June 8, 2023

Why Tinubu must sign RECON Bill — REDAN

Lagos train crash

By Ezra Ukanwa, Abuja

President of Council of the Real Estate Developers Association of Nigeria, Alhaji Aliyu Oroji Wamakko, has urged President Asiwaju Bola Ahmed Tinubu, to as a matter of urgency, sign the recently passed Real Estate (Regulation and Development) Bill.

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

Addressing pressmen at a briefing, on Wednesday, in Abuja, Wamakko expressed gratitude to the National Assembly for the passage of the Bill, explaining that REDAN is complementing the Federal Government’s efforts in providing affordable housing to Nigerians.

“REDAN spearheaded the intent of the Bill, we received tremendous inputs from well-meaning institutions like Nigeria Financial Intelligence Unit (NFIU), the Economic and Financial Crime Commission (EFCC), Special Control Unit Against Money Laundering (SCUML), Independent Corrupt Practices and Other Related Offenses Commission (ICPC), Professional Bodies in the Built Industry, Scholars from Universities of learning, International bodies just to mention a few in drafting the RECON Bill that was presented to the 9th National Assembly – Senate and the House of Representative in July 2020”, he said.

Wamakko said the Bill (RECON) has representation from Professional Bodies in the Built Industry and representatives from the 36 States of the Federation including the FCT. Objectives of the Real Estate (Regulation and Development) Bill

He said the Bill will standardize the business of real estate development in Nigeria by regulating the conduct of transactions in the real estate sector.

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