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REDAN urges re-capitalisation of Federal Mortgage Bank to boost capacity

The Real Estate Developers Association of Nigeria (REDAN) has called for the recapitalisation of the Federal Mortgage Bank of Nigeria to boost its capacity to deliver affordable houses.

Aliyu Wamakko
President of REDAN, Dr Aliyu Wamakko

President of the group, Dr Aliyu Wamakko, made the call on Thursday, September 30, 2021 at the South-East Housing Summit and Exhibitions, known as “Akulueuno 2021”, held in Enugu.

Wamakko, who lauded the Federal Government for setting up the bank to bridge the housing gap in the country, said the capacity of the bank to deliver on its mandate had been reduced by its low capital base.

“The country is growing and the need for housing is expanding.

“So, the bank needs to be re-capitalised to meet modern challenges and increase in the need for housing now more than before,’’ he said.

Wamakko also appealed to the state and National Assemblies to pass the new Estate and Housing Development Bill put forward by stakeholders in the industry.

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He opined that the bill would help to check quackery and ensure standardisation of estate businesses, procedures and practices.

“This singular bill when passed will transform the way estate businesses, procedures and practices in the industry will be carried out in the federation,” he said.

Wamakko said that in line with REDAN’s mandate to develop affordable homes for Nigerians, the sixth executive of REDAN came up with a National Housing Programme, tagged: “Rural-Urban Housing Initiative.

According to him, the scheme is to develop at least 100 affordable housing units in each of the 774 local government councils of the federation, including the FCT.

“The essence of Akulueuno, in my own analysis, is to bring together critical stakeholders in the housing value chain in the South-East for enhanced interface and collaboration.

“This will help to strengthen, upscale and unlock the potentials of the real estate and housing sector in the region in particular and Nigeria at large,” Wamakko said.

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In an address, the Executive Director of the bank, Mr Melville Ebo, assured REDAN of the readiness by the bank and federal government to ensure that Nigerians own decent and affordable homes.

Ebo said the bank focuses on low income earners in society, who can at least contribute 2.5 per cent of their monthly earnings.

He said the bank had housing development loans, which can be accessed by its contributors, in addition to renovation loans.

“The Federal Government is highly committed to provide low cost and affordable shelters for all Nigerians and it is doing this through various intervention programmes and partnerships,’’ he said.

Also, the Vice President of REDAN, South-East, Mr Chidiebere Makuachukwu, said the summit had brought together researchers, innovative minds and a broad spectrum of stakeholders in the industry together to showcase innovations meant to push the industry forward.

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Makuachukwu said: “The summit has heralded the knowledge of real estate to our people all over the world that the South-East is conducive and safe for their investment, especially in the housing and real estate industry.

“It also created an avenue for them to meet genuine REDAN members ready to build, sell or do mortgage arrangements on a house or land property.”

The former President of REDAN, Rev. Ugochukwu Chime, presented a paper on the theme of the summit: “Affordable housing in the current economic circumstances”.

The event featured the award of the “Most Business Friendly Governor’’ on Gov. Ifeanyi Ugwuanyi.

Other awardees included REDAN president, Chief Albert Edeoga, Mr Melville Ebo and Enugu State Commissioner for Land, Mr Victor Nnam.

By Stanley Nwanosike

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