REDAN: Money Launderers Blocking Bill to Sanitise Real Estate Business
Emmanuel Addeh in Abuja
The Real Estate Developers Association of Nigeria (REDAN), has accused unnamed “big men” involved in money laundering and terrorism funding of blocking the bill meant to sanitise the sector in the country.
Speaking during a press briefing in Abuja, REDAN President, Dr. Aliyu Wammako, noted that the rejection of the bill by an ad-hoc committee of the House of Representatives after it was passed by the Senate , was suspicious.
The organisation is the umbrella body of the organised real estate sector, private and public, saddled with the responsibility of providing affordable housing for Nigerians.
While appreciating the efforts made so far by the ad-hoc committee in finding a lasting solution to the lingering land issues in Abuja and by extension in the entire country, Wammako, however stressed that some of the comments by the committee were contradictory.
The group acknowledged the committee over its comment that there is no clear regulatory legal framework for estate developers, hence the proliferation of “incompetent, inefficient and fraudulent developers” with the tendency to mislead the public.
REDAN, however, stated that it was taken aback by the committee’s description of the bill as ” unrealistic and therefore should be jettisoned”, stressing that the resolution was in clear contradiction of earlier observations which will spell disaster for the real estate sector.
“We are particularly very concerned about such a ‘hasty’ recommendation when indeed REDAN as well as other well-meaning institutions like the Economic and Financial Crimes Commission (EFCC), Nigeria Financial Intelligence Unit (NFIU), Special Control Unit Against Money Laundering (SCUML), scholars from many universities of learning international bodies, put in efforts in drafting the bill,” it stated.
Wammako noted that the objectives of the bill include among others, to standardise the business of real estate development in Nigeria by regulating the conduct of transactions in the real estate sector and provide enabling environment and transparency in the business of real estate development in Nigeria.
In addition the organisation said that the proposed law will make the business of real estate development in Nigeria conform to international best practices and safeguard the ultimate interest of all stakeholders in the business.
Furthermore, REDAN said that the bill will curb fraudulent practices in real estate development in Nigeria and ensure that it conforms with the national building code in Nigeria as well as align with the money laundering prohibition Act.
While stressing that the bill is in the overall interest of professionals, practitioners and all players in the built industry, the body noted that there was the need to regulate the industry, like it is done in other climes.
“We are not unaware of some developers, who are seriously averse to this bill and who have vowed to ensure that the bill does not pass at the Lower House.
“May we say that the only known reason for these developers not to want this bill to be passed is simply because they are likely the ones neck-deep in the money laundering business and financing of terrorism.
“They are obviously economic saboteurs and are ready to tarnish the image of Nigeria. They are working to perpetually stain Nigeria in the eyes of the world. If the business is regulated, the law enforcement agents and regulators will catch up with them and they will not only be exposed but their businesses will crumble.
“We say with no regrets that any developer seeking to jettison the bill in its entirety without making amendments, recommendations or inputs that could make the bill better is a perpetrator of money laundering and the authorities’ searchlight be beamed on such developers and their sponsors,” Wammako said.
