REDAN secures N26bn housing fund

The Real Estate Developers Association of Nigeria has secured N26bn from Shelter Afrique to finance the RUHI-774 projects nationwide.

The President of the association, Aliyu Wamakko, who disclosed this during a World Press conference held recently in Abuja, said the latest development was part of REDAN’s effort to complement government efforts in the provision of shelter.

The PUNCH reports that REDAN last year announced plans to initiate a national housing programme tagged Rural-Urban Housing Initiative (RUHI-774), which was aimed at developing at least 100 housing units in each of the 774 local government councils of the federation, including the Federal Capital Territory.

REDAN president said, “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 the Pan African Affordable Housing finance institution, Shelter Afrique to finance the RUHI-774 projects nationwide.”

Speaking further, Aliyu urged President Bola Tinubu to as a matter of urgency sign the recently passed Real Estate Regulation and Development Bill into law.

This, he said, would help reduce unemployment and attract other national economic development benefits.

According to him, the bill will standardise real estate development in Nigeria by regulating transactions in the sector.

“REDAN spearheaded the intent of the bill. We received tremendous inputs from well-meaning /institutions like Nigeria Financial Intelligence Unit; the Economic and Financial Crime Commission; the Special Control Unit Against Money Laundering; the Independent Corrupt Practices and Other Related Offenses Commission; professional bodies in the built industry; scholars from universities; international bodies, etc., in drafting the RECON bill that was presented to the 9th National Assembly – Senate and the House of Representatives in July 2020.”

“The bill will provide an enabling environment and transparency in the business of real estate development in Nigeria in conformity with global best practices. It will also curb fraudulent practices in the business of real estate development in Nigeria,” he added.