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Developers get new president, seek FMBN recapitalisation


For the umpteenth time, private estate developers have called for the recapitalisation and streamlining of the Federal Mortgage Bank of Nigeria (FMBN).

The new President, Real Estate Developers Association of Nigeria (REDAN), Dr. Aliyu Wammako made the call at his investiture as the 4th President of the Association in Abuja.

Wammako urged the Federal Government to increase FMBN capital base to N8 billion in line with other agencies as its inadequacy makes the provision of more homes a herculean task for real estate developers.


He stressed on the importance of the financial institution in the real estate sector, adding that the cost of building materials has been escalating, and the purchasing power of developers was diminishing, hence the urgent need for total recapitalisation of the bank.

He remarked that real estate development contributes about 6.4 per cent of the Gross Domestic Product (GDP) of the country and that it was very important to consider recapitalisation and streamlining the FMBN for the development of the housing industry.


He commended the FMBN for having the lowest interest rate of six per cent, and advocated for cheaper mortgage rates that would further create jobs as well as provide more affordable houses in Nigeria.

REDAN president said that the only way, the housing sector would be properly and effectively developed, and the deficit reduced, was with the recapitalisation of the FMBN.


Wammako who is the Chief Executive Officer, Jedo Investment Company, commended the immediate past president of REDAN for his outstanding and quality leadership and promised to consolidate on the achievements in the areas of data collation, capacity building for developers, and building of a new REDAN Secretariat, among others.

He challenged stakeholders in the business of providing affordable homes to prove their worth and called on all relevant organizations, corporate bodies, and individuals to key into the association’s task of providing shelter and related solutions to Nigerians.


Wammako stressed that the 6th Executive Council, would run an open-door policy, and willing to interface with stakeholders and receive ideas for a positive impact on the lives of the Nigerian citizenry, prospering the business of real estate development and Nigeria’s economy.

Responding, REDAN immediate past president, Rev. Ugochukwu Chime, pledged to continue supporting the progress, stability, and sustainability of REDAN as well as the real estate sector.


REDAN new executives include Adeoye Akintoye, Deputy President 1, Mrs. Mercy Iyortyer – Deputy President II, Mr. Andrew Elerewe – Vice President North Central, Alh. Abubakar Hussain – Vice President North East.

Alh. Dahiru Maishanu – Vice President North West, Pst. Makuachukwu Chidiebere – Vice President South East, Mr. Adejana Olujare – Vice President South West, Sir. Emmanuel Elili – Vice President South-South, Kennedy Kanma – Legal Adviser, Frank Ajero – Treasurer and Princess Nnabuife – Financial Secretary.


Others include. Peter Inuayen – Auditor 1 and Mr. Oyelowo Emmanuel as Auditor II.

Mrs. Lami Ahmed as Organizing Secretary, Alh. Ahmed Goringo as Publicity Secretary, Arc. Munachiso Okorocha as Ex-Officio 1, and Barr. Salima Makama as Ex-Officio 2.


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