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Why REDAN seal, certificate is compulsory, by official

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Wamakko

The nation’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC) has concluded plans to make compulsory membership of the Real Estate Developers Association (REDAN) for all real estate players in the country.

In addition, it said that REDAN certificate would distinguish its members from fraudsters, adding, this was part of its efforts to checkmate fraudulent activities prevailing in the built industry.

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EFCC Director, Special Control Unit against Money Laundering (SCUML), Mr. Daniel Isei, who stated this at launch of REDAN magazine in Abuja, explained that the new arrangements will allow easy prosecution, conviction, and confiscation of ill-gotten wealth and fraudsters in the sector.

Isei added, “All estate developers must be members and this development will also help the anti-graft body carry out due diligence on all members and avert quackery. The seal equally will help to classify members with seal and those without approved seal.”

Also speaking, REDAN President, Dr. Aliyu Wamakko, explained that the seals are aimed at reducing illegal operators, and misconduct among registered practitioners, “This is self-regulating to give more credibility to businesses of members and recognition to the association’s documentation process.”

“This is issued to all accredited, active and financial members who have consented to abide by the code of ethics of the association and undertaken to abide by extant laws and guidelines relating to housing development in Nigeria. As members, they will uphold the principle of equity in the conduct of their business affairs with professionalism, honesty, integrity, and sound practices that support the principle of Know Your Customer (KYC) and other financial regulations.”

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According to him, the seal would be used by building materials’ producers endorsed by REDAN and “members whose estates are endorsed after meeting the association’s guidelines of proper land title documentation, development approvals, provision of basic infrastructure, engagement of qualified and licensed professionals, procedures for seamless transfer of titles to homebuyers, and other criteria as contained in the REDAN estate endorsement charter.”

Wammako said while the seal will advance the practice of real estate and housing development business in Nigeria, the magazine would boost public knowledge of estate development activities, all in line with global best practices.

Contributing, Chief Executive Officer, Federal Mortgage Bank of Nigeria (FMBN), Ahmed Dangiwa, said the introduction of the seal would further strengthen the integrity of the association.

Dangiwa said REDAN’s seal would not only confer a mark of authenticity on whatever comes from the association but also helps in reducing quackery and misconduct among practitioners in the real estate sector.

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