Real estate developers ready for a showdown with government

Chika Ebuzor 21:15 - 20 May 2015

Real estate regulatory body in the pipes.

Rev. Chime, from his point of view, argues that the government is trying to run away from its responsibilities by blaming the Mortgage bank.

Stakeholders have reacted, following the exchange of words and trading of blames, with respect to the housing bond, sponsored by the Federal government of Nigeria.

The president of the Real Estate Developers Association of Nigeria (REDAN), Rev Ugo Chime said that the government should look for a way to solve the current impasse, instead of passing blames.

He stated that the guarantee backing the housing bond is irreversible and irrevocable. Adding that the government should keep to the agreement, because it will bring disrepute to Nigeria’s bond market and government policies also.

You will recall that the co-ordinating minister for the economy and minister for finance, Dr. Ngozi Okonjo-Iweala, issued a directive to the Federal Mortgage Bank of Nigeria to sell off its assets and redeem the guarantee.

Rev. Chime, from his point of view, argues that the government is trying to run away from its responsibilities by blaming the Mortgage bank.