ESTABLISHMENT OF REDAN

The Real Estate Developers Association of Nigeria (REDAN) is the principal agency and umbrella body of the organized real estate sector (public and private) recognized by the Federal Government of Nigeria since 2002 and saddled with the responsibility of facilitating the delivery of affordable mass housing for Nigerians.

The journey started when on 4th May, 2001, a 15-member Committee on Urban Development and Housing was constituted by the Federal Government of Nigeria. Its formation was in response to the agitation by Adams Oshomiole led Nigerian Labour Congress (NLC) for the abrogation of the NHF Act – describing it as a tax on workers, since the houses were not available for mortgage. The Committee which was chaired by Sir Peter Odili then Governor of River State, was inaugurated on 21st May, 2001.  The Committee on 26th September, 2001 submitted its report which was considered by the Federal Executive Council at its meeting held on Wednesday, 23rd January, 2002 and the decisions and approvals of Government were contained in Government White Paper on the Report of the Presidential Committee on Urban Development and Housing. The summary of these documents was that it shall be the ultimate goal of Government:

“To ensure that all Nigerians own or have access to decent, safe and sanitary housing accommodation at affordable cost with secured tenure through private sector initiative with government encouragement and involvement”

Consequent upon the above, a Presidential Technical Board (PTB) of the Federal Mortgage Bank of Nigeria (FMBN) headed by Professor Akin Mabogunje was established. The PTB noted the need for the establishment of institutions that will drive developments in the housing sector value chain as detailed above, hence the establishment of the Real Estate Developers Association of Nigeria (REDAN) and the Building Materials Producers Association of Nigeria (BUMPAN), in addition to the existing Mortgage Banking Association of Nigeria (MBAN).

It is pertinent to note that the involvement of REDAN members in massive development of houses across the country will salvage the situation, and led to the resumption of NHF contributions by many States in Nigeria.

REDAN was copiously referred to in Section 2.6.2.6 of the 2012 National Housing Policy. It noted the role of the estate developers to be an entrepreneur and a risk bearer engaged in the business of efficiently investing his resources in the development and provision of housing, for expected profitable returns on his investments.

PRINCE AKINTOYE ADEOYE
President

PRINCE OLUSEYI LUFADEJU
Chairman