….aAs REDAN unveils seals for members
The Economic and Financial Crimes Commission (EFCC) has made compulsory membership of the Real Estate Developers Association for all real estate players.
This is as REDAN unveils seals to distinguish its members from fraudsters.
The Special Control Unit against Money Laundering (SCUML), a unit operationally domiciled in EFCC said it was part of the efforts to checkmate fraudulent activities in the sector.
Conseauently, the anti-graft body posited that all estate developers must be a member of Real Estate Developers Association Of Nigeria (REDAN).
Speaking during the launching of REDAN seals and magazine in Abuja on Tuesday, director, SCUML, Mr Daniel Isei, said the new requirements will allow easy prosecution, conviction and confiscation of ill-gotten wealth and fraudsters in the country.
He said it will also help the body to carry out due diligence on all members and avert quackery in the real estate sector.
“The seal will help to classify members with seal and those without seal. The seal will be a requirement for SCUML,” said Isei represented by Enu Mathew.
The president, REDAN, Dr Aliyu Wamakko said the seals aimed at reducing quackery and misconduct among registered practitioners in the real estate sectors.
According to Wamakko, the seals which are part of self regulating mechanism will “give more credibility to businesses of our members and recognition to the association’s documentation process”.
He further explained that the seals serve as a mark of credence to distinguish accredited real estate developers from others who are mostly land racketeers, posing to be developers and members of REDAN.
He said the two products are aimed at enhancing the association’s mandate of promoting real estate development in Nigeria.
“Whereas the seal will advance the practice of real estate and housing development business in Nigeria, the magazine will boost public knowledge of estate development activities, all in line with global best practices,” he said.
The Chief Executive Officer, Federal Mortgage Bank of Nigeria, Arc. Ahmed Dangiwa said the introduction of the seal will further strengthen the integrity of the association as a body and its members as individuals have been long overdue.
Dangiwa who was represented by the zonal coordinator, FMBN, Mrs Zubaida Unar, said the REDAN seal will not only confer a mark of authenticity in whatever comes from the association but also help greatly in reducing quackery and misconduct among practitioners in the real estate sector.
Dangiwa also assured the gathering that “the bank is ready to enhance its partnership with REDAN in advancing our business engagement further”.
Barrister Festus Adebayo, Managing Director, FESADEB media group called for tougher action against fraudsters in the sector.
Adebayo said the time has come for collective action through proper awareness so as to distinguish the quacks from real practioners.
The REDAN seals are in two categories; seal to be used by all accredited members and seal to be used by members whose estates have been endorsed.
The unveiled security features of the seals are names of the development company, registration number, mercury code, classification and REDAN logo for ease of identification and cross-checking of the accredited REDAN member.
REDAN is the principal agency and umbrella body of the organized real estate sector recognized by the Federal Government of Nigeria under the National Housing Policy with the mandate to develop affordable housing in Nigeria with about 3,000 registered corporate firms as members.
