Business
REDAN Targets 400,000 Housing Units By Dec, 31
The President of Real Estate Developers Association of Nigeria (REDAN), Mr Olabode Afolayan,on Wednesday said the association planned to build 400, 000 housing units nationwide by Dec. 31.
Afolayan told newsmen in Lagos that the 400,000 units estimate was from the various developments handled by his members nationwide in the year.
He said the total number of housing units produced by REDAN members nationwide in 2010 was 80, 802, saying that they intended to make progress this year.
“The estimate of 400, 000 housing units by REDAN is what our members planned to do earlier this year.
“Last year, we accomplished 80, 802 housing units with few major developers; 400, 000 will not pose much problem, especially with many developers doing something nationwide.
“Some of our members have estates at various stages of completion. Some are financed by Federal Mortgage Bank of Nigeria (FMBN) loans and others by customer finance schemes,” he said.
The REDAN boss said that about 40 major developers used state organs to develop about 2,000 housing units each, which would account for 80, 000 housing units alone.
He said that some of his members were active at state levels because the state governments wanted to use housing to provide dividend of democracy to the people.
Afolayan said the association decided to have a land bank, throughout the federation, for the members, to handle challenges posed by land acquisition.
He said the association was also working out modalities to enable members to access funds from Shelter Afrique.
The expert said the association encouraged FMBN to develop an Internal Land Registry to enable the members access FMBN Estate Development Loans.
According to him, REDAN has started compiling the number of housing units completed by its members and expressed optimism that the number would reach 400,000 by the time it would be released in 2012.
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President Bola Ahmed Tinubu has established a Presidential Petroleum Reform and Value Optimisation Taskforce to design and sequence the next phase of structural reforms in Nigeria’s petroleum sector.
The President appointed the co-founder of Guaranty Trust Bank(GTB) and founder/chairman of the Fate Foundation, Fola Adeola, as chairman of the task force.
A statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, at the weekend, disclosed that the task force would operate as a time-bound, high-level executive working group tasked with producing execution-ready reform blueprints.
According to the statement, the task force would consolidate ongoing reforms, unlock capital within the petroleum sector, and strengthen Nigeria’s position as a leading global energy investment destination.
“The initiative reflects the President’s commitment to transforming Nigeria’s petroleum industry into a more competitive, transparent, and value-maximising sector capable of driving long-term economic growth, macroeconomic resilience, and industrial development,” the statement said.
The taskforce would operate as a technical reform body rather than a representative committee, engaging industry operators, regulators, investors, and civil society as consultees while focusing on actionable policy design and implementation strategies.
It would report directly to the President and provide monthly progress memoranda, with an interim report expected after three months and final outputs within six months of inauguration.
It stated “President Tinubu has directed the task force to deliver three major reform blueprints.
“The first deliverable is the Implementation Toolkit for Immediate Structural Fixes, including draft legislative amendments, executive instruments, and institutional restructuring proposals.
“The second deliverable is the Capital & Liquidity Acceleration Blueprint, aimed at unlocking $5bn to $10bn in sectoral liquidity while safeguarding Nigeria’s sovereign interests.
“The third blueprint will focus on the National Energy Transformation Strategy, a 10-year roadmap with measurable targets for production, foreign exchange earnings, GDP contribution, and cost competitiveness”.
Tinubu has directed all ministries, departments, agencies, regulators, and relevant institutions to provide full technical support to the task force and to submit inventories of ongoing initiatives to ensure alignment with the emerging reform framework.
The President also directed all existing committees, teams, and working groups established under various reform initiatives within the sector to align their activities, reporting structures, and work programmes with the new taskforce.
“The streamlining will ensure coordination, avoid duplication of mandates, and provide institutional clarity, thereby ensuring coherence in the petroleum sector reform architecture,” the statement noted.
The President further directed that all relevant documentation, institutional knowledge, and ongoing workstreams should be made available to the task force to support the development and implementation of its comprehensive reform framework.
Onanuga described the creation of the taskforce as “a strategic presidential instrument to accelerate petroleum sector reforms, strengthen governance architecture, optimise national energy assets, and position Nigeria’s petroleum resources as a foundation for sustainable economic transformation.”
The task force would automatically dissolve upon submission and acceptance of its final report.
Other members of the taskforce are Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye, and Seyi Bella, with Mofoluwasho Fadayomi serving as secretary.
The Nigerian Content Development and Monitoring Board (NCDMB), on Monday signed an international management agreement (IMA), with Radisson Hospitality, Belgium and Edison Hotel and Property Development Company with respect to the Board’s 204 rooms hotel and conference center, developed adjacent to the Content Tower, headquarters of the NCDMB in Yenagoa, the Bayelsa State.
A statement by the Board’s Directorate of Corporate Communications says the management agreement was signed in Durban, South Africa by the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, Executive Chairman of Edison Corporation, Mr. Vivian Reedy and Director of Radisson, Mr. Garnier Erwan.
Giving assent to the agreement, Ogbe affirmed that discussions, reviews, and compliance requirements have lasted for over two years, and that the Board secured the approval of all key stakeholders, including the Attorney?General of the Federation and Minister of Justice, Lateef Olasunkanmi Fagbemi, SAN.
“The support of stakeholders ensured that the Agreement meets Nigeria’s legal and regulatory standards.The aspiration of the NCDMB is to deliver a world?class hotel in Yenagoa, Bayelsa State with a fully equipped conference centre—designed to serve the oil and gas industry stakeholders and the Nigerian public”, he said.
He pledged the NCDMB’S commitment to completing the hotel on schedule time and achieving the opening in December, 2026.
“We appreciate our responsibilities—construction quality, pre?opening readiness, funding, safety and security compliance, and maintaining Radisson’s global standard. We will do our best to meet our obligations”, Ogbe added.
The Board’s Scribe charged the Hospitality firm to bring its expertise, systems, and brand strength to deliver a hotel that offers excellent service and guest experience, expressing hope that the partnership with Edison Hotels will create a facility that reflects global quality and supports Bayelsa’s position as an oil and gas hub.
“This project reflects NCDMB’S commitment to using strategic investments to boost productivity, attract investment, build local content, and expand opportunities for business and tourism in Nigeria when completed.
“Radisson Hotel and Conference Center Yenagoa will stand not only as a hotel, but also as a symbol of what strong partnerships can achieve”, Ogbe noted.
In his remarks, Executive Chairman of Edison Corporation, Vivian Reedy described the organisation’s role as a bridge between the owner and the operator, highlighting the group’s intensive experience in the hotel industry, and determination to ensure alignment, transparency, accountability and performance.
“We understand that a successful hotel is not just about buildings. It is about disciplined management, strong oversight, brand integrity, and a shared commitment to excellence.
“Part of our firm’s responsibility is to ensure that the hotel is delivered, operated, and managed in a manner that protects and announces the owner’s investment, while fully supporting Radisson in achieving operational excellence”, he said.
The Edison boss assured that working closely with Radisson and NCDMB’s team, the Radisson Hotel and Conference Center, Yenagoa will become the leading hospitality and conference destination in Bayelsa State, saying it is catalyst for business and investment, and a symbol of quality professionalism and international standards.
He emphasized that the firm has had wonderful successes with Radisson in other locations, even achieving 95% occupancies, noting that the company’s approach is to strengthen governance, support performance, and ensure the interests of the owners are always safeguarded.
“This project represents more than a hotel. It represents a partnership, a trust, and a long-term vision for sustainable value creation. We thank Radisson for its global expertise and operational excellence.
“Edison is fully committed to ensuring that the asset performs strongly, operates efficiently, and delivers lasting value to its owner”, the firm said.
In his speech, the Attorney-General of the Federation Chief Lateef Fagbemi, SAN, representative by Mr. Wada Ahmed Wada described the signing ceremony as historic and wished the parties success in their business relationship.
By Ariwera Ibibo-Howells, Yenagoa
Senior government officials and foreign investors operating in Nigeria met in Abuja on Thursday as the Presidential Enabling Business Environment Council (PEBEC) convened the Third Existing Foreign Direct Investors (FDI) Roundtable to address challenges affecting the country’s investment climate.
The high-level engagement, held at the Banquet Hall of the Presidential Villa, brought together top policymakers and representatives of foreign companies for discussions aimed at improving Nigeria’s business environment and strengthening investor confidence.
The roundtable forms part of PEBEC’s efforts to deepen collaboration between government institutions and the private sector while ensuring that ongoing reforms translate into tangible improvements for investors already operating in the country.
Opening the session, Senator Ibrahim Hadejia, Deputy Chief of Staff to the President, welcomed participants on behalf of the Vice President and Chairman of PEBEC, reiterating the Federal Government’s commitment to maintaining a stable and transparent business environment that supports investment and economic growth.
In her remarks, the Director-General of PEBEC, Princess Zahrah Mustapha Audu, said the council remains committed to sustained engagement with investors and coordinated implementation of reforms across government agencies.
She noted that existing foreign investors play a critical role in Nigeria’s economic development through job creation, capital investment, technology transfer, and supply chain development.
According to her, PEBEC’s engagement strategy prioritises listening to investors already operating in the country in order to identify and address operational challenges affecting their businesses.
The roundtable featured presentations and interactive discussions with senior government officials responsible for regulatory and policy frameworks affecting investors.
Among them were the Executive Chairman of the Nigeria Revenue Service, Dr. Zacch Adedeji; the Comptroller-General of the Nigeria Customs Service, Bashir Adewale Adeniyi; and the Inspector-General of Police, IGP Olutunji Rilwan Disu.
Also participating virtually was Mr. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms and Minister of State for Finance-designate, who spoke on ongoing fiscal and tax reform initiatives aimed at improving tax certainty and strengthening revenue administration.
During the discussions, investors raised technical questions and shared insights on issues relating to security, tax administration, customs procedures and fiscal policy reforms.
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