RECON Bill: REDAN Hails the passage by National Assembly. … Appeals to President for Assent.
Nsikak Ekpenyong
Alhaji Aliyu Oroji Wamakko President/ Chairman of Council of the Real Estate Developers Association of Nigeria on Wednesday said they are confident that President Asiwaju Bola Ahmed Tinubu who has Nigerians at heart will sign the recently passed Real Estate (Regulation and Development) Bill into Law soonest.
Wamakko said that considering the essence of the Bill to the real estate sector, it will serve as engine for job creation; with resultant benefits of National Economic Development.
The REDAN President who expressed gratitude to the National Assembly for the passage of the Bill said REDAN is complementing the Federal Government’s effort in providing affordable housing to Nigerians.
” REDAN as a responsive and responsible Association is committed to executing our National Housing Development flagship project, the Rural-Urban Housing Initiative (RUHI-774), which is 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. We have secured construction finance in the sum of N26 billion from Pan African Affordable Housing finance institution, the Shelter Afrique to finance the RUHI-774 projects nationwide.
” REDAN spearheaded the intent of the Bill, we received tremendous inputs from well-meaning institutions like Nigeria Financial Intelligence Unit (NFIU), the Economic and Financial Crime Commission (EFCC), Special Control Unit Against Money Laundering (SCUML), Independent Corrupt Practices and Other Related Offenses Commission (ICPC), Professional Bodies in the Built Industry, Scholars from Universities of learning, International bodies just to mention a few in drafting the RECON Bill that was presented to the 9th National Assembly – Senate and the House of Representative in July 2020.
Wamakko said the Bill (RECON) has representation from Professional Bodies in the Built Industry and representatives from the 36 States of the Federation including the FCT. Objectives of the Real Estate (Regulation and Development) Bill
He said the Bill will Standardize the business of real estate development in Nigeria by regulating the conduct of transactions in the real estate sector.
Also according to him Will provide enabling environment and transparency in the business of real estate development in Nigeria in conformity with global best practices; and Curb fraudulent practices in the business of real estate development in Nigeria.
