REDAN kicks against opposition to real estate bill

The Real Estate Developers Association of Nigeria (REDAN) has said that the recommendation by the House of Representatives’ Adhoc Committee on Housing to jettison the REDAN bill would impede efforts to sanitise the sector from activities of money launderers. REDAN president, Aliyu Wammako, during a press briefing in Abuja said the communique published by the […]

The Real Estate Developers Association of Nigeria (REDAN) has said that the recommendation by the House of Representatives’ Adhoc Committee on Housing to jettison the REDAN bill would impede efforts to sanitise the sector from activities of money launderers.

REDAN president, Aliyu Wammako, during a press briefing in Abuja said the communique published by the committee at the end of its workshop indicated that developers in the real estate sector were hell-bent in stifling reforms to stop the flow of illegal money into the sector.

Wammako wondered why the committee would ask the green chamber not to consider the bill despite recognising that, “there is no clear regulatory legal framework for estate developers hence, the proliferation of incompetent, inefficient and fraudulent developers with the tendency to mislead the public and the FCT is losing so much revenue as a result of non-compliance to the real estate regulations and enforcement of laws on land administration.”

He added that the bill, which has been passed in the Senate but yet to be voted on at the House of Representatives, is aimed at resolving lingering land issues in the FCT and by extension in the entire country.