Estate developers want FG to recapitalise FMBN with N1trn
Recapitalisation
By Sunday Onoja /Perpetua Onuegbu
Abuja, March 10, 2020 (NAN) The Real Estate Development Association of Nigeria (REDAN), has called on the Federal Government to recapitalise the Federal Mortgage Bank of Nigeria (FMBN) with N1 trillion to ensure delivery of affordable housing to Nigerians.
Dr Aliyu Wamakko, National President, REDAN, made the call at a news conference on the Association’s 6th Exco to intimate stakeholders and general public on the activities of the association, on Tuesday in Abuja.
Wamakko said with over four million subscribers to the National Housing Fund, the current capital outlay of N5 billion was grossly inadequate to provide both mortgage and construction loans to assuage the housing deficit in the country.
“In the same light, we also call on the Federal Government to support the Family Homes Funds to actualise their core objective in affordable housing and synergise with the real estate developers especially REDAN members on construction finance.
“In actualising our mandate to provide affordable housing to Nigerians, as well as to generate employment for economic growth we are going to interface with Nigeria Union of Local Government Employees.
“Also the Governors Forum, Development Finance institutions in housing, with the aim of constructing at least 50 housing units in all 774 local governments and development centres nationwide to increase housing stock.’’
He said the association would promote local content in building construction to generate and improve local technology for economic development and sustainability.
Wamakko revealed that the association would embark on an Anchor-Developer-Scheme to link land owners and off-takers to synergise and maximise the benefits of the vanguard of affordable housing development for Nigerians.
He said to sanitise the practice of housing development and eliminate the ugly incidences of housing collapse it initiated the Endorsement of Estate and Products Programme.
“Thus the public is guided that only members whose estates are endorsed by the association has our mark of credence.
“Accordingly developers are called on to sign unto the programme while, the general public are cautioned to take this advice seriously. The public can visit our website, www.redanonline.org.ng to get adequate information on endorsed estates.
On North East Shelter Development, the president of REDAN said the association was poised to work with governments and development agencies in rebuilding critical and real estate infrastructure for Internally Displaced Persons.
He urged the media to partner with the association in promoting the course of housing development in the country using its power to sensitise government, critical stakeholders and the general public to be awake to their responsibilities.
He urged the media especially the Nigeria Union of Journalists to form cooperatives that could interface on its members’ behalf with financial institutions and provide them affordable homes which according to him is achievable.
News Agency of Nigeria (NAN) reports that REDAN is the principal agency of the organised real estate sector (public and private) responsible for housing development in Nigeria since 2002. (NAN)
OSY/PUO/AA
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Edited by Isaac Aregbesola