The Chairman of Council of the Real Estate Developers Association of Nigeria (REFAN), Aliyu Wamakko, has stated that the Real Estate (Regulation and Development) Bill when signed into law would be an engine for job creation that would benefit National Economic Development
Wamakko in a statement yesterday thus urged President Bola Ahmed Tinubu to give assent to the bill which would complement the Federal Government’s effort in providing affordable housing to Nigerians.
He stated that: “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.”
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He said the bill has representation from professional bodies in the built industry and representatives from the 36 States of the Federation including the FCT with the aim to Standardize the business of real estate development in Nigeria by regulating the conduct of transactions in the real estate sector.
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