REDAN restates call for real estate sector regulatory council

Stakeholders in the real estate sector have called on the federal government to establish a council to regulate the sector and also address the high cost of building materials. They made the call in Abuja at the just concluded International Real Estate Conference and Exhibition (IRECE 2024). In his submission, the President of the Real […]

Stakeholders in the real estate sector have called on the federal government to establish a council to regulate the sector and also address the high cost of building materials.

They made the call in Abuja at the just concluded International Real Estate Conference and Exhibition (IRECE 2024).

In his submission, the President of the Real Estate Developers Association of Nigeria (REDAN), Prince Akintoye Adeoye said, “There is no room for unethical practices within our ranks and we will not condone dishonest dealings. We will only support those who adhere to the highest standards of professionalism and transparency. 

“In our efforts to regulate the sector, REDAN continues to push for the establishment of the Real Estate Regulatory Council of Nigeria (RECON) to oversee the industry and hold every developer accountable. Although our previous attempt was unsuccessful, we are preparing to reintroduce the bill to the National Assembly.

• ‘How I miraculously escaped from Abuja kidnappers’
• Court quashes NBC’s fine against Trust TV, limits commission’s power

Also speaking, Mr Ajayi Franklin, CEO Sim & Lloyd, said this year’s theme, ‘Addressing Building Collapse’, will avail the opportunity to explore the future of real estate, examine trends and challenges and opportunities that will define the industry’s trajectory.

Also, the Vice President North Central of REDAN, ESV. Osilama Osilama, noted that “The government must create a supportive environment for local investors, revisit the local content bill, and ensure that building products meet quality standards because sustaining local manufacturers is key to building a robust supply chain for construction materials.”