The Senate, on Wednesday, passed a Bill to create the Real Estate Regulatory Council of Nigeria.
The bill’s passage came after the deliberation on a report presented by the Senate Committee on Establishment and Public Service during plenary.
The report was submitted by Sen. Nicholas Tofowomo (PDP-Ondo) on behalf of the Committee Chairman, Sen. Ibrahim Shekarau.
The Bill tagged, “Real Estate Regulatory Council of Nigeria (Establishment) Bill, 2021″ was sponsored by Sen. Aliyu Wamakko.
The bill’s first reading was on April 28 and scaled second reading on June 22.
According to the senator the creation of the Real Estate Council of Nigeria would bring about efficient, effective and transparent administration of the business of real estate development in Nigeria.
“The Council when established, would among others, curb fraudulent practices to ensure that the real estate business conforms with the National Building Code in Nigeria.”
He noted that the Council will be responsible for advising on the minimum standards for the conduct of the businesses of real estate development across Nigeria.
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 pointed out that Buhari’s withheld assent to the Bill was due to certain observations brought forward by stakeholders at the time.
“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).”
