Senate Passes Bill To Establish Real Estate Regulatory Council

The Senate on Wednesday passed a bill to establish the Real Estate Regulatory Council of Nigeria.

The bill sponsored by Senator Aliyu Wamako is tagged: The Real Estate Regulatory Council of Nigeria (Establishment) Bill, 2021. 

The Council, when established, would amongst others, curb fraudulent practices to ensure that the real estate business confirms with 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 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 which has been addressed.

He explained that when established, the Council would standardize the business of real estate by regulating the conduct of transactions, provide enabling environment, and transparency in the business of real estate development in Nigeria.   

The lawmaker stated that it would also curb fraudulent practices as well as create innovative and sustainable environment to promote Nigeria as a real estate investment destination in Africa and the world.