Wike Sets Partnership Terms For Real Estate Developers | Prestige Real Estate News

ABUJA – Barr. Nyesom Wike, the Minister of the Federal Capital Territory (FCT), 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 the association.

Speaking during a courtesy visit with REDAN at his Conference Hall in Area 11, Garki Abuja, Wike emphasized that the administration would only engage in partnerships with REDAN if the association provides a Bank Guarantee and signs a Memorandum of Understanding (MoU) to demonstrate their capacity and commitment to project completion within a stipulated timeframe.

Wike underscored the importance of accountability and warned that failure to fulfill obligations, including payment of ground rent and property taxes, would not be tolerated.

He emphasized that the government’s resources for development of FCT cannot come from oil well.

The Minister stressed the need for a mutually beneficial partnership, highlighting the potential for the government to also provide land for housing estates and questioning the practice of developers selling land allocated by the government.

He expressed openness to new models but stressed the importance of accountability and transparency.

Earlier, the REDAN 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.

The meeting sets the stage for a potential partnership between the FCT administration and REDAN, but with clear terms and expectations for accountability and transparency.”