing investigating the real estate sector, especially, activities going on at the Lugbe axis. REDAN need to be careful.

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