Nigerian Senate on Wednesday passed a bill to establish the Real Estate Regulatory Council of Nigeria, which will, among other things, curb fraudulent practices to ensure the real estate business confirms with the National Building Code in Nigeria.
Sponsored by Senator Aliyu Wamakko, the bill was passed after the consideration of a report by the Committee on Establishment and Public Service.
The report was presented by Senator Nicholas Tofowomo on behalf of the committee chairman, Ibrahim Shekarau.
He said during the presentation that 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 him, the council would be responsible for prescribing minimum standards for the conduct of the businesses of real estate development across the country, while recalling that the bill seeking to establish the Real Estate Council of Nigeria was passed by both chambers of the 8th National Assembly, but was not assented to by President Muhammadu Buhari.
“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.
According to him, 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