REDAN Commends EFCC on Recovery of 753 Properties in Abuja, Urges Reinvestment into Affordable Housing
The Real Estate Developers Association of Nigeria (REDAN) has welcomed the Economic and Financial Crimes Commission’s (EFCC) recovery of 753 duplexes and other properties in the Lokogoma District of Abuja, describing it as a significant step in strengthening transparency and accountability within the country’s real estate sector.
According to REDAN President, Prince Akintoye Adeoye, the recovery represents a milestone achievement in the fight against economic crimes, money laundering, and terrorism financing. Adeoye noted that the EFCC’s action underscores its growing resolve to tackle illicit activities within Nigeria’s property market.
He further praised EFCC Chairman, Mr. Ola Olukoyede, and his team for driving forward President Bola Ahmed Tinubu’s anti-corruption agenda, adding that the successful forfeiture granted by Justice Jude Onwuegbuzie reinforces public confidence in the judiciary’s role in upholding accountability.
Call for Strategic Reinvestment
Beyond the recovery itself, REDAN urged the Federal Government to take a pragmatic approach by selling the forfeited assets and channelling the proceeds into recapitalising the Federal Mortgage Bank of Nigeria (FMBN). Adeoye argued that such reinvestment would expand the bank’s capacity to fund affordable housing projects, bridging the nation’s housing deficit and directly benefiting citizens.
Push for Stronger Regulation
The association also reiterated its commitment to fostering integrity, transparency, and sustainable growth in the sector. REDAN renewed its call for the passage of the Real Estate Regulation Bill, stressing that a regulated framework is necessary to curb fraudulent practices, attract investment, and strengthen industry-wide accountability.
Outlook
The EFCC’s landmark recovery of 753 properties highlights the growing collaboration between Nigeria’s anti-corruption agencies, judiciary, and industry stakeholders in sanitizing the property market. However, whether the seized assets will translate into tangible solutions for affordable housing depends on the Federal Government’s next steps.
For investors and policymakers, the development signals both a firmer stance against corruption and a reminder of the pressing need for systemic reforms to build a real estate sector anchored on credibility and long-term sustainability.
