The Real Estate Developers Association of Nigeria (REDAN) is partnering the Economic and Financial Crimes Commission (EFCC) to combat fraudulent practices in the real estate sector.
REDAN sealed the partnership deal during a courtesy visit to the EFCC Chairman, Abdulrasheed Bawa, at the EFCC Headquarters in Abuja.
In his visitation address, the REDAN President, Alh. Aliyu Wamakko, sought the EFCC’s support in sanitizing the real estate sector, while putting an end to sharp practices of some operators, which have hampered the sector’s development and growth.
According to the REDAN Boss, fraudulent practices by some stakeholders have raised worries, posing operational issues for the real estate business in the country.
As part of efforts to rid the sector off unlawful practices capable of rendering the vision and mission of the association futile, he said: “it is in respect of this that we have found it auspicious to pay you a courtesy visit to seek for your continued partnership and collaboration with regards to having a formidable relationship to institutionalize real estate business development in Nigeria.
As an organized real estate sector, we have been relating with the Special Control Unit Against Money Laundering (SCUML) and the Nigerian Financial Intelligence Unit (NFIU), with our officers having attended organized courses”, Wamakko noted.
In a bid to align real estate business in Nigeria to global best practices, he stated that the association embarked on some measures to include, proposed real estate regulation and development bill to the 8th and 9th National Assembly, estate and product endorsement, REDAN seals, rural-urban housing initiative, among others.
He prayed the EFCC Head to join the association in its quest to standardize real estate business development in the country; provide enabling environment and transparency; ensure conformity with the National Building Code, Money Laundering Prohibition Act 2011 (as amended), and the Nigerian Financial Intelligence Unit (NFIU) Act, 2018.
Wamakko expressed optimism that Bawa’s performance in curtailing crime and money laundering in the country will further enhance the activities of REDAN with respect to relevant laws to help regulate the sector.
Reacting, Bawa applauded REDAN for its holistic efforts toward securing the mandate of the association despite the fact that the REDAN bill has not been passed.
According to him, the need to regulate the real estate sector cannot be overemphasized considering various factors militating against the built and construction industry.
He said the EFCC is always ready to support REDAN course as the new collaboration will help reposition the association for full actualization of its goals.
“We are giving you support for anything you want to do. It is our joy to partner any association out there ready to strengthen whichever sector they are.
Mr. President, I will like to seek from you that it is not just about talking; neither the laws; it is about human beings that tend to implement the laws. That means you have to check the characters of your members; the source of their finances; you have to work with us and financial institutions as you are aware that the real estate is part of designated non-financial institution and your members are expected to be registered”, Bawa said.