The President of the Real Estate Developers Association of Nigeria (REDAN), Alhaji Aliyu Wamakko today said the association is committed to recognizing the “sterling efforts” of a late Life Patron of the association, Abdul-Lateef Kayode Jakande whom he said “committed his energies toward housing development in all ramifications”.
Wamakko made this disclosure at the 3rdJakande Housing Lecture Series held in Nigeria’s commercial city, Lagos.
He also said that the late Jakande, who was a former governor of Lagos and a one time Minister of Works and Housing, will be remembered for developing several estates that could be about 30,000 housing units.
“He is remembered for developing many estates estimated to be about 30,000 housing units that dot the Lagos landscape, Wamakko said.
“The endeavour led to increased opportunity for enhanced economic development as well as commercial activities in Lagos. This led to increased trading and making Lagos the Centre of commercial activities in Nigeria”.
The REDAN boss also expressed that his administration has chose to continue on the legacies which he described as “genuine principles” of the late Jakande to continue ensuring the provision of affordable housing across the geopolitical zones of the country, through the association’s Rural Urban Housing Initiative (RUHI 774) programme.
“To build on the genuine principles of Pa Jakande to provide home for Nigerians, the current 6thCouncil under my leadership initiated the National Housing Development programme tagged Rural Urban Housing Initiative (RUHI 774), which aimed at developing at least 100 housing units in each of the 774 Local Government Councils of the Federation including the FCT where feasible and viable, he said.
“We are pleased that the Federal Government has endorsed the programme, while the Family Homes Funds Limited and Shelter Afrique have commenced the processing of Construction finance loan applications for our members.
“The Federal Mortgage Bank of Nigeria and Mortgage Banking Association of Nigeria have keyed into the scheme by providing mortgage facility to the home-seekers under the scheme.
“The RUHI -774 programme when successfully executed will serve as impetus for home provision, employment generation and boost the increased of the contribution of housing to the Gross Domestic Product (GDP) of Nigeria. It will not only accelerate socio –economic contribution, but stem social restiveness in the country”.
He shed more light on the Real Estate (Regulation and Development) bill that passed third reading at the Senate whom he also appreciated. Speaking about the bill hoping to be passed into law, Wamakko said it will ensure that standards are met and upheld in real estate business transactions.
He expressed that with the eventual passage into law, all entrepreneurs in the business of Real Estate development are to be registered Members of REDAN and to be licenced by the Real Estate Regulation Council (RERCON).
“We want to use this forum to express our profound appreciation to the 9thSenate of the National Assembly for passing the REDAN’s proposed Real Estate (Regulations and Development) Bill on Wednesday November 17, 2021.
“The essence of the Bills amongst others to ensure the standardization of 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; 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”.