The Minister of Housing and Urban Development, Arch. Ahmed Dangiwa, has urged the Real Estate Developers Association of Nigeria (REDAN) to promote discipline and professionalism to ensure integrity within the real estate sector.
Dangiwa issued the charge on Thursday in Abuja during a meeting with a delegation from the association. Speaking to the new president of REDAN, the minister stated.
“One key area that REDAN under your leadership should champion is the issue 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 a harmonized structure where the bank can deliver construction finance under it’s estate development loan window. That is when REDAN was created…to ensure that an umbrella association exists whereby we can use them to deliver affordable houses under the estate development loan window,” he said.
The minister, who decried the lack of transparency that contributed to the shortfall of the envisioned goals, called for a significant increase in transparency measures.
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“Unfortunately, unscrupulous real estate developers collect the EDN from FMBN as at that time, failed to deliver and this led to the bank accumulating high non performing loans. It is sad that REDAN as an association could not help the FMBN to recover these loans from the developers.
“So that’s why I keep on saying discipline and professionalism should form the bedrock upon which the trust of investors, the government and most importantly, Nigerian people will be built,” Dangiwa said.
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Addressing the importance of public-private partnership in tackling the housing deficit in Nigeria, the minister called on REDAN to confront challenges directly and get valuable insights from them, stressing the significance of not only surmounting obstacles but also leveraging these experiences for growth and improvement.