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The former President of the Real Estate Developers Association of Nigeria (REDAN), Aliyu Wamakko, has identified real estate as a conduit for money laundering.
Wamakko, who addressed select journalists yesterday in Abuja, expressed optimism that the passage of the Real Estate Regulation and Development (RECON) would tame corruption plaguing the sector.
The Chief Executive Officer of Jedo Investment further encouraged the government to cut taxes in cement production and mull subsidies to bring down the rising cost of building materials and housing in Nigeria.
He explained that a significant slash in cement cost would ultimately reduce the prices of public property across the country.
He explained that the soaring prices of cement and iron rods were worsening Nigeria’s housing deficit and making home ownership unaffordable for ordinary Nigerians.
“The most nagging issue today in Nigeria is the price of building materials.
“People are complaining of paying higher rent. You don’t have to see the fault of the landlords because they go to the same market you go as a tenant.
“The higher cost of rent now in Nigeria doesn’t come by accident. It has its genesis in the cost of building materials in the country.
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“Presently, cement is about N13,000 per bag. As far as March 2025, I bought cement for N7,500. So now it is about N13,000 and moving upward,” he said.
In addition, he stressed that the government should review the multiple taxes and levies imposed on cement manufacturers to enable them to reduce prices.
He specifically called for incentives and subsidies for cement production, noting that cheaper building materials would ultimately reduce the cost of housing.
He said: “If they want to give a solution to the whole saga, they should be able to bring at least a subsidy in terms of cement production and cut all the taxes that have been associated with it so that the producers can sell cement at a price that is affordable to Nigerians.
“And I’m sure that will bring down the cost of houses in Nigeria as well.
“The solution to the housing deficit in the country is for the government to channel more money into the Federal Mortgage Bank so that people can get affordable finance for affordable construction.
“We are thinking of at least not less than N1 trillion into the Federal Mortgage Bank.”
