Nigeria’s Senate has passed a bill for the establishment of a real estate regulatory council.
Gatekeepers News reports that Nigeria’s senate has passed a bill to establish the real estate regulatory council of Nigeria.
The bill was sponsored by the senator representing Sokoto north, Aliyu Wamakko.
The bill was read for the first time on April 28 and scaled the second reading on June 22.
The bill’s passage followed the consideration of a report by the senate committee on the establishment and public service during plenary on Wednesday.
The report was presented by the senator representing Ondo South, Nicholas Tofowomo, on behalf of the committee chairman, Ibrahim Shekarau.
Wamakko noted that the establishment of the Real Estate Council of Nigeria would provide efficient, effective and transparent administration of real estate development in Nigeria.
He said the council would be responsible for prescribing minimum standards for the conduct of real estate development businesses across the country.
“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.
Wamakko 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 resulted from specific 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 added.
