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Affordable Housing: REDAN Urges FG To Re-Capitalise Federal Mortgage Bank



Real Estate Developers Association of Nigeria (REDAN), South East zone, has held her 2021 edition of Akulueuno housing summit and exhibition, with a call on the Federal Government to urgently re-capitalise the Federal Mortgage Bank of Nigeria to enable it improve its capacity to deliver low and affordable houses to Nigerian populace

President of REDAN, Dr. Aliyu Wamakko, made the call in Enugu on Thursday in his address at the summit, held at Amadeo Event Centre, Enugu.


Wamakko commended the Federal Government for setting -up the bank , aimed at bridging the housing gap needs of Nigerians.



e lamented that the capacity of the bank to deliver on its mandates had been bedevilled with low capital standing.

He said: “The country is growing and the need for housing is expanding and the Federal Mortgage Bank needs to be re-capitalised to meet modern challenges and increase the need for housing now more than before.”


Wamakko, who also gave an update on the association’s pursuit for legal backing, appealed to the National Assembly and Houses of Assembly to pass the said Bill put forward by stakeholders in the industry in order to check quackery and ensure standardization of estate businesses, procedures and practices.

“This singular bill, when passed, will transform the way estate businesses, procedures and practices in the industry will be carried out in the federation as well as check quackery practitioners in the country,” Wamakko said.


He explained that in line with REDAN’s mandate to develop affordable homes to Nigerians, the 6th executive of REDAN had come up with a National Housing Programme tagged: “Rural-Urban Housing Initiative (RUHI-774).

The president added that “the scheme is to develop at least 100 affordable housing units in each of the 774 local government councils of the federation including the FCT where viable and feasible.


“The main essence of Akulueuno in my own analysis is to bring together critical stakeholders in the housing value chain in the South-East region with the understanding that interface and collaboration will be enhanced.

“This will help to strengthen, upscale and unlock the potentials of the real estate and housing sector in the region in particular and Nigeria at large.”


In his speech at the event, the Executive Director of the Federal Mortgage Bank of Nigeria, Melville Ebo, assured REDAN of the bank’s and Federal Government’s cooperation to ensure Nigerians own decent and affordable homes.

He said that the bank was focused on low income earners in the society, who can at least contribute 2.5 per cent of their monthly earnings.


He said that the bank has programmes,such as, housing development loans, which can be accessed by its contributors; the bank also had home renovation loans as well.

“The Federal Government is highly committed to provide low cost and affordable shelters for all Nigerians and it is doing this through various intervention programmes and partnerships,’’ he said.


Earlier in his welcome address, the Vice- President of REDAN South-East, Pastor Chidiebere Makuachukwu Udeigwe, said that the summit had brought together researchers, innovative minds and a broad spectrum of stakeholders in the industry together to showcase innovations meant to push the industry forward.

“The South East Housing Summit and Exhibitions (aka Akulueuno) is an educative and promotional summit geared towards bringing various stakeholders, intending off-takerd and other interest in the building and construction industry to examine and profet solutions to issues and bottlenecks that may hinder the progressive and sustainable development of the industry.


“It is poised to exposing the available incentives of REDAN such that will benefit both classes of the populace. It is being strategically hosted in the South East, Nigeria.
” It enhances and encourages the discovery exposure and promotion of the housing industry potentials opportunities and investments in the region. To guide genuine off-takers on fitting into affordable housing through showcasing current on-going housing schemes.
” The summit is set to bringing on board to functionaries in the three tiers of government ,professionals in the building and construction industry, scholars in related departments
According to him, the event, which has the Theme, “Affordable Housing in the Current Economic Circumstances”, would address various critical issues and bottlenecks hindering the sustainable development and growth of the Real Estate industry such as investment opportunities technology ,land administration, policy formulations, professionalism,e-sign and planning, project finance, among others.
“Pave the way for the discovery of potentials and opportunities inherent in the industry.
“Nurture an enduring platform that will be positioned as a simulator and catalyst for the growth of the industry.
“Create a new haven for professionals in the industry to share and exchange new ideas.
” Create a level playing ground for participants and stakeholders to cross- pollinate and network on new innovations and ideas.
“Promote and encourage local content and technology in the industry.
“Encourage research and strict quality assessment in the development of materials and services for the industry.
“Sustain on various benefits and solutions articulated during every summit.
“Create a fertile ground for participants, stakeholders and corporate bodies to network and attract visibilities, exposures and patronage toward their products and services,” he said.
He added that : “The summit has heralded the knowledge of real estate to our people all over the world that the South-East is conducive and safe for their investment, especially in the housing and real estate industry.

“It also created an avenue for them to meet genuine REDAN members ready to build, sell or do mortgage arrangements on a house or land property.


In his presentation, former President of REDAN, Rev. Ugochukwu Chime, spoke on the Theme of the summit, ” Affordable Housing in the Current Economic Circumstances”. He noted that housing development is not only for shelter but for economic and employment gains. He urged REDAN members to be active players in housing development and work together to achieve success.

He advised members to embrace the Central Bank of Nigera’s loan scheme,”Anchor borrowers’ to enable them operate well, saying, the scheme “is the future for Developers’.


Enugu State Governor, Ifeanyi Ugwuanyi, was honoured with the “Most Business Friendly Governor’’ award.

Other awardees included Albert Edeoga, President of REDAN, Dr Aliyu Wamakko, Executive Director, Federal Mortgage Bank, Melville Ebo, Vice-President,REDAN, South East zone,Engr. Pastor Makuachukwu Udeigwe, GMD,COPED and immediate past president of REDAN, Rev. Survyor Ugochukwu Chime, Enugu state Commissioner for Land, Victor Nnam, A G.Mortgage Bank, Enugu State Housing Corporation and Architect Munachiso Okorocha.


There were housing exhibitions and presentation of cultural dance by Citadel School, Enugu.