Developers under the aegis of Real Estate Developers Association of Nigeria (REDAN) has suggested that the 753 duplexes and other properties seized recently by the Economic and Financial Crimes Commission (EFCC) should be sold out to the public.
REDAN says that the proceed from the sale of those properties located at Plot 109, Cadastral Zone C09, Lokogoma District, Abuja should be used to recapitalise the federal mortgage bank of Nigeria (FMBN), believing that the move will empower the bank to better serve Nigerians in their quest for affordable housing.
The body in a statement at the weekend signed by its national president, Akintoye Adeoye, and obtained by BusinessDay, commended EFCC for the recovery of 753 duplexes and other properties.
“As the umbrella body for the organized real estate sector in Nigeria, REDAN remains unwavering in its dedication to eradicating money laundering, terrorism financing, and economic sabotage within the industry.
We are committed to fostering a real estate sector that prioritizes ethical practices, transparency, and adherence to regulatory standards, ensuring it serves as a driver of national development rather than a conduit for illicit activities,” Adeoye assured.
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He revealed that REDAN fully su pports the EFCC’s mandate, recognizing the critical role they play in combating money laundering and terrorism financing within Nigeria’s real estate sector. Significant asset recoveries such as this demonstrate a robust approach to tackling corruption, undermining the power of individuals engaged in unscrupulous activities, and deterring others from following the same path.
He commended the EFCC chairman, Ola Olukoyede, and his team for their outstanding efforts at advancing the anti-corruption agenda of President Bola Tinubu, and for their relentless pursuit of integrity.
Adeoye assured of REDAN’s commitment to working alongside the EFCC to enhance due diligence, promote ethical practices, and ensure sustainable growth within the real estate industry, noting that depriving corrupt individuals of the proceeds of their crimes is a vital step in ensuring such resources are not used to undermine investigations or perpetuate further criminal activities.
“We also commend the judiciary, particularly Justice Jude Onwuegbuzie, for upholding the rule of law in granting the final forfeiture. This ruling reinforces public confidence in the judiciary and highlights the collective efforts required to combat corruption in Nigeria,” he said.
He stressed REDAN’s unwavering commitment to fostering a real estate sector that contributes meaningfully to the economic prosperity of all Nigerians, urging all stakeholders to embrace ethical practices and support initiatives like the REDAN-proposed Real Estate Regulation Bill, which is designed to promote integrity, sustainability, and accountability within the real estate industry.
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