A Bill to establish the Real Estate Regulatory Council of Nigeria Bill, 2021 passed third reading, on Wednesday, in the Senate.
The Bill sponsored by former Sokoto State governor and Senator representing Sokoto North Central, Aliyu Wamakko,
was read for the first time on April 28, 2021, and scaled the second reading on June 22, 2021.
The Council when established, would, amongst other functions, curb fraudulent practices to ensure that the real estate business conforms with the National Building Code in Nigeria.
The passage of the bill was sequel to the consideration of a report by the Committee on Establishment and Public Service.
The report was laid during the plenary by the Deputy Chief Whip, Aliyu Sabi Abdullahi.
Senator representing Ondo South Senatorial district, Nicholas Tofowomo, presented the report on behalf of the Committee Chairman, Ibrahim Shekarau.
Senator Tofowomo informed his colleagues that 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.
According to the lawmaker, 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 President Muhammadu Buhari.
He said the President’s decision to withhold assent to the bill was as 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 confirms 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 expressed the hope that once given Presidential assent, 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 noted further 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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Senate passes Bill to establish Real Estate Regulatory Council
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