The Real Estate Developers Association of Nigeria (REDAN) has thanked the President of the Senate, Distinguished Senators and the Promoter of the Bill, His Excellency, Senator Dr. Aliyu Magatakarda Wamakko for passing the Real Estate (Regulation and Development) Bill.
Speaking with Africahousingnews immediately after the bill was passed, the President of REDAN, Dr. Aliyu Wamakko said there is no better time to pass the bill than now to put an immediate end to all the vices in the sector.
He noted that the time to ensure compliance with all extant laws, National Building Code and adherence to standards by Developers and all practitioners is now.
Wamakko said Nigerians will greatly benefit from the passage of this Bill as it will ensure value for money by the home-seekers, quality of buildings and mitigation of building collapse in the country.
The bill seeks to address the following: standardize 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.
It also would help the nation 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.READ ALSO: How Unfair Property Taxes Keep Black Families From Gaining Wealth
According to the association, the ‘Real Estate (Regulation and Development) Bill’ will also address all anomalies of real estate and consultancy services amongst other issues that ought to be looked into in the sector.
Recall that the President of REDAN, Dr Aliyu Wamakko had during the association’s 2021 annual general meeting said the Bill will also see to the valuation of real estate assets, prevent the breakdown of law observed among the realtors, real estate manager and others.
Wamakko had also noted that the association has sustained its collaboration with the Special Control Unit Against Money Laundering (SCUML) and the Nigerian Financial Intelligence Unit (NFIU) which are agencies of the Federal Government to ensure that members comply with guidelines on money laundering and terrorism financing and other extant laws.
He highlighted the mass housing plans of the organization stating that the association has initiated the Housing Development Plan tagged ‘Rural-urban Housing Initiative (RUHI-774), aimed at developing at least 100 housing units in each of the 774 Local Government Councils of the federation including the FCT.
Meanwhile, with this development, and the eventual passage of the Bill into law, all entrepreneurs in the business of Real Estate development are to be registered Members of REDAN and licenced by the Real Estate Regulation Council (RERCON).
REDAN believes that the Bill will receive the blessings of the President of the Federal Republic of Nigeria, Muhammadu Buhari, who has been described by the association at many occasions as an advocate of best practices and transparency,READ ALSO: FG confirms another earth tremor in Abuja
The President of REDAN on behalf of his entire team also seized the medium to thank the personnel of the Nigerian Financial Intelligence Unit and other stakeholders in the housing and Real Estate Sector for this onerous feat.