Senate passes bill for establishment of real estate regulatory council

The senate, on Wednesday, passed a bill to establish the real estate regulatory council of Nigeria.

The passage of the bill followed the consideration of a report by the senate committee on establishment and public service during plenary.

The report was presented by Nicholas Tofowomo, senator representing Ondo south, on behalf of Ibrahim Shekarau, the committee chairman.

The bill was sponsored by Aliyu Wamakko, senator representing Sokoto north.

It was read for the first time on April 28 and scaled second reading on June 22.

Wamakko 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 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 said.

He said the council will be responsible for prescribing minimum standards for the conduct of the businesses of real estate development across the country.

The lawmaker added 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 conforms with the money laundering act 2011 (as amended),” he said.