The Senate on Wednesday passed a bill to establish the Real
Estate Regulatory Council of Nigeria.
The Council when established would, among others, curb
fraudulent practices to ensure that the real estate business confirms with the
National Building Code in Nigeria.
The bill is tagged, ‘The Real Estate Regulatory Council of
Nigeria (Establishment) Bill, 2021.’
It was sponsored by Senator Aliyu Wamakko and was read for
the first time on April 28, 2021, and a scaled second reading on June 22, 2021.
The Senate passed the bill after the consideration of a
report by the Committee on Establishment and Public Service.
The report was laid during plenary by the Deputy Chief Whip,
Senator Sabi Abdullahi.
Senator Nicholas Tofowomo presented the report on behalf of
the Committee Chairman, Ibrahim Shekarau.
He said the establishment of the Real Estate Council of
Nigeria would provide efficient, effective and transparent administration of
the business of real estate development in Nigeria
The lawmaker said the Council would be responsible for
prescribing minimum standards for the conduct of the businesses of real estate
development across the country.
He recalled that the bill seeking to establish the Real
Estate Council of Nigeria was passed by both chambers of the eighth National
Assembly, but was not assented to by the President, Major General Muhammadu
Buhari (retd.).
He said the President’s decision to withhold assent to the
bill was a result of certain observations raised by stakeholders at the time.
He said, “Those observations have been taken care of in this
report by the Committee following the engagement with stakeholders to ensure
that real estate business in Nigeria conforms with the Money Laundering Act
2011 (as amended) and the Nigeria Financial Intelligence Unit Act 2018 in terms
of Anti-Money Laundering and Counter-Terrorism Financing due diligence
compliance.”
He explained that when established, the Council would
standardize the business of real estate by regulating the conduct of
transactions; and provide enabling environment and transparency in the business
of real estate development in Nigeria.
The lawmaker stated that it would also curb fraudulent
practices to ensure that the real estate business confirms with the National
Building Code in Nigeria; as well as create an innovative and sustainable
environment to promote Nigeria as a real estate investment destination in
Africa and the world.
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