Connect with us

News

Home Ownership would be Elusive to Majority Without Single Digit Financing, Says REDAN

Published

on

Home Ownership would be Elusive to Majority Without Single Digit Financing, Says REDAN

By: Michael Mike

The Real Estate Developers Association of Nigeria (REDAN) has said that home ownership would continue to be elusive to majority of Nigerians without a single digit financing opportunity.

Speaking at the Capacity Development Conference for Developers in Abuja, the President of the Real Estate Developers Association of Nigeria (REDAN), Alhaji Aliyu Wamakko said in order to achieve government housing plan for Nigeria, interest on loan for building purpose should be drastically lower to a single digit.

He said: “Finance is one of the essentials of our business, hence our focus on how to get facility to build homes at cost that the average Nigerian will be able to afford. We are keen on how our Members can secure long tenured and single digit debt financing without which home ownership will remain elusive, as it is a fact that real estate development is capital intensive and requires a lot of outlay.

He noted that the conference is aimed at capacity development for our REDAN members and has as theme: “Enhancing Investment and Finance Opportunities for Sustainable Real Estate Projects.”

Wamakko said: “The essence of this auspicious event is to further build the knowledge base of our members to be able to manage the multidimensional and multidisciplinary challenges involved in real estate business. It is also to increase our capacity to reduce waste and ensure timely delivery of projects. The knowledge from this conference will greatly help in reducing the incidence of building collapse as there is a specific session for the subtheme.”

He said: “We are concerned that our members comply with all extant laws and be ambassadors of improving and contributing to the growth of the national economy, hence we have invited relevant regulatory organisations to update members on Real Estate Developers Role in the emerging economy.”

Presenting a paper: “Who We Are! Building Collapse Prevention Guild,” the President of Building Collapse Prevention Guild, Yusuf Sulaimon, said the action of Lagos State Ministry of Physical Planning and Urban Development of introducing the Certified Accreditors Programme to increase manpower and increase professionalism in ensuring compliance to building regulations by developers and to help identify buildings that needs to be decommissioned before they end up collapsing, should be copied by other states to end instances of building collapse.

He also advised that REDAN should also create a monitoring team to monitor construction activities and ensure compliance with government regulations, the Standard Organisation of Nigeria (SON) needs to be proactive in ensuring that only quality building materials are in the market, each LCDA should have Building Artisans training Centers to equip the Artisans with requisite knowledge required.

Sulaimon also said the Building Code and Regulations should be amended to include civil punishment to those that flout the building code flagrantly, regular review and update of the building code and regulations to ensure that it is up to standard and best practices, corruption in the building plan approval processing should be frown upon such that developers build according to the plans approved by government.

He said the whistle blowers should be protected and ensure their reports are worked upon and rewarded, if possible, proper planning, supervision and monitoring of construction activities should be institutionalized by policy makers to ensure that all buildings are constructed according to design, specifications, and planning regulations, professionals in the building industry should maintain their integrity and professional ethics and work in accordance with standard practice procedures laid down by the standard form of building contracts especially when they play in the hands of ignorant clients.

Sulaimon equally said urban or town development agencies at various levels of government (Commission, Board, Authority) should enforce control of building works in their localities as laid down in urban and regional planning decree 88, of 1992 and as in section 13 of National Building Code 2006, there is need to organize periodic public awareness campaign through electronic and print media to sensitize the public on advantages of using professionals as the way of realizing safe buildings, and that all building professionals play key roles to actualize their respective obligations during building production, using the wrong professionals at any stage of the building process put the building in danger. It is the duty of the architect as the prime consultant to direct the client to use the right professionals. This he achieves by ensuring that the structural and services drawings brought to his office are stamped and signed by professionals registered by their respective professional bodies before proceeding to planning authority for “building permit”.

He added that soil investigation, material tests and environmental impact assessment (E.I.A) should be made compulsories for all institutional, industrial and commercial buildings.

Home Ownership would be Elusive to Majority Without Single Digit Financing, Says REDAN

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Yobe: Buni urges journalists to uphold professionalism

Published

on

Yobe: Buni urges journalists to uphold professionalism

By: Yahaya Wakili

Governor Mai Mala Buni of Yobe State has appealed to media practitioners in the state to continue to uphold professionalism while discharging their responsibilities.

He urges the journalists to abide by the ethics of the profession, remain united, and promote peace and harmony among themselves.

The governor made the appeal today while receiving the newly elected leadership of the Nigeria Union of Journalists (NUJ) Correspondents Chapel, led by its elected chairman, Mr. Nabilu Balarabe of the News Agency of Nigeria (NAN), at the Government House, Damaturu.

Ably represented by his deputy, Hon. Idi Barde Gubana (Wazirin Fune), he commends journalists in the state for their synergy and collaboration with the state government in projecting a positive image of the state.

Governor Buni commended the journalists for their professionalism and constructive engagement, acknowledging the critical role the media plays in democratic governance and national development.

He pledged the state government’s continued support and collaboration with the correspondents’ chapel to ensure the success of the present administration, particularly in promoting government policies, programs, and achievements.

Earlier, the newly elected chairman, Mr. Nabilu Balarabe, said the visit was to pay homage and formally present the new leadership of the chapel to the governor.

He said recently the chapel conducted an election of the leadership of the chapel, in which Nabilu Balarabe of the News Agency of Nigeria (NAN) emerged as chairman and Mr. Musa Buba Mingi of Channels Television as vice chairman.

Others include Malam Habibu Idris Gimba of Daily Trust, Secretary; Mr. Michael Oshoma of TVC, Treasurer; Sa’adatu Maina of Neptune Prime, Assistant Secretary; and Muhammed Mai Tela of People’s Daily, Auditor.

Yobe: Buni urges journalists to uphold professionalism

Continue Reading

News

NGX woos NPF to list viable businesses

Published

on

NGX woos NPF to list viable businesses

The Group Chairman Nigerian Exchange Group, Dr. Umaru Kwairanga has urged the Nigerian Police Force to consider listing other viable business entities of its organisation on the Exchange as it has done with its Microfinance Bank.

Kwairanga made the call on Wednesday in Lagos at the closing gong ceremony in honour of the Inspector General of Police, Kayode Egbetokun, who was at the trading floor of the Nigerian Exchange.

Kwairanga gave the NGX’s assurance that such companies if listed would be given free publicity, easy access to greater ponds of capital, and greater transparency and efficiency in their operations.

He said that the Exchange, its operators and quoted companies would continue to provide environment conducive for NPF businesses, in view of the critical role that the police play in ensuring a stable environment for businesses to thrive.

“Our quoted companies have been key to the success of the Police Trust Fund and stand ready to cooperate with the Nigerian Police in other ways that you require logistical and other support to ensure that we have a secure nation and capital market.

“Apart from its core duties of ensuring Nigeria’s internal security, the Nigerian Police Force has over the years established and grown various thriving businesses for the welfare of its personnel.

“One of them, the Nigerian Police Microfinance Bank is in fact quoted on the main board of the Exchange and doing very well in terms of capital appreciation, dividends and corporate governance,” he said.

The NGX boss advised that the Pension Fund should consider increasing its allocations to eligible equity quoted on the Nigerian Exchange.

While commending Egbetokun for visiting the Exchange, Kwairanga pledged to strengthen the mutually beneficial relationship going forward.

Our Correspondent reports that the visit underscores the continued collaboration between key national institutions in promoting market confidence, investor trust and a transparent, well-functioning capital market.

NGX woos NPF to list viable businesses

Continue Reading

News

Turkish–Nigerian Poets Unite in Abuja to Promote Peace Through Art

Published

on

Turkish–Nigerian Poets Unite in Abuja to Promote Peace Through Art

By: Michael Mike

Nigeria and Turkey have reinforced their cultural partnership through a poetry exchange in Abuja designed to foster peace, dialogue, and mutual understanding between the two nations.

The literary gathering, hosted by the Yunus Emre Enstitüsü, brought together poets, cultural practitioners, diplomats, and arts administrators from both countries to explore shared human values through poetry and performance.

Speaking at the event, Director-General of the Kaduna International Film Festival, Israel Kashim Audu, described poetry as a powerful medium for cultural diplomacy and peacebuilding. He noted that although Turkish poetry is deeply influenced by Anatolian mysticism, Nigerian poetry often reflects post-colonial experiences, identity, and nationhood.

“Despite their different historical contexts, both poetic traditions meet in their pursuit of justice, harmony, and human dignity,” Audu said.

The Abuja Coordinator of Yunus Emre Enstitüsü, Fatih Erkin Mahdum, said the institute has remained committed to promoting Turkish language, arts, and culture in Nigeria since its establishment in 2021. He added that collaborations with Nigerian artists are central to strengthening cultural ties and encouraging creative exchange.

Diplomatic presence at the event underscored its international significance. Mrs Florence Nzako, Counsellor at the Embassy of the Democratic Republic of Congo, alongside Solveig Andresen of the Norwegian Embassy, welcomed participants and commended the initiative for using art to advance peace and intercultural understanding.

Poets at the gathering presented works exploring themes of peace, love, displacement, and resilience, drawing poetic connections between the Bosphorus and the Niger River as symbols of unity and shared humanity.

Also speaking, Director-General and Artistic Director of the National Troupe of Nigeria, Kattumu Bulama Gana, said artistic collaborations provide unique opportunities to understand common histories and aspirations. He described the poetry exchange as a valuable contribution to cultural diplomacy between Nigeria and Turkey.

Turkish–Nigerian Poets Unite in Abuja to Promote Peace Through Art

Continue Reading

Trending

Verified by MonsterInsights