In a meeting with the Real Estate Developers Association of Nigeria (REDAN) at his Abuja office, Minister of the Federal Capital Territory (FCT), Barr. Nyesom Wike, made it clear that the administration is willing to partner with the association, but only if they demonstrate commitment and accountability.
Wike emphasized that REDAN must provide a Bank Guarantee and sign a Memorandum of Understanding (MoU) to ensure project completion within a stipulated timeframe.
He stressed that the government cannot tolerate failure to fulfill obligations, including payment of ground rent and property taxes
The Minister highlighted the need for a mutually beneficial partnership, suggesting that the government could provide land for housing estates, but questioned the practice of developers selling land allocated by the government.
He expressed openness to new models, but emphasized the importance of accountability and transparency.
REDAN Chairman, Dr. Ehikioya Okoruwa, assured the Minister of the association’s readiness to cooperate and outlined plans to build 15,000 houses to address the housing deficit.
He highlighted a potential investment of N262 billion, with the FCT administration standing to benefit N65 billion if supported.
Okoruwa also assured that REDAN is working with security agencies to address land racketeering, emphasizing the association’s commitment to ethical practices and accountability.
The meeting sets the stage for a potential partnership between the FCT administration and REDAN, but with clear terms and expectations for accountability and transparency.”
