By Our Correspondent
The Real Estate Developers Association of Nigeria, REDAN on Friday frowned against the position of the House of Representatives Ad-hoc committee investigating the operations of the real estate developers in Abuja.
The President, REDAN, Aliyu Wamakko in a press briefing said that the position of the Ad-hoc committee contradicted each other which is very dangerous for the real estate sector.
The position of the Ad-hoc committee was contained in a communique issued at the end of two-day workshop.
The communique in page 12 of Daily Trust on Monday, February 28, 2022 says: “(c) That there is no clear regulatory legal framework for estate developers hence proliferation of incompetent, inefficient and fraudulent developers with the tendency to mislead the public” and
“(f) That FCT is loosing so much revenue as a result of non-compliance to the real estate regulations and enforcement of laws on land administration.”
However, REDAN noted that there was a contradiction when the Ad-hoc committee said “(l) REDAN Bill is unrealistic and therefore be jettisoned.”
Reacting, Wamakko said “The Senate find the reasons why this industry should be regulated. It is reasonable for them to regulate the industry because there will be no meaningful development without the regulation of the real estate sector. They passed the bill. The Senate President and Clark signed the bill and send it to House of Representatives for concurrence.
“If this Real Estate Regulatory Bill has been passed into law, there is no need for the Ad-hoc committee to be set because there is an enabling law to govern the affairs and conduct of real estate business in Nigeria.
“We were also not invited to the workshop to explain to us why they took the decision. We were not carried along.
“The Bill is not about REDAN , it is about the masses of the country, those who transact business of real estate in the country. REDAN just sponsored the Bill.”
The Chief Executive Officer, FESADEB and a member of REDAN, Festus Adebayo said real estate developers must be trained and called for sanity in the industry.
“We need sanity in the real estate sector. We are tired of Nigerians falling victims in the hands of criminals and the only way we can salvage this situation is by regulating the sector.”
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