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Why real estate business must be protected in Nigeria- Stakeholder

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The President of the Real Estate Developers Association of Nigeria (REDAN), Alhaji Aliyu Wamakko recently in a meeting in Abuja the country’s capital, with stakeholders in the real estate sector, organized by the FCT Chapter of REDAN, emphasized on the need to protect real estate business in the country, through adequate regulation of its activities.

Read more: The essence of REDAN’s Seal is to give more credibility to our business practices – Wamakko

The president also said that this is meant to ensure that the interests of home providers and seekers are protected.

“Real estate development is a business and we need to protect it, Wamakko said. “If we don’t, it will catch up with us and if we allow other people to protect it for us, it will be a shame in the future…we must stop other people from other professions before they join real estate development.

“That is the reason we made a move to regulate the real estate sector by regulating (sending) a bill to the National Assembly ‘Insha Allah’ and hopefully, in the next few days, it will go for third reading. The Bill will give us security in the aspect of real estate, it will regulate us the providers, also, the home seekers will be protected”.

He also added that the association should continue to partner with security agencies to ensure members of the association go about real estate business in the right way and those who are yet to register with the association to defer from carrying out real estate businesses until they do and get the REDAN Seal.

“We need to understand that the dynamics of today’s business, we must involve the stakeholders and security agencies. Special Control Against Money Laundering (SCUML) has been our long standing partner, Nigerian Financial Intelligence Unit (NFIU) also, we stand with them.

“What they expect is nothing but report, they are not asking for a statement of your account. They asked for a report of the activities that you have are carried out. This report does not take anything from you because; I believe we are all men and women of integrity. We will be able to do whatever it takes to maintain our integrity.

“So, reporting to EFCC, it will take nothing out of us and I think we should endeavor to be reporting. They are our collaborators (and), they stand with us”, Wamakko concluded.

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