Developers urge ethical practices in real estate sector

The Real Estate Developers Association of Nigeria (REDAN) has urged stakeholders to embrace ethical practices and support the proposed Real Estate Regulation Bill, which is designed to promote integrity, sustainability, and accountability within the real estate industry.

The association commended the Economic and Financial Crimes Commission (EFCC) for its recovery of 753 duplexes and other properties located in Lokogoma District, Abuja. This historic achievement underscores the EFCC’s unwavering commitment to combating corruption and ensuring the return of unlawfully acquired assets to the nation.

REDAN President, Prince Akintoye Adeoye, in a statement, recommended that the Federal Government sell the recovered estate in its current state and channel the proceeds towards recapitalising the Federal Mortgage Bank of Nigeria (FMBN). This strategic move will empower the FMBN to better serve Nigerians in their quest for affordable housing, and address the nation’s significant housing deficit.

Adeoye said REDAN remains committed to working alongside the EFCC to enhance due diligence, promote ethical practices, and ensure sustainable growth within the real estate industry. “Depriving corrupt individuals of the proceeds of their crimes is a vital step in ensuring such resources are not used to undermine investigations or perpetuate further criminal activities,” he said.

The association reiterated its unwavering commitment to fostering a real estate sector that contributes meaningfully to the economic prosperity of all Nigerians. “As the umbrella body for the organised real estate sector in Nigeria, REDAN remains unwavering in its dedication to eradicating money laundering, terrorism financing, and economic sabotage within the industry.

“We are committed to fostering a real estate sector that prioritises ethical practices, transparency, and adherence to regulatory standards, ensuring it serves as a driver of national development rather than a conduit for illicit activities.”

Adeoye said: “REDAN supports the EFCC’s mandate, recognising the critical role they play in combating money laundering and terrorism financing within Nigeria’s real estate sector. Significant asset recoveries such as this demonstrate a robust approach to tackling corruption, undermining the power of individuals engaged in unscrupulous activities, and deterring others from following the same path.”

He commended the EFCC Chairman, Mr Ola Olukoyede, and his team for their efforts in advancing the anti-corruption agenda, adding that their relentless pursuit of integrity and accountability strengthens public confidence in Nigeria’s fight against financial crimes and sets a high standard for governance and justice.

“We also commend the judiciary, particularly Justice Jude Onwuegbuzie, for upholding the rule of law in granting the final forfeiture. This ruling reinforces public confidence in the judiciary and highlights the collective efforts required to combat corruption in Nigeria,” REDAN said.