Chairman of the FCT Chapter of the Real Estate Developers Association of Nigeria (REDAN), Osilama Emmanuel Osilama, while speaking with the press at the Africa International Housing Show (AIHS) said that REDAN’s Real Estate Regulatory Council of Nigeria (RECON) Bill, when eventually passed into law will regulate the activities of real estate developers, some of whom he said exercise more powers than the association.
Describing real estate activities as a sensitive environment, Osilama said REDAN on its own, cannot take laws into their own hands, therefore, needs the powers to operate and checkmate the activities of its members and non-members creating problems for innocent Nigerians.
Osilama who is the Group Chairman/CEO, Nuel Osilama Global, said ‘regulatory’ means you can be able to call your members to order.
“REDAN requires the power to operate because the environment is very sensitive and the association on its own cannot take laws into their hands and so for now, it is self regulatory. There are some people that have become very powerful by virtue of the kind of money they have. Some REDAN members are very powerful, you can’t control them, except through regulation.
“When they are wrong, you can withdraw their seal but, because we are in a situation where they don’t need you for anything, you don’t have anything to say to them. REDAN will become more powerful and useful if REDAN Bill is signed. It will have the power to regulate the activities of its members. Even those that are not yet members but, practicing real estate, the association can be able to set out rules and regulations which they must follow.
“This bill was sent to the Nigerian parliament and it is believed to be at the desk of the Nigerian President. REDAN has been doing a lot and we still have a lot to do quickly and get it right by creating the right environment.
“One of such environment is government that can do that, understanding the need to sign the REDAN Bill to give the association regulatory agency means you can be able to call your members to order.
“You can withdraw their seal but in a situation where they don’t need you for anything, you don’t have anything to do to them. REDAN will become more powerful and useful if REDAN Bill is signed. It will have the power to regulate the activities of its members. Even those not yet members of REDAN but, practicing real estate, the association can be able to set out rules and regulations which they must follow.
On the state of the REDAN Bill, he said “I’m aware that the Senate passed the bill long time ago and the Reps have concurred to it. So, the bill is before the President of the country to sign which is the final stage.
“Because, this bill may be conflicting with some existing professional bodies, but if for any reason this bill have some complications, I recommend that the President should point them out so such provisions can be expunged and the bill returned to NASS for a new passage.
“I’m not aware why the former president did not sign but, if a bill was stepped down, I don’t think the same bill will be taken to another president. I’m sure that if the previous president did not sign, it could be because it was not ready.
“If this president has not signed, it could be because they have not been able to convince him”, Osilama added.
He praised the organisers of the AIHS, an event he said he has been participating for the past decade. “The AIHS is a global event and I would say it’s one of the best things that have happened to Africa. People come from all over the world, they meet people, discuss ideas and ways to move the built industry forward.
“So, it’s a good platform that brings people from different parts of the world together. Something sparks up in me anytime I come here because, when you hear different professionals speak on this platform, you learn a lot things from them”.