53bn Mortgage Scam, Culprit Not Our Member – REDAN

African Housing News in an investigative move to authenticate the integrity of the claims by the Independent Corrupt Practice Commission (ICPC), on Sunday alledging to have recovered N53 billion from a real estate developer for the Federal Mortgage Bank of Nigeria (FMBN), had an exclusive interview with the President of the Real Estate Developers Association of Nigeria (REDAN), Aliyu Wammako.

Wammako who is also the Chief Executive Officer, Jedo Investment Company expressed his dissatisfaction at the recent development, speculating that the anti-graft commission may have been economical with the truth.

The REDAN boss, while challenging the ICPC to name the culprit, disclosed that REDAN have been in business with FMBN for many years now, and there has never been a time a single developer is given a facility to the tune of N10bn let alone of N53bn.

The REDAN CEO , who stated expressly that if at all the claims by the ICPC is true, then such a person is not a member of REDAN, and that he could either be a quack or a dubious person that has nothing to do with REDAN.

Wammako who however, expressed his knowledge of the series of money laundering and irregularities going on in the real estate sector, emphasized that those people are not members of REDAN, and therefore challenged the general public to present their receipts or any other document as proof of evidence if they have been duped by a member of REDAN, adding that the association stands to defend the integrity of the Real Estate Sector.

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