…partners MBAN, UK society on sustainable real estate
Housing developers under the aegis of Real Estate Developers Association of Nigeria (REDAN) have called on the federal government to invest proceeds from the sale of the recovered 753-unit estate in funding social housing for Nigerians.
The body commended the Economic and Financial Crimes Commission (EFCC) for that landmark recovery, advising that national interest should be prioritized in managing the estate.
The recovery of that estate, comprising various house types, and its handover to the federal ministry of housing, have been described as the high point of EFCC’s achievements in recent memory in its pursuit of crimes and proceeds of fraudulent activities in society.
The expansive estate, located at Plot 109, Cadastral Zone C09, Lokogoma District, Abuja, along with other assets, allegedly belongs to former Central Bank of Nigeria (CBN) governor, Godwin Emefiele, who has been accused of several wrongdoings by the government.
REDAN hopes that investing proceeds from the seized estate to fund housing for low income earners would not only enhance access to housing, but also accelerate socio-economic development of the country.
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Akintoye Adeoye, REDAN President, who stated all these at a media parley in Lagos recently, noted that as an advocate for affordable housing, the association is committed to partnering with the government and stakeholders to ensure that housing remains a fundamental right, not a privilege.
He assured that the association would continue to champion advocacy for affordable homeownership, mortgage accessibility, and fair rental policies across the federation.
“We express our appreciation to President Bola Tinubu for handing over the recovered estate to the Federal Ministry of Housing and Urban Development; we reaffirm our trust in the minister’s leadership to align the estate with the Renewed Hope Agenda on Housing.
We commend the prompt establishment of a 12-member Ministerial Committee, as well as the Technical Committee to assess the structural integrity and infrastructure requirements of the estate. These steps are timely and commendable,” the president said.
He said that REDAN believed in the capacity of the committee to do a thorough job, urging them to focus, among other things, on structural and integrity assessments, verification and valuation of housing units, infrastructure cost analysis, and development of architectural standards.
Meanwhile, REDAN is planning a sector-wide forum to promote sustainable real estate. According to Adeoye, the association is partnering with Mortgage Bankers Association of Nigeria (MBAN) and the Nigeria-UK Real Estate Society, on the planned forum.
The forum with the theme, ‘Sustainable Real Estate Value Chain: The Era of Green Initiatives in Africa,’ is expected to bring together stakeholders, including policymakers, private sector leaders, urban planners, developers, bankers, researchers, architects, engineers, and sustainability advocates. To
“In recent years, Environmental, Social, and Governance (ESG) has gained global attention as a critical framework for ethical and sustainable investment and development,” Adeoye noted, adding, “in the African context, however, ESG is far more than a global trend.
It is an urgent call to action amid environmental degradation, rapid urbanisation, socio-economic inequality, and weak governance structures, which continue to affect the housing and infrastructure sectors across the continent.”
