Wike gives REDAN condition for partnership - THE AUTHORITY NEWS

2024-05-09 22:07:04

THE AUTHORITY NEWS

The Minister of the Federal Capital Territory (FCT), Nyesom Wike has set condition for Real Estate Developers Association (REDAN)

to meet before partnering with the administration for housing project.

He asked the Association to provide a bank guarantee and signs a Memorandum of Understanding (MoU) to demonstrate its capacity to deliver on a set timeframe to deliver project.

Wike stated this when the leadership of REDAN, led by its chairman Dr Ehikioya Okoruwa visited him in Abuja on Thursday.

Wike said accountability remains key , and warned against failure to fulfill obligations, including payment of ground rent and property taxes, would not be tolerated.

He emphasized that the government's resources for development of FCT cannot come from oil well.

He explained that resources for developing FCT cannot come from oil well.

The Minister stressed the need for a mutually beneficial partnership, highlighting the potential for the government to also provide land for housing estates and questioning the practice of developers selling land allocated by the government.

He expressed commitment to new models but stressed the importance of accountability and transparency.

Earlier, the REDAN Chairman, Dr Ehikioya Okoruwa, assured the Minister of the association's readiness to cooperate and outlined plans to build 15,000 houses to address the housing deficit.

He highlighted a potential investment of N262 billion, with the FCT administration standing to benefit N65 billion if supported.

Okoruwa also assured that REDAN is working with security agencies to address land racketeering, emphasizing the association's commitment to ethical practices and accountability.

The meeting sets the stage for a potential partnership between the FCT administration and REDAN, but with clear terms and expectations for accountability and transparency."

2024-05-09 News