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Tag: REDAN

  • 176 ‘illegal’ estates: What govt’s action has cost us, by developers

    176 ‘illegal’ estates: What govt’s action has cost us, by developers

    • Residents, investors panic

    Last week’s description of 176 estates as illegal by Lagos State government, has thrown residents into panic, created fears in investors as real estate developers are counting the cost of the action.

    Real Estate Developers Association of Nigeria (REDAN) in a letter to the state government expressed worries.

    The association said: ‘’It comes as a rude shock to REDAN members when the Lagos State Government lists over 170 members as not having or suggesting that its members’ estates do not have the requisite documents to provide sustainable and safe housing for citizens of Lagos State.

    ‘’REDAN members, many of whom are long-standing, internationally verified and respected estate developers and professionals, have been negatively affected by the public notice, which suggests that all the over 170 estate developments in Lagos State listed have no proper documentation, leading the residents in these estates and investors to panic.

    ‘’REDAN members have been traumatised by this notice, which has not only caused some doubt in the minds of investors but has led to a significant decline in business for the real estate sector, which in turn leads to further losses of revenue for the state.”

    The 176 estates listed by the state government are predominantly located in the Eti-Osa, Ajah, Ibeju-Lekki, and Epe axis of the state.

     The government said the estates were deemed illegal due to their failure to obtain layout approvals.  It gave the owners of the estates 21 days to regularise their documents or risk their closure.

     According to the Permanent Secretary, Office of Physical Planning, Oluwole Sotire, the estates compromised the state’s sustainable development ethos and   T.H.E.M.E.S Plus Agenda by operating without approved layout.

    Read Also: Lagos restates commitment to eradicating malaria

     At the weekend, Commissioner for Physical Planning and  Urban Development Olumide Oluyinka defended the action, saying some of the estates have between 50 to 70 per cent approvals while others have none or are being developed on places designated for agricultural, industries and other purposes.

    He said: ‘’In March 2024, we observed that a lot of developers have purchased land from Omoniles to develop estates, though the government zoned the lands for different purposes such as agriculture, recreation, residential, infrastructure, etc.

    ‘’In addition, we noted that diasporan Nigerians and those living here have invested money in the wrong land and as a responsible government, we needed to act fast to avoid our people losing their hard-earned money.

    ‘’Some developers just acquired land and started selling with no approval whatsoever from the government, while some have gotten only provincial approval of between 50 and 70 per cent  others are developing or selling land with no approval. If you do something wrong, then it is illegal as far as the government is concerned.”

    Some of the developers and realtors,  who spoke with The Nation on the issue,  accused the state officials of making the processes for layout approvals cumbersome.

    Apart from alleging that the officials were careless and unprofessional in compiling the list, the developers and realtors said they (officials) had unwittingly told the public that the government sells and allocates land illegally.

    One of them called for the withdrawal of the word ‘’illegal’’ by the ministry, while another said he might go to court if the government made good the threat to seal the estates.

    A Director in Gracias Global Estate, Ikegun, Ibeju-Lekki, who did not want her name in print, said: “This particular issue is not a good one, especially because whoever was in charge didn’t do their homework well before putting the list out to the public.

    ‘’By using the word ‘ illegal’  for several estates, including the ones the government itself sold, is a total blunder.

      ‘’I  understand the importance of layout approval, but in my humble opinion, I feel that the government using the phrase ‘Illegal’ to classify several real estate companies because they want people to do layout approval is a bit harsh, especially at this period, when several real estate companies are being labelled scammers.

    ‘’In my humble opinion, the government should do their investigations well instead of tagging several real estate companies as illegal.’’

    She added that some of their properties affected by the new coastal road alignment in Lekki were demolished by the Federal Ministry of Works for encroachment without the state government coming to their aid.

     The director said:“ The coastal road diversion remains a mighty blow, because people who encroached on the Gazette alignment were left out. They displaced those of us who have been doing the right thing.

    A realtor whose company also owns one of the listed estates, Gideon Mfon Abasi, said: “The publication is very sad and the issue must be addressed frontally.

    ‘’The officers involved ought to be sanctioned for bringing shame and disrepute to the Lagos State government. How on earth can you publish a document that is not correct and put it in the public domain?

    ‘’Is it not sad that the custodian of Information and Data can no longer be relied upon to give accurate information? The officers in charge are not even remorseful over their misdeeds. They  are carrying on business as usual”.

    Mfon called on REDAN to bring to an end the acts of carelessness by state officials who are doing more harm than good to the system.

    ‘’Enough is enough, and it is time we demand professionalism and better service from these government officials,’’ he added.

  • REDAN President is Okeigbo oba-elect

    REDAN President is Okeigbo oba-elect

    President, Real Estate Developers Association of Nigeria(REDAN), Prince Akintoye Adeoye, has emerged as Oluoke of Okeigbo, Ondo State.

    In a statement, the Media Director, Aare Kugbaigbe Ruling House, Okeigbo, Elder Ayodele Olopade, said the Chairman, lle-Oluji/Okeigbo Local Government, Adebare Adeoye, in conjunction with Aare Kugbaigbe Ruling House, broke the news, after the selection.

     Adeboye praised the chiefs saddled with the selection for being transparent, honest and peaceful.

    Oba-elect Adeoye is an astute, quintessential and versatile property developer with a remarkable career spanning over three decades, his expertise and dedication to the fields of law and real estate have earned him great reputation.

    Read Also: REDAN task developers on ESG principles

    He holds a Bachelor of Law( LLB) and Master in Law(LLM) from Obafemi Awolowo University, Ile Ife, Osun State and the Nigerian Law School, called to the Bar in 1993, and enrolled as a Solicitor and Advocate  of the Supreme Court of Nigeria.

    In addition, he earned a Bachelor of Theology from Life Seminary University of Ibadan.

     Akintoye has participated in numerous empowerment and leadership programmes in Nigeria and abroad.

  • REDAN, others partner on conference

    REDAN, others partner on conference

    The Real Estate Developers Association of Nigeria (REDAN), in collaboration with the Mortgage Bankers Association of Nigeria (MBAN) and the Nigeria-UK Real Estate Society, has announced the forthcoming Africa ESG Conference and Exhibition, scheduled to take place in June.

    The theme of this year’s event is: ‘Sustainable Real Estate Value Chain: The Era of Green Initiatives in Africa’. The Conference, it was gathered, will bring together a broad coalition of stakeholders, including policymakers, private sector leaders and  urban planners.

    Speaking on the importance of the conference, REDAN President, Prince Akintoye Adeoye said it would be an opportunity to learn from top ESG and sustainability experts across Africa and beyond to explore green building innovations, sustainable financing options, and smart construction tools.

    He said : ‘Participants will also showcase their  projects or services, position your brand as a leader in ethical and sustainable real estate. The future of real estate is green, and Africa must not be left behind. As climate and sustainability challenges intensify, it is imperative that Developers, Financiers, Regulators, and Communities unite behind a shared vision of responsible urbanisation’.

    In recent years, ESG has gained global attention as a critical framework for ethical and sustainable investment and development. In the African context, however, ESG is far more than a global trend; it is an urgent call to action.

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    Environmental degradation, rapid urbanization, socio-economic inequality, and weak governance structures continue to affect the housing and infrastructure sectors across the continent. Left unaddressed, these challenges threaten to undermine economic growth, displace vulnerable communities, and exacerbate climate-related risks.

    The Africa ESG Conference and Exhibition will serve as a platform to reposition Africa’s built environment for a more resilient and inclusive future. By mainstreaming ESG principles, the real estate industry can proactively address issues such as carbon emissions, energy efficiency, climate-resilient design, affordable housing, ethical sourcing of materials, gender equity, and governance transparency.

  • REDAN, Fed Govt collaborate to deliver 10,000 housing units to health workers

    REDAN, Fed Govt collaborate to deliver 10,000 housing units to health workers

    The Federal Government is collaborating with the Real Estate Developers Association of Nigeria (REDAN) to deliver 10,000 housing units under the Renewed Hope Medic City mass housing initiative, targeted at medical and healthcare workers across the country.

    The government is expected to provide finance for the execution of the project.

    1,000 housing units are expected to be constructed in the Federal Capital Territory while 250 units would be built in the 36 state capitals.

    The move is part of a broader effort to enhance welfare and sustainability in the healthcare sector.

    The announcement was made at a stakeholders’ interactive engagement meeting held in Abuja yesterday, which brought together REDAN and representatives of professional health associations and unions.

    The event was organised by the Renewed Hope Housing Initiative for Medical and Healthcare Workers.

    Chairman of the initiative, Dr. Aliyu Wammako said the project aligned with the Federal Government’s Renewed Hope Housing Agenda—championed by President Bola Tinubu and driven by the Minister of Housing and Urban Development, Ahmed Dangiwa.

    Wammako, who was represented by the Deputy President of REDAN, Mercy Iyortyer explained that the programme aims to address the alarming trend of medical professionals leaving the country, popularly referred to as the “Japa syndrome.”

    Read Also: Oyo REDAN partners government to drive urbanisation

    He stated that Nigeria’s healthcare sector was at a critical crossroads.

    Wammako said: “Over the years, we have witnessed an alarming exodus of doctors, nurses, and other healthcare personnel seeking better opportunities abroad. This brain drain continues to weaken our healthcare system and deprive the nation of vital expertise needed to build a healthier and more resilient future.”

    He cited poor access to affordable housing, challenging working conditions, and limited professional growth opportunities as major factors driving the mass migration—issues that require urgent intervention.

    According to him, the initiative is designed to provide affordable, high-quality housing to healthcare workers nationwide, thereby promoting stability and encouraging them to remain in the country.

    “This is not just a housing project; it is a national commitment to honouring those who dedicate their lives to the wellbeing of others,” he added.

    Wammako expressed hope for a Nigeria where doctors, nurses, and other health professionals feel recognised, supported, and empowered through access to affordable housing and conducive living environments.

    “This initiative reflects President Tinubu’s vision of Renewed Hope—a vision where every citizen, regardless of profession, has the opportunity to thrive,” he said.

    President and Chairman of REDAN, Prince Akintoye Adeoye, described the initiative as a landmark effort to provide affordable and dignified housing for healthcare professionals nationwide.

    “As one of the highest contributors to the National Housing Fund, medical workers deserve priority in housing delivery efforts to help retain talent in the sector and reduce the growing trend of professional migration abroad, popularly called the brain drain or Japa syndrome,” he said.

    He added that REDAN was committed to a vision that goes beyond construction.

    “We aim to build systems of delivery that are bankable, transparent, and sustainable. From planning to funding, and from delivery to occupancy, each step must reflect a shared sense of purpose and responsibility,” Adeoye said.

    National Coordinator of the Renewed Hope Housing Initiative for Medical and Healthcare Workers, Dr. Suleiman Abubakar Sadiq, said the initiative would be demand-driven to ensure effective planning and allocation.

    “We have a responsibility to monitor and evaluate the implementation to ensure that structural standards are upheld. These houses will be allocated to qualified beneficiaries through a smooth and transparent process,” he stated.

    He noted that more than 16,000 doctors have migrated out of Nigeria in the past five years.

    Quoting recent reports, he said the Minister of Health, Prof. Ali Pate, lamented that out of 90,000 doctors registered in Nigeria, only 55,000 are currently practicing in the country.

    “Additionally, about 15,000 nurses reportedly left Nigeria in 2023 alone. The Pharmaceutical Society of Nigeria has also reported that 5,208 pharmacists have left the country in the last five years in search of greener pastures,” Sadiq added.

    He warned that the exodus has caused a brain drain crisis, pushing the healthcare sector towards a collapse due to poor wages, inadequate welfare, poor working conditions, lack of infrastructure, and limited job satisfaction.

    To address this, Sadiq revealed that the Federal Mortgage Bank of Nigeria (FMBN) will provide the houses to beneficiaries through a rent-to-own scheme at a subsidised mortgage rate of 6% per annum, with repayment spread over up to 30 years.

    “This is five times lower than the mortgage rates of up to 30% per annum charged by some commercial institutions,” he said.

  • Oyo REDAN partners government to drive urbanisation

    Oyo REDAN partners government to drive urbanisation

    • …hosts maiden real estate conference in Ibadan

    The Real Estate Developers Association of Nigeria (REDAN), Oyo State chapter, has reaffirmed its commitment to partnering with the Oyo State government to transform the state into a model of urbanization while preserving the administration’s vision, blueprint, and master plan for accelerated development.

    Dr. Muibi Kehinde Hammed, the chapter chairman, made this assertion during the inaugural Oyo State Real Estate Conference, held on December 4, 2024, at the International Conference Centre, University of Ibadan. The event attracted stakeholders from across the Southwest region, marking a milestone in the chapter’s history.

    Speaking to journalists, Dr. Hammed emphasized the importance of adhering to government regulations to achieve urbanization goals without compromising the state’s master plan.

    “We can’t do anything without the government. No matter how big the business is, there are regulations to follow. Together, we will achieve something dynamic. Oyo State is already on the right track toward urbanization, and anyone not conforming to these regulations will be on their own,” he stated.

    He assured stakeholders of compliance among REDAN members, highlighting their readiness to deliver affordable housing projects that make the environment more livable.

    “We are committed to working collaboratively with the government. This partnership will yield great results, and I assure the government it will not regret collaborating with us,” Hammed added.

    Achievements and Plans

    Dr. Hammed also noted the successes achieved since the association’s September town hall meeting with stakeholders, resolving members’ issues and promoting transparency by engaging with regulatory bodies like the EFCC.

    He expressed pride in the conference’s outcomes, saying, “We have raised the bar. What we achieved here has never been done in the Southwest. This conference will now be an annual event to keep driving Oyo State’s development.”

    Commendations from Leaders

    The National President of REDAN, Prince Akintoye Adeoye, praised Governor Seyi Makinde’s strategic partnership with the real estate sector, describing it as “a brilliant move that will help Oyo State achieve its urbanization goals.”

    Dr. Kunle Adeyemi, REDAN Southwest Vice Chairman, lauded the event’s success, noting the collaborative atmosphere and the state’s efforts to attract investors to the real estate sector.

    “Over fifty members have started operations in Oyo State, with more showing interest due to the enabling environment created by the government. This collaboration will address the housing deficit and attract foreign investors, securing significant returns,” Adeyemi said.

    He emphasized the importance of expanding development beyond Ibadan to other parts of the state, such as Ogbomoso and Iseyin, to promote balanced urbanization.

    The conference witnessed a high turnout, including Oyo State Deputy Governor Barrister Adebayo Lawal; Chairman of Oyo State Housing Corporation, Mr. Ademola Omotosho; Commissioner for Information, Dotun Sanusi; Permanent Secretary of the Ministry of Lands and Urban Development, Mrs. M.O. Adebiyi; and former Commissioner for Youth and Sports, Hon. Seun Fakorede.

    Read Also: Oyo deputy governor lauds road network for urbanisation plan at REDAN Conference

    Also present were REDAN executives, including National President Prince Akintoye Adeoye, Southwest Vice Chairman Dr. Kunle Adeyemi, Oyo State Chairman Dr. Muibi Kehinde Hammed, and representatives from Ogun, Osun, Ondo, Lagos, and Ekiti States.

    The conference set the stage for stronger collaboration between REDAN and the government, fostering a vision of sustainable urban development and affordable housing for all.

  • Why understanding of money laundering policies will curb harassment, by REDAN boss

    Why understanding of money laundering policies will curb harassment, by REDAN boss

    Chairman of Real Estate Developers Association of Nigeria (REDAN) Oyo State chapter, Muibi Kehinde Hammed, has advised his fellow experts in real estate sector to have a better understanding of money laundering policies to avoid incessant harassment from the EFCC.

    Muibi, who is the GMD of MKH properties gave this advice at the maiden edition of the REDAN stakeholders meeting held at Jogor Centre in Ibadan on Thursday, September 12.

    The meeting which was a gathering of experts from Oyo and other southwest state chapters was an avenue to discuss issues affecting the sector and to raise solutions.

    The chairman stated that creating awareness and putting structures in place are the major motive behind the stakeholders meeting.

    Chairman of the Oyo State chapter of the Real Estate Developers Association of Nigeria (REDAN), Muibi Kehinde Hammed, has urged professionals in the real estate sector to familiarise themselves with money laundering regulations to prevent frequent encounters with the Economic and Financial Crimes Commission (EFCC).

    Hammed, who also serves as the Group managing director of MKH Properties, made this recommendation during the inaugural REDAN stakeholders’ meeting, held on Thursday, September 12, 2024, at Jogor Centre in Ibadan.

    The event, which brought together experts from Oyo and other southwest states, served as a platform to address challenges facing the real estate sector and propose solutions.

    The chairman emphasised that the primary objective of the meeting was to raise awareness and establish structures to improve the industry’s practices.

    He said: “We are here to create more structures for REDAN for people to be more aware of REDAN in Oyo State. We want to carry people along because over time, we realized there were a lot of victims of real estate fraud.

    “Also, some properties are not well-structured both from the government, developers and stakeholders. We don’t want such things to continue anymore. We really want everybody to be informed because when you are informed, you know the right thing to do at the right time.”

    He added: “We have to take money laundering policies seriously. I am a success story. That’s why I am bringing awareness to our members. Very soon, the EFCC will see changes in reporting of all our transactions in real estate. Many of our members say they are not aware that they have to report.

    “Now that they are aware they need to be reporting. With the informal circulating everywhere, with the government doing the right thing and we as a body also doing the right thing, there will be less inframectual transactions. So I enjoin members to comply, know what to do and report.”

    Read Also: FG, States, councils share N1.203tr for August 2024

    He affirmed the body’s resolution to involve the community leaders like the Mogajis and baales.

    In his remarks, Muibi emphasised that real estate professionals are key stakeholders in the sector, and excluding them from critical discussions could create significant challenges.

    He noted that various committees have been established to address police, tax, and government-related issues, ensuring smooth operations within the organization.

    Muibi also shared that REDAN is currently in talks with the state government and expressed optimism about the success of their negotiations.

    He took the opportunity to urge President Tinubu to engage more with grassroots communities to better understand their core needs.

    The public relations officerand co-organiser of the meeting, Olu Falodun, expressed satisfaction with the event’s success, noting the large turnout for its inaugural edition.

    Falodun also expressed hope for increased collaboration and partnerships with the government, which he believes will position REDAN as a major contributor to the development of Oyo state’s infrastructure.

    Looking ahead, the PRO stated his belief that, within the next four years, the newly commissioned structures would have solidified into a robust foundation.

    He encouraged developers who are not yet members of REDAN to join so the organization can speak with

  • REDAN blames building collapse on lack of professionalism

    Real Estate Developers Association of Nigeria (REDAN), South-West zone Chairman, Mr. Taiwo Ogunbodede, has condemned the series of building collapse in Lagos State. According to him, they are caused by action, inaction, negligence and lack of professionalism. REDAN, he explained, will always stand for and advocate standard, ethics and structure, and will not support any short-cut in the building process.

    Ogunbodede, while commiserating with the families of victims in the various building collapse incidents and the state, however advised builders and developers to adhere strictly to rules and guidelines laid down for construction and development process.

    According to him, one of the major causes of building collapse is the failure of builders or developers to stick strictly to the right quantity and quality of building materials. Besides, he admonished that the appropriate human resources should be deployed to do construction works, adding that only professionals and certified engineers should be contracted in any building projects.

    The REDAN Southwest boss advocated that quacks and non-building professional should not be used on any building projects, and contractors should ensure constant and adequate education and professional development by upgrading their skills and knowledge. This category of professionals, he advised, should ensure that their designs are reviewed and approved by the appropriate authorities before commencing any major building project, and should desist from the habit of not engaging the services of qualified building engineers.

    Ogunbodede rued the lackadaisical attitude of some building contractors, which he said may continue to pose problems in the construction industry if not properly dealt with .

    According to him, property owners and developers should ensure that they put in place a proper maintenance schedule for their buildings as this will make such a building remain in perfect condition.  “Proper maintenance culture must be cultivated for the avoidance of building collapse as even the best constructed buildings needs to be maintained properly,” he said.

    He added that the absence of a National Building Code (NBC) may have been responsible for the reccurrence of building collapse, hence, the urgent need for the passing the NBC into law. This, he said, will regulate and stop the use of non-professionals and quacks in the building and construction industry.

    “The National Building Code regulates the conduct and operations of professionals and stakeholders in the construction industry,” he argued.

    Ogunbodede also disassociated REDAN and its members from all building collapsed cases, calling on Lagos State to ensure a close and strict monitoring of all ongoing projects in the state. He also called for the sanctioning of any developer, builder or landlord, associated with any form of building collapse.

  • ‘FMBN, REDAN, Shelter Afrique to create $2b affordable housing fund’

    ‘FMBN, REDAN, Shelter Afrique to create $2b affordable housing fund’

    Some stakeholders have agreed to pool resources to tackle the housing problem headlong. This is by ensuring  improved access to credit facility and reducing development costs for low-income housing.

    The Federal Mortgage Bank of Nigeria (FMBN), Real Estate Developers Association of Nigeria (REDAN) and a pan-African finance institution, Shelter Afrique have joined forces to create a $2 billion affordable housing fund.

    The money, will be disbursed at $200 million yearly to developers, to help in financing the construction of a targeted 10,000 homes over the next decade.

    Activities to be generated from the construction works are expected to  create more than 150,000 jobs.

    “We agreed that we needed to bring in Shelter Afrique to work in partnership with REDAN to make available some funds over the next 10 years by providing REDAN members with the necessary construction finance that is required to drive the national housing model,” the Acting Managing Director of FMBN, Richard Esri, explained.

    Recently, the Federal Government announced it would waive an initial 10 per cent payment on mortgages below N5 million or $15,700, being administered by the FMBN. This is targeted at future homeowners planning to take out mortgages in the low-to-mid price range. According to the Centre for Affordable Housing in Africa, the average cost of a mortgage is $18,000, with interest rates at around 19 per cent as of last September. This move comes on the heels of the establishment of the Family Homes Fund by the government, last September.

    Aside from helping to develop more houses, the injection of the $2 billion fund is to keep mortgage rates in affordable housing schemes at well under the average 23 per cent, with a target of 9.99 per cent and payable over 20 years. Under this arrangement, prospective buyers are required to make an initial deposit of 10 per cent of the house value to qualify for these home loans; 70 per cent of the mortgages are expected to go to houses priced between N2.5m ($7, 900) and N4.5m ($20,000).

    Financed through the Sovereign Wealth Fund, Federal Government bonds and Bank of New York, the scheme will work as a public-private partnership (PPP). It is also expected to promote the development of primary mortgage institutions, which tend to have a narrow banking licence and are generally reliant on wholesale funding, making them more vulnerable in times of financial or economic crisis.

    These changes will come as welcome news to many Nigerians, with half of the population living on less than $1 a day. Furthermore, the minimum wage is currently around $60 per month, meaning home ownership is often out of reach for those in the low- to middle-income wage bracket.

    The Centre for Affordable Home Financing in Africa reports that a standard mid-level apartment in an urban area in the country can cost as much as $100,000, with rent averaging around $5, 000 a year; the situation has kept home-ownership rate at 25 per cent.

    Meanwhile, the mortgage penetration rate stands at about 0.6 per cent of gross domestic product (GDP).  The World Bank data which although is low by standards in more developed economies, puts Nigeria roughly in line with many other large African markets. The report also attributed low mortgage uptake to lack of awareness and cost, as high interest rates can make mortgages too expensive for middle-and low-income earners.

    According to the Oxford Business Group, a global research and consultancy company with a presence in over 35 countries, including the Middle East, Africa and Asia to the Americas, in order to begin filling Nigeria’s existing deficit of 17 million housing units as projected by the World Bank and to meet the increase in demand, the government will need to support the construction of 170,000 units per year over the next decade. With almost half of the country’s 170 million population residing in cities and urbanisation growing at an annual rate of 3.75 per cent, demand for affordable houses is also set to remain strong.

  • FMBN signs $2b MoU with Shelter Afrique, REDAN

    FMBN signs $2b MoU with Shelter Afrique, REDAN

    The Federal Mortgage Bank of Nigeria (FMBN) has signed a $2billion tripartite Memorandum of Understanding with Shelter Afrique, and Real Estate Developers Association of Nigeria (REDAN).

    The agreement, which was signed at the weekend, involves a commitment by Shelter Afrique to avail the sector of $2billion construction finance towards housing provision in Nigeria.

    The Acting Managing Director of the Federal Mortgage Bank of Nigeria, Mr. Richard Esin, said the collaboration was a “proactive step taken in recognition of the opportunities that would arise from the launch of a National Housing Model.

    He said: “The objective of the strategic collaboration is to harness each party’s competencies and strengths in the areas of training, research, advocacy, and mobilisation of financial resources, both international & domestic, in support of projects of mutual interest to ensure the successful delivery of affordable housing in Nigeria and involves a commitment by Shelter Afrique to avail the sector $2 billion construction finance towards housing provision in Nigeria.

    “The development is coming at an auspicious time in the life of the bank when it has moved from a deficit position to operating surplus in 2016, creating 736 individual mortgages up to the tune of N5.4billion within the period.

    “We are optimistic that the partnership would result in the growth of the sector and lead to an increase in the contribution of the sector to the nation’s Gross Domestic Product. He called for the commitment of all parties to the successful execution of the programme.

    The President of the Real Estate Developers Association of Nigeria (REDAN), Rev. Ugo Chime commended all the parties involved.

    He said the cooperation was a “strategic attempt to create a seamless interface from construction finance to mortgage finance and all in-between, towards easing the challenges faced in the sector.”

    He called for immediate recapitalization of the Federal Mortgage Bank of Nigeria (FMBN) by the Federal Government, to ensure that it has the capacity to finance mortgages.

    He said the mortgage sector was expected to rise by annual $200million construction finance injection.

    The Managing Director/Chief Executive, Shelter Afrique’, Mr. James Mugerwa, said  the occasion was a turning point for the housing sector in Nigeria.

    He expressed delight to be part of “such strategic alliance, which aims to forge an end to end solution that addresses issues within the entire value chain, from supply to demand.”

    He called for commitment and dedication in order to achieve the set objectives.

  • UK firm holds fair Nov. 25

    A UNITED Kingdom-based company, ACE Event Management, will exhibit its products at the West Africa Building and Construction fair Abuja from November 25 to 27.

    The event will include seminars on water and sanitation and building, and construction.

    It said the exhibition was successful last year, adding that the firm counts on the support of Federal Ministries, Real Estate Developers Association of Nigeria (REDAN), Nigeria Water & Sanitation Association and the Nigerian Society of Engineers (NSE).

    In a statement the firm said: “The Water Africa and West Africa Building and Construction exhibition showcases machinery, tools and techniques for the housing and infrastructure construction sector. It aims to help those providing civil engineering and housing projects in West Africa to see new materials and machinery for use in construction and talk to experts on how best to use them.

    “On the water and sanitation side, the exhibition and seminars offer an opportunity for companies to again put their products and services before purchasers from states and local governments, industry, agriculture, NGOs and other key players from the West Africa region.

    “A good number of the exhibitors at these exhibitions are often new to the West African market and will be looking for local partners to help them sell and distribute their products and services here. There is great potential for business to be done at both shows and exciting new products and services to be seen and discussed,” it said.