REDAN elects Adeoye as new president, promises to pursue positive change

Entrepreneurs, under the auspices of the Real Estate Developers Association of Nigeria (REDAN), have elected Mr  Akintoye Adeoye as president.

Adeoye takes over from Alhaji (Dr) Aliyu Oroji Wamakko, who has been steering the affairs of the association for the last four years.

Adeoye’s emergence came after the election conducted by the association during its 2024 Annual General Meeting in Lagos.

Other executive members to serve with him were also elected by the association.

Before his election, Adeoye had served as former first deputy president, national general secretary, vice chairman and chairman of REDAN South-West of the association at different times in the past.

In his acceptance speech, Adeoye promised to build on his predecessors achievements, seek collaboration and build relationship with stakeholders to move the association forward.

Adeoye said his vision would centre around pushing positive change and advancement within the real estate industry.

“I want to ensure that the industry strives. I will also engage with stakeholders and build relationships with them, all the goals and objectives they set individually during their tenure that are still pending I will work on them. My target is to make sure the association wins,” he said.

Through collaboration,  he promised to seek partnership and engage with government authorities and policy makers to advocate for favourable policies for the real estate industry.

He also promised to deploy technology to engage members more for easy visibility.

“We need to be more visible to them, we need to collaborate with them, we need to establish open communication with them.  It shouldn›t be just payment of subscription fee, we should also be able to create channels of communication so they can reach out to us especially when they have challenges,” Adeoye said.

The forum provided opportunity for the outgoing president of the association, Alhaji (Dr) Wamakko, to present his scorecard.

Apart from growing membership of the association by over 200 percent in four years, he said he initiated the Real Estate Regulations and Development Bill to the 9th National Assembly, which was passed by the Senate.

He disclosed that the association had stable relationship with both private and public housing finance institutions to provide the needed financial acumen for housing development in Nigeria.

“We are deeply involved in a partnership with the Family Homes Funds Limited, which is a government-sponsored establishment focused on financing social housing,” he said.

“We are also in collaboration with the Nigerian Mortgage Refinance Company (NMRC), a secondary mortgage bank financial institution that plays a crucial role in refinancing mortgages created by the Primary Mortgage Banks (PMBs) and Deposit Money Banks (DMB). PMBs are the firms primarily engaged in retail housing.

Additionally, the Mortgage Banking Association of Nigeria (MBAN), serving as the umbrella body for PMBs, maintains an effective interface with us.

“Beyond the shores of Nigeria, REDAN effectively partners with Shelter Afrique, a Pan African Housing finance institution, for the financing of members› housing programmes.

“We have a good understanding with the regulatory organizations that have oversight functions with the business of real estate and development.

“The Economic and Financial Crime Commission and her agency, the Special Control Unit on Money Laundering (SCUML) relates with the association in ensuring that extant laws relating to our sector are adhered to. We interface with them and participate in their training programmes, both within and outside the country,” Wamakko said.