The President of Real Estate Development Association of Nigeria (REDAN) Ugo Chime has added his voice on the project of moving the real estate industry forward in Nigeria.
While contributing to discussion on affordable housing group whatsap platform this morning, he stated that the country needs an inclusive solution for the industry to thrive.
“Why should you have a National Council on Housing, and the Financiers and Investors are excluded. You don’t shave a man’s head in absentia, just like MKO Abiola said. Neither should you have a National Housing Finance Program that excludes Built Industry Professionals and Supply side stakeholders.
According to him, he has for many years proposed a NATIONAL HOUSING COUNCIL that would be inclusive of all stakeholders on the real estate value chain. “It will reduce transaction time/cost in managing issues in the sector.
“It’s quite unfortunate that years of professional advice on this matter have been disdainfully cast aside.
“We Must stop silo working, and work inclusively, otherwise our best efforts will be futile. Meanwhile the masses are getting restive for employment and socioeconomic enhancement. The clock is ticking and we must cast aside our differences in other to survive,” he said.
In the same vein, another member of the group, Hakeem Ogunniran, Founder of Eximia Reality Limited, who will also be speaking at the 2019 REDAN Expo coming up next Tuesday and Wednesday being 7th and 8th May 2019 at Yaradua Centre Abuja, stated that the need for an inclusive National Council on Housing is long overdue.
“Did we forget that Nairobi appeared on the JLL top 20 cities in the world on the JLL Index in 2015? And when Kenya was going to enact a REIT legislation, they created a proper “flow through”, transparent asset class in line with best practice.
“In Nigeria, we’re still struggling to force-fit REITs into a collective investment scheme framework! Why do we think that no REIT has been successfully floated since 2013? The regulatory framework is a nightmare
“On Tuesday at the REDAN Expo, I will be addressing some of these issues whilst speaking on ‘Harnessing Real Estate For Economic Development in Nigeria: Issues, Challenges and Solutions,’ and proposing a reform agenda.
“We have a sleeping giant on our hands. As the new government is coming on board, our voice must be heard by the various DMUs in government,” he said.
Ugo Chime also added that another key strategy to move the real estate sector forward is to deal with challenges in land administration collaboratively.
“We must get the foundation right before building the super structure. For example the idea of having an equitable mortgage as a basis for mortgage transactions is the height of recklessness.
“Not having a Foreclosure Law and a multidoor court process that shorten dispute resolution time/cost exposes lenders to huge risk,” he said.