The President of Real Estate Developer's Association of Nigeria (REDAN), Prince Adeoye Akintoye has called for the Recapitalization of the Federal Mortgage Bank of Nigeria.
Prince Adeoye made the call when he led the 7th Council of REDAN on a visit to the Minister of Housing and Urban Development, Ach. Ahmed Musa Dangiwa in his office on Thursday 14th March 2024.
The newly elected President of REDAN said, "Federal Mortgage Bank has to be recapitalized. If there is any problem that is affecting Housing today, mortgage will come first or second. If there is no available and workable mortgage, we will continue to have people that cannot afford homes.
" REDAN is therefore seeking for collaboration in this particular area of breathing life more into the Federal Mortgage Bank activities. REDAN will carry out advocacy in this regard, so that the demand side of housing can have a boast.
"REDAN is set for collaboration and partnerships. I would like to seek for your indulgence and particularly in the area of regulation, the activities of developers in the sector have to be well regulated to ensure sanity. So, we can have a sector that can stand the taste of time.
While welcoming the delegation from the Real Estate Developers Association of Nigeria (REDAN) led by the newly elected President, Prince Akintoye Adeoye to the Federal Ministry of Housing and Urban Development, the Minister, Ach. Ahmed Musa Dangiwa said Prince Adeoye Akintoye assumed office as President at a very trying time for the nation.
Ach. Ahmed Musa Dangiwa said Nigeria is experiencing rapid urbanization, severe macro-economic challenges, and rising cost of building materials especially cement.
He said all these present both challenges and opportunities for housing industry leaders.
The Minister speaks further: "Your election therefore represents a vote of confidence in your vision, leadership, and capacity to drive innovative change in the face of the myriad of issues that the real estate sector faces at this moment.
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"Therefore, I have no doubt that under your stewardship, REDAN will play a more impactful role in shaping the future of housing and urban development in Nigeria.
" At the Federal Ministry of Housing and Urban Development we are committed to making a difference. Under the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu, GCFR, we aim to transform the landscape of housing in Nigeria by driving historic housing reforms and increasing access to affordable housing for all Nigerians across all income brackets.
" However, the realization of this ambitious vision requires the active involvement and collaboration of various stakeholders, among which the Real Estate Developers Association of Nigeria (REDAN) plays a major role.
" This is because we believe that it is only by working together in partnership with the private sector that we can explore innovative approaches to tackling the challenges to housing development and mobilize the much-needed resources to address the housing needs of our growing population.
"As you are aware, REDAN, like all associations has had its organizational challenges over the years. We must have the courage to confront those issues, learn the lessons that they present and resolve to chart a new and more professional and accountable path for the association.
" One key area is for REDAN under your leadership to champion the cause of discipline and professionalism among its members. As you may be aware, REDAN was a creation of FMBN Board and Management as part of efforts to have an organized structure where the Bank can deliver construction finance under its Estate Development Loan (EDL) window."
"It is only when our developers adhere strictly to ethical business practices, quality standards, and regulatory compliances, that we can assure the populace of the safety, durability, and affordability of their homes. This commitment to professionalism must be evident in every aspect of their operations, from the planning stages to the delivery of each housing unit.
"I therefore encourage you to prioritize instilling a culture of excellence and integrity within REDAN. This includes ensuring rigorous adherence to the association's code of conduct, continuous professional development for its members, and a transparent mechanism for accountability.
" By doing so, REDAN will not only elevate the standards of real estate development in Nigeria but also contribute significantly to the social and economic objectives of the Renewed Hope Agenda."
