OrderPaperToday – The Nigerian Senate on Wednesday considered and passed a bill to establish the Real Estate Regulatory Council of Nigeria.

The bill, which scaled third reading during plenary, was sponsored by Senator Aliyu Wamakko, read for the first time on April 28, 2021, and scaled second reading on June 22, 2021.

The bill, which was tagged: “The Real Estate Regulatory Council of Nigeria (Establishment) Bill, 2021” sought to curb fraudulent practices in order to ensure that the real estate business comply with the rules of the national building code in Nigeria.

The passage of the bill followed the consideration of a report by the Committee on Establishment and Public Service.

Senator Nicholas Tofowomo, who presented the report on behalf of the Committee Chairman, Ibrahim Shekarau, said the establishment of the council would provide efficient, effective and transparent administration of the business of real estate development in Nigeria.

According to Tofowomo, the Council would be responsible for prescribing minimum standards for the conduct of the businesses of real estate development across the country.

The lawmaker 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.

“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”, Tofowomo said.

The Council, when established, 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.

He also stated that it would create an innovative and sustainable environment to promote Nigeria as a real estate investment destination in Africa and the world.

In a related development, two bills seeking to establish the Federal Orthopedic Hospital, Patigi, Kwara State; and Federal University of Agriculture, Akure, Ondo State, have passed second reading in the Senate.

The bills were sponsored by Senators Sadiq Suleiman Umar (Kwara North) and Patrick Ayo Akinyelure (Ondo Central).

The bills after scaling second reading were referred by the Deputy Senate President, Ovie Omo-Agege, who presided over plenary on Wednesday, to the Committees on Health (Secondary and Tertiary); and Tertiary Institutions and TETFUND for further inputs.

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