The Real Estate Developers Association of Nigeria (REDAN) has proposed a Certificate of Professional Good Standing for real estate developers to strengthen industry regulation.

The president of REDAN, Akintoye Adeoye, made the proposal during the National Housing Data Programme Workshop organised by the Federal Ministry of Housing and Urban Development in Abuja.

A copy of the paper presented by Mr Adeoye, the traditional ruler of Okeigbo community in Ondo State, was obtained by journalists on Sunday.

Mr Adeoye said the certificate should become a prerequisite for the issuance and periodic renewal of developers’ licences under the emerging statutory or policy framework.

He said the proposal would require an appropriate legal and regulatory architecture, with final decisions resting with the Federal Executive Council and the National Assembly.

Mr Adeoye said the certificate should represent more than the payment of membership dues.

“Membership alone is not proof of compliance with regulatory standards.

“The proposed certificate can confirm verified corporate information and beneficial ownership information where required.

“It can also verify responsible principal officers and compliance with membership standards,” he said.

Mr Adeoye said the certificate would cover completed continuing professional development and a signed ethics declaration.

According to him, it would also confirm anti-money laundering compliance and professional team requirements, where applicable.

He added that verified development history, complaints and disciplinary status would also be covered.

Mr Adeoye also proposed an Annual Developer Practice Certificate to ensure developers maintained professional standing through continuous compliance.

“Professional standing should not last forever simply because a developer registered once,” he said.

He proposed an annual certification cycle, saying developers must earn their professional standing each year.

Mr Adeoye said the proposals would transform the developers’ register into a system promoting continuous professional development, ethical conduct and accountability. 

(NAN)