Real estate is a conduit for money laundering, ex-REDAN president Wamakko says
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Former REDAN president Aliyu Wamakko has described real estate as a conduit for money laundering, urging the government to cut cement taxes and consider subsidies while calling for passage of the Real Estate Regulation and Development bill.
Aliyu Wamakko, a former president of the Real Estate Developers Association of Nigeria (REDAN) and chief executive of Jedo Investment, has identified real estate as a conduit for money laundering, saying he is optimistic that the passage of the Real Estate Regulation and Development (RECON) bill would curb corruption in the sector.
Addressing journalists in Abuja, Wamakko urged the government to cut taxes on cement production and to consider subsidies in order to bring down the rising cost of building materials and housing. He said a significant reduction in cement prices would ultimately lower property prices across the country.
He said 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," he said, adding that higher rents are rooted in the cost of building materials rather than landlords alone.
Wamakko said a bag of cement now costs about N13,000, up from N7,500 in March 2025. He called for a review of the multiple taxes and levies imposed on cement manufacturers and for incentives and subsidies so producers can sell at prices affordable to Nigerians.
On the housing deficit, he said the solution is for the government to channel more money into the Federal Mortgage Bank of Nigeria so that buyers can access affordable finance, suggesting an injection of not less than N1 trillion.