REDAN’s newly elected President, Akintoye Adeoye, has pledged to prioritize the recapitalization of the Federal Mortgage Bank of Nigeria (FMBN) to enhance access to affordable housing for Nigerians.

During his investiture ceremony in Lagos, Adeoye outlined REDAN’s commitment to establishing robust regulatory frameworks and governance mechanisms for the real estate sector, fostering transparency and professionalism.

Adeoye emphasized REDAN’s advocacy for the recapitalization of FMBN as a key strategy to promote affordable housing and stimulate growth in the real estate sector.

Adeoye highlighted REDAN’s commitment to promoting Environmental, Social, and Governance (ESG) frameworks and sustainable practices among its members. This includes advocating for the adoption of environmentally friendly construction methods, reducing carbon emissions, and implementing waste management and water conservation measures. The association will also prioritize capacity building for green building practices, providing resources, training, and incentives to encourage the adoption of sustainable construction technologies.

“We will promote positive change and advancement within the real estate industry through advocacy, transparency, innovation, professionalism, technology, ethics, credibility and discipline. Our continuous engagement with government and private sector players will foster growth and wealth creation in the real estate sector. We will establish robust partnerships with the public and private sector players, NGOs and international bodies. Collaboration with federal and state governments on land reforms, governance and land administration will create a conducive environment for investments. We will provide platforms for engagement with financial institutions, investors, and government agencies, enabling members to access funding opportunities, grants and resources for project development and expansion.”

Adeoye added that, “REDAN will welcome a diverse range of stakeholders, including real estate development companies, ProptechStart-ups, National Housing Associations, academia, professionals in the building and construction industries, realtors, diaspora communities, faith-based developers, construction companies, hospitality developers, educational facilities developers, health and wellness facility developers, commercial, industrial and logistics developers, cooperative societies, specialised developers and students. We aim to create an inclusive platform for all stakeholders in the real estate and built environment.

“We will take a leadership role in creating regulatory frameworks and governance for the real estate industry. We will advocate for the recapitalisation of the FMBN to facilitate affordable housing. Promoting ESG frameworks, sustainable practices and regulatory compliance will position our members for long-term success. We will focus on inclusivity, carbon emissions, energy consumption, waste management, water usage and biodiversity conservation.

Building capacity for green building practices will be a priority, offering resources, training and incentives for adopting environmentally friendly construction methods and technologies.

“We will invest in research on new construction methods, clean energy, and property prices. Facilitating the acquisition of relevant skills and technologies for modern construction is crucial. REDAN will provide members with exclusive access to market intelligence reports, data analysis, and research insights. We will establish an accelerator and incubator programme to support real estate technology start-ups (prop-tech) and entrepreneurs in the built environment, offering mentoring, funding opportunities and resources such as office space and legal support.”

Meanwhile, in his valedictory speech, the immediate past president of the association, Mr. Aliyu Wamakko, noted that his administration received plausible guidance and support from the Federal Ministry of Housing and Urban Development, which regards REDAN as partners and invited it to work for the progress of the housing sector. He commended the Minister, Ahmed Musa Dangiwa, and his team for their support.

Wamakko said, “the success recorded was propelled by the collective collaboration received from our critical stakeholders who include but not limited to professional bodies in the built sector, the FMBN, the Family Homes Funds Limited (FHFL), the Nigeria Mortgage Refinance Company (NMRC), Mortgage Banking Association of Nigeria (MBAN). I say thanks to all for believing in me and my Council, for we received your tremendous support. Please continue to be vanguard in the course of deepening housing development in Nigeria,” he observed.

In his opening address, Oluseyi Ilufadeju, Chairman of the Board of Trustees, welcomed the esteemed gathering. He urged the newly appointed executive members to collaborate effectively to address the pressing challenges facing the housing industry in Nigeria. He expressed his optimism that under the leadership of the 7th Council, the Real Estate Developers Association of Nigeria (REDAN) would not only meet but surpass the aspirations of its founders.

“Your goals should include expanding access to affordable housing, reducing the nation’s housing deficit, adhering to professionalism and discipline and stimulating Nigeria’s economic development through robust housing initiatives,” he noted.

In his goodwill message to the Association, The Royal Father from Umuahia, Abia State, Igwe Iheanyichukwu Nwokenna advised developers not build houses for only the rich and well to do in the society.

According to him, “Don’t rely on building houses for the big boys only; also consider the low in the society. REDAN is different from builders, different from mercen because it considers acquiring land and building for the people according to their demands. REDAN is adding value to the nation’s economy because it provides shelter for the people,” he said.