The Minister of the Federal Capital Territory (FCT), Barrister Nyesome Wike, has assured the Real Estate Developers Association of Nigeria (REDAN) of the administration’s commitment to partnership but emphasized the need for demonstrated commitment from REDAN.
Wike stated that any partnership with REDAN would require the association to provide a Bank Guarantee and sign a Memorandum of Understanding (MoU) to demonstrate their capacity and commitment to project completion within a stipulated timeframe.
He underscored the importance of accountability and warned that failure to fulfill obligations, including payment of ground rent and property taxes, would not be tolerated.
Wike emphasized that the government’s resources for FCT development cannot come from oil wells, highlighting the need for a mutually beneficial partnership. He expressed openness to new models but stressed the importance of accountability and transparency, questioning the practice of developers selling land allocated by the government.
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On the REDAN side, the Chairman, Dr. Ehikioya Okoruwa, assured the Minister of the association’s readiness to cooperate and outlined plans to build 15,000 houses to address the housing deficit. He highlighted a potential investment of N262 billion, with the FCT administration standing to benefit N65 billion if supported. Okoruwa also assured that REDAN is working with security agencies to address land racketeering, emphasizing the association’s commitment to ethical practices and accountability.
Overall, the meeting sets the stage for a potential partnership between the FCT administration and REDAN, with clear terms and expectations for accountability and transparency.
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