Senate passes Real Estate Regulatory Council Bill

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

The council will, amongst other things, curb fraudulent practices to ensure the real estate business confirms with the National Building Code in Nigeria. 

The bill, sponsored by Senator Aliyu Wamakko, was passed after the consideration of a report by the Committee on Establishment and Public Service. 

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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.

He said 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 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.  

He 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.