The Real Estate Developers Association of Nigeria (REDAN) has commended the Economic and Financial Crimes Commission (EFCC) for its record-breaking recovery of 753 duplexes and other properties in Abuja.
The President and Chairman of Council, Real Estate Developers Association of Nigeria (REDAN), Prince Akintoye Adeoye, said this underscored the EFCC’s unwavering commitment to combating corruption and ensuring the return of unlawfully acquired assets to the nation.
As the umbrella body for the organized real estate sector in Nigeria, he said that REDAN remains unwavering in its dedication to eradicating money laundering, terrorism financing, and economic sabotage within the industry.
“We are committed to fostering a real estate sector that prioritizes ethical practices, transparency, and adherence to regulatory standards, ensuring it serves as a driver of national development rather than a conduit for illicit activities.
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“REDAN fully supports the EFCC’s mandate, recognizing the critical role they play in combating money laundering and terrorism financing within Nigeria’s real estate sector,” he said.
Adeoye explained that significant asset recoveries such as this demonstrated a robust approach to tackling corruption, undermining the power of individuals engaged in unscrupulous activities, and deterring others from following the same path.
“We also commend the EFCC Chairman, Mr. Ola Olukoyede, and his team for their outstanding efforts in advancing the anti-corruption agenda of President Bola Ahmed Tinubu.
“Their relentless pursuit of integrity and accountability strengthens public confidence in Nigeria’s fight against financial crimes and sets a high standard for governance and justice.
“REDAN remains committed to working alongside the EFCC to enhance due diligence, promote ethical practices, and ensure sustainable growth within the real estate industry,” he added.
Depriving corrupt individuals of the proceeds of their crimes, Adeoye said remained a vital step in ensuring such resources are not used to undermine investigations or perpetuate further criminal activities.
“In light of this monumental recovery, he said that REDAN is recommending that the Federal Government of Nigeria should sell the recovered estate in its current state and channel the proceeds towards recapitalizing the Federal Mortgage Bank of Nigeria (FMBN).
He continued, “This strategic move will empower the FMBN to better serve Nigerians in their quest for affordable housing, addressing the nation’s significant housing deficit.”
“We also commend the judiciary, particularly Justice Jude Onwuegbuzie, for upholding the rule of law in granting the final forfeiture. This ruling reinforces public confidence in the judiciary and highlights the collective efforts required to combat corruption in Nigeria.”
REDAN, according to him, reiterated its unwavering commitment to fostering a real estate sector that contributes meaningfully to the economic prosperity of all Nigerians.
He urged all stakeholders to embrace ethical practices and support initiatives like the REDAN-proposed Real Estate Regulation Bill, which is designed to promote integrity, sustainability, and accountability within the real estate industry.
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