News
Home Ownership would be Elusive to Majority Without Single Digit Financing, Says REDAN
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
Nine PAP Foreign Scholarship Beneficiaries Bag Master’s Degrees From UK Varsities
•••771 to Graduate in Nigeria in 2025
•••Otuaro Hails Scholars’ Performances
By: Michael Mike
Nine students awarded foreign post-graduate scholarships by the Presidential Amnesty Programme have graduated from their master’s degree rprogrammes in universities in the United Kingdom.
The successful scholars are the first graduates in the offshore post-graduate scholarship deployment to UK institutions by the PAP Administrator, Dr Dennis Otuaro, for the 2024-2025 academic session.
They graduated from the Anglia Ruskin University, University of Dundee and The University of Law with master’s degrees in cyber security, data science and engineering, law, construction and civil engineering management, project management, and ICT.
Also, 711 undergraduate and post-graduate scholarship beneficiaries are expected to graduate from universities within Nigeria this year.
The PAP, on Wednesday, 3 December, 2025, organised a graduation reception for the scholars in London.
Otuaro has congratulated them on their successful graduation, stressing that they completed their programmes in record time which shows the seriousness they had put into their studies.
He said they have justified the Federal Government’s investment in their education with their successful graduation, and urged other beneficiaries not to be distracted in their academic pursuits.
“We congratulate these scholars on their successful graduation. It shows that they took their studies seriously. That is what we demand of every scholarship beneficiary, whether at the undergraduate or post-graduate level”, Otuaro said.
He reiterated his unwavering commitment to expanding the scholarship scheme to create more opportunities for indigent students of Niger Delta extraction to access higher education with a view to closing the human capital development gap in the region.
Otuaro said it was for this reason he deployed 3800 beneficiaries in-country in the 2024-2025 academic year, and increased the figure to 3900 in the 2025-2026 academic session with 200 for foreign scholarships.
Otuaro has so far deployed 7700 students for the PAP scholarship scheme within Nigeria in less than two years.
Within this period, also, he has also deployed 162 students from the region for post-graduate programmes in targeted disciplines in the UK universities.
According to him, this is in conformity with the Renewed Hope Agenda of President Bola Tinubu for the Niger Delta, who has given unprecedented support to the PAP because of his sincere love for the area.
The PAP boss said, “Our decision aligns with the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu GCFR for the Niger Delta. We will continue to create more higher educational opportunities for students from indigent backgrounds in our region.
“We are also deepening the implementation of the programme’s mandate in informal education and other areas for the sustainable peace and socio-economic advancement of the region.”
Nine PAP Foreign Scholarship Beneficiaries Bag Master’s Degrees From UK Varsities
Sunshine Joint Venture Infrastructure Limited Established for Realization of Ondo Project
By: Michael Mike
Sunshine Joint Venture Infrastructure Limited has been incorporated to seamlessly allowed for the Refinery and Free Trade Zone in Ondo State.
A press statement on Thursday read that: “In furtherance of our commitment to the execution of these two major projects – Refinery and Free Trade Zone in conjunction with the Ondo State Government, the joint partners have taken another giant step by incorporating a joint company, namely – SUNSHINE JOINT VENTURE INFRASTRUCTURE LIMITED – as the vehicle to be used in executing these projects. A move that further reinforces the sincerity of purpose and total commitment of the funding partners to move ahead together as a united front.
According to the release by Wale Adekola on behalf of the JV, the Sunshine Joint Venture Infrastructure Limitedwill, going forward serve as the vehicle to work with the Ondo State Government through the Ondo State Investment Promotion Agency (ONDIPA) in the implementation of the executed Memoranda of Understanding (MoUs).
The statement added that: “In moving the projects forward for implementation, the JV team met in Dubai to finalize the funding modalities and put in place structures and plans for the commencement of activities for ground breaking and community engagements. These initial activities are aimed at complementing the 50th Anniversary of the creation of Ondo State and the one year anniversary of the election of the Executive Governor of the Sunshine State, His Excellency, Chief Lucky Orimisan Aiyedatiwa CFR.
At the Dubai meeting were key officers of the JV Company, including: Messrs SALEHI FARHAD; ZAHERI NAVID; EGHBAL KORDJAMSHIDI; SAHEED ZAHERI; DR. STEPHEN DIKE; HENRY OWONKA AND MRS. NAMVAR MARYAM.
The statement further informed that, plans have been concluded to mobilize the relevant contractors working with the locals and host communities to put up structures that will host the information center, architectural models to showcase the projects on offer and facilities that will serve the team. All these are being planned with ONDIPA to execute the relocation and accommodation of the host communities that are likely to be affected by the projects and create a seamless transition that will engender peaceful co-existence and harmonious relationship with our host communities.
The JV company further reiterated its commitment to work with Ondo State Government (through ONDIPA) to change the infrastructural landscape of the Sunshine State and for mutual benefits.
Sunshine Joint Venture Infrastructure Limited Established for Realization of Ondo Project
Edo: Seven suspected bandits arrested along Benin-Agbor Road
By: Zagazola Makama
Seven suspected bandits were arrested along the Benin–Agbor Road in Edo State during stop-and-search operations, security sources confirmed.
Sources told Zagazola Makama that the suspects, all Fulani youths, were intercepted after being offloaded from a truck at about 1800 hours on 2 December 2025. A search revealed pictures of assault rifles, including AK-47s, on their mobile phones.
Upon interrogation, the suspects claimed to have travelled from Adamawa State. Investigations are ongoing for the possible recovery of actual firearms and to determine their involvement in criminal activities.
Security agencies have urged members of the public to report any suspicious movements to help prevent criminal acts in the area.
Edo: Seven suspected bandits arrested along Benin-Agbor Road
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