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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
News
One killed, five injured during violent clash at peace meeting in Plateau
One killed, five injured during violent clash at peace meeting in Plateau
By: Zagazola Makama
A peace meeting between local residents and Fulani community members in Pankshin Local Government Area of Plateau State turned violent on Thursday, leaving one person dead and five others injured after youths allegedly attempted to disarm soldiers deployed to maintain security during the engagement.
Security sources told Zagazola Makama that the incident occurred at about 3:00 p.m. on May 7 at Mier village, where troops of Sector 8 under Operation Enduring Peace (OPEP), deployed at Fier guard post, had organised a stakeholders’ meeting aimed at easing tensions between locals and Fulani residents in the area.
The sources said the meeting was part of ongoing confidence-building and peace restoration efforts by security forces following recent incidents of communal violence, cattle rustling, reprisal attacks, and growing mistrust between farming and pastoral communities across parts of Plateau State.

According to the sources, the meeting was progressing peacefully before a group of agitated youths reportedly became hostile and attempted to forcefully seize the rifles of two soldiers providing security at the venue.
“The situation suddenly turned violent when some youths moved aggressively toward the troops and attempted to disarm two soldiers,” a security source said.
The source added that amid the struggle and confusion, one of the soldiers discharged his weapon in self-defence to prevent the mob from overpowering the troops.
Following the incident, one local resident sustained fatal injuries and was later confirmed dead, while four other civilians and one soldier were injured during the confrontation.
The injured persons were immediately evacuated to nearby medical facilities for treatment, while the corpse of the deceased was deposited at the General Hospital morgue in Pankshin.
Security operatives subsequently reinforced the area to prevent further breakdown of law and order, while efforts were intensified to calm tensions among residents.
The four youths who attacked the soldiers were arrested.
The latest violence occurred amid heightened security concerns and recurring communal clashes across Plateau State, where troops of Operation Enduring Peace have continued to conduct patrols, peace engagements, arrests, and intelligence-driven operations to contain reprisals and attacks involving armed militias, bandits, and cattle rustlers.
Military and community leaders have repeatedly urged residents to avoid taking the law into their hands and to cooperate with security agencies to sustain peace efforts across the state.
One killed, five injured during violent clash at peace meeting in Plateau
News
ISWAP suffer losses after failed attack on Buni Gari
ISWAP suffer losses after failed attack on Buni Gari
By: Zagazola Makama
ISWAP terrorists suffered heavy losses in the early hours of Thursday after troops of Operation HADIN KAI repelled an attack on Headquarters 27 Brigade, Buni Gari, and a nearby checkpoint in Yobe State.
The terrorists had launched a coordinated assault at about 2:00 a.m. from multiple directions but were stopped by troops who held their ground and responded with superior firepower.
The Media Information Officer of the Joint Task Force North East, Operation HADIN KAI, Lt.-Col. Sani Uba, said the attackers were forced to retreat after coming under intense resistance.
He said several of the terrorists were neutralised during the encounter, while others fled with injuries.
“Exploitation of the general area confirmed the recovery of terrorist corpses and weapons in bushes and along withdrawal routes,” Uba said.
He added that traces of blood were found along escape routes, indicating that the fleeing attackers sustained significant injuries.
Uba explained that air support from the Air Component Command provided surveillance coverage during the operation, helping troops track movement of retreating fighters.
He said precision air interdiction was also carried out on confirmed fleeing elements, further increasing the losses suffered by the attackers.
Recovered items include AK-47 rifles, machine guns, RPG tubes, ammunition, magazines and other military-grade weapons used in the failed assault.
He said troops, working with hybrid forces, are continuing clearance operations in the area to prevent regrouping of the attackers.

Uba also confirmed that two soldiers died during the encounter, while wounded personnel are receiving treatment and are in stable condition.
He said Operation HADIN KAI remains committed to sustaining pressure on terrorist groups and denying them freedom of action in the North-East.
ISWAP suffer losses after failed attack on Buni Gari
News
Cuba Slams New US Sanctions as ‘Economic Warfare,’ Warns of Deepening Humanitarian Crisis
Cuba Slams New US Sanctions as ‘Economic Warfare,’ Warns of Deepening Humanitarian Crisis
By: Michael Mike
The government of Cuba has accused the United States of escalating economic warfare against the island nation following a sweeping new executive order and fresh sanctions that Havana says could worsen an already severe humanitarian and economic crisis.
In a strongly worded statement issued Thursday in Havana, Cuba’s Ministry of Foreign Affairs condemned the May 1, 2026 Executive Order signed by the White House, describing it as one of the harshest measures imposed against the communist nation in decades.
The Cuban government also denounced a subsequent decision by the United States Treasury Department on May 7 to place Cuban conglomerate Gaesa and mining company MoaNickel S.A. on the List of Specially Designated Nationals, effectively cutting them off from the American financial system and exposing foreign businesses dealing with them to possible secondary sanctions.
Havana described the move as a “ruthless act of economic aggression” aimed at tightening the long-standing United States blockade against Cuba and isolating the country from global trade and financial networks.
According to Cuban authorities, the latest measures threaten to deepen the island’s economic hardship at a time when the country is already battling chronic shortages of fuel, food, medicine and foreign exchange.
The Foreign Ministry argued that the sanctions go beyond bilateral relations between Washington and Havana by attempting to punish foreign companies, banks and governments that maintain economic ties with Cuba.
“The sovereign right of all states that have or wish to maintain economic, commercial and financial relations with Cuba is being explicitly attacked,” the statement declared.
Cuba accused senior United States officials, particularly the Secretary of State, of using intimidation and political pressure to force the international community into compliance with the blockade policy.
The statement further alleged that the new measures were intended to provoke economic collapse and social unrest within Cuba.
Havana warned that worsening economic pressure could create conditions for instability and potentially serve as justification for more aggressive actions against the island.
The Cuban government also accused Washington of attempting to manufacture a humanitarian crisis capable of triggering political upheaval.
The latest confrontation marks another sharp downturn in relations between the two Cold War-era adversaries whose ties have fluctuated between cautious engagement and hostility over the last six decades.
The United States first imposed trade restrictions on Cuba in the early 1960s following the Cuban Revolution led by Fidel Castro and the subsequent nationalisation of American-owned assets on the island. Relations deteriorated rapidly after Cuba aligned itself with the former Soviet Union during the Cold War.
In 1962, Washington formalised a broad economic embargo against Cuba, arguing that the measures were necessary to pressure Havana toward democratic reforms and respect for human rights.
Over the decades, the sanctions evolved into one of the world’s longest-running economic blockade regimes, affecting trade, banking, investment and travel.
Although there were signs of rapprochement during the administration of former President Barack Obama — including the restoration of diplomatic relations and the easing of some restrictions — many sanctions were later reinstated and expanded under subsequent administrations.
In recent years, Cuba has faced mounting economic difficulties caused by declining tourism revenues, inflation, fuel shortages and limited access to international credit markets.
The Cuban government has consistently blamed the United States embargo for worsening living conditions on the island, while Washington maintains that Havana’s centrally controlled political and economic system is primarily responsible for the country’s struggles.
The renewed sanctions are expected to intensify debates within the international community, where many countries and global organisations have repeatedly called for an end to the embargo.
For more than 30 consecutive years, the United Nations General Assembly has overwhelmingly voted in favour of resolutions urging the United States to lift its economic blockade against Cuba, describing the measures as harmful to ordinary citizens and contrary to international law.
Despite the growing pressure, both governments remain firmly entrenched in their positions, raising fears that tensions between Havana and Washington may continue to escalate in the coming months.
Cuba Slams New US Sanctions as ‘Economic Warfare,’ Warns of Deepening Humanitarian Crisis
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