Poised To Raise N300m, REDAN Launches Ambitious Building Project

…Woos Members, Other Critical Stakeholders And Development Partners

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The most comprehensive effort yet, towards ensuring that the Real Estate Developers Association of Nigeria (REDAN) stops operating from a rented office space is now underway.

Codenamed ‘REDAN House’, the Association is collaborating with its members, other developers, critical stakeholders and development partners in the housing and construction industry to achieve the goals of the project. The historic endeavour between REDAN and the critical stakeholders aims to build and deliver a decent, prestigious and quality office space for the Association before February 2021.

Reverend Ugochukwu Chime, President of the Real Estate Developers Association of Nigeria, (REDAN), who is poised to ensure the completing of the project before the end of his tenure in February 2021, said that the 2021 deadline for the completion of the office building has been set in order to ensure that his successor to the office of REDAN President will not have to use a rented apartment as he is doing today.

His words: “I intend to have this house completed so that my successor to the office of REDAN president will not have to use a rented apartment as we are doing now.” He also said further: “We have also make provision for us to have a memorable plaque in front of the building for donors, and the six highest donors will have halls named after them, so that generations to come will know that these great men at a time when there was a clarion call for those who will rise and do the needful and build a house for REDAN, these ones responded.”

While expressing his determination to adhere to the project timeline set for the completion of the ambitious office building, he said REDAN is expected to generate over N300m in fundraising on 11 December 2018 at the International Conference Centre in Abuja where the launching for the project will be taking place. “We are looking forward to raising over 300 Million Naira to have the total package of the house and the infrastructure we need”, the REDAN helmsman said.

He continued: “On the 11th of December 2018, by 2pm at the International conference centre Abuja, we will be having a REDAN House launching, where we will invite REDAN members, developers and partners for us to sit down together, see how far we have come and see the necessity for us to be able to have a house for ourselves, a house whereby we can have a library, where you can go to for information and data.”

“It will be a shame for us to continue to build houses for people and not have a house that we can call our own, we’ve gotten a land, a very good land in a good location that will give us what we want. Already members of the EXCO, who brought out this vision, have contributed the sum of 67 Million Naira and that for me is mind boggling and it shows the level of commitment.”

Surv (Rev), Ugochukwu Chime
President,
Real Estate Developers Association of Nigeria (REDAN),

The launching of the REDAN House Building Project will take place under the Distinguished Chairmanship of Mallam Ibrahim Aliyu, Chairman of Urban Shelter Limited while the Special Guest of Honour will be Surveyor Suleman Hassan, the Honourable Minister of State for Power, Works and Housing. The Guests of Honour for the event include Architect Ahmed Musa Dangiwa, Managing Director and Chief Executive Officer of Federal Mortgage Bank of Nigeria (FMBN), Mr. Femi Adewole, Managing Director and Chief Executive Officer of Family Homes Fund and Mr. Kehinde Ogundimu, Managing Director and Chief Executive Officer of Nigeria Mortgage Refinance Company (NMRC). The Chief Host is Reverend Ugochukwu Chime, President and Chairman of Council, Real Estate Developers Association of Nigeria, (REDAN),

The Real Estate Developers Association of Nigeria (REDAN) is the principal agency and umbrella body of the organized private sector (public and private) responsible for housing development in Nigeria, having been conferred with official recognition by the Federal Government of Nigeria since November 2002.

Since its formation about a decade ago, the association has gained increased credibility and prestige. With the membership strength of over 2,000 members, the association is capable of meeting the expectations of all its stakeholders, and serving as an effective pressure group that will drive through legislation aimed at enhancing the enabling environment for mass housing provision at the National Assembly; contribute to and reshape the housing finance policies of the: Central Bank of Nigeria, Federal Mortgage Bank of Nigeria, Primary Mortgage Banks and Commercial banks, the Nigeria Mortgage Refinance Company; expedite the much needed reform in the mortgage finance sector, and thus promote the business interests of its members.

REDAN is the first port of call for the Federal, State and Local Governments, NGOs, and private establishments, as well as international partners and investors who wish to draw up a housing programme or participate in housing development in Nigeria.

REDAN collaborates and cooperates with all complementary institutions and organizations in the Housing and Real Estate Development Industry. It works in close concert with the Federal Ministry Power, Works and Housing; which has since assigned a fully functional desk for REDAN activities. The ministry is the key provider of land, from the articulated National Land Bank to facilitate REDAN sponsored projects.

REDAN is currently striving to expand this market through the federal capital market and foreign sources to ensure steady and hitch free financing towards the actualization of mass housing delivery for Nigerians.

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