The Nigerian Senate on Wednesday passed a bill to establish the Real Estate Regulatory Council of Nigeria.
The Council, when established, will, among other things, curb fraudulent practices and ensure that the real estate business sector conforms with the National Building Code in Nigeria.
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The Nigerian real estate sector has been largely unregulated, a situation that has allowed unscrupulous developers defraud home owners who pay without being given houses.
The bill, titled “The Real Estate Regulatory Council of Nigeria (Establishment) Bill, 2021”, was sponsored by Senator Aliyu Wamakko.
The passage of the bill was sequel to the consideration of a report on the bill by the Senate Committee on Establishment and Public Service.
The report was presented during plenary by the Deputy Chief Whip, Senator Aliyu Sabi Abdullahi.
Senator Nicholas Tofowomo, who presented the report on behalf of the senate 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 the country.
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.”
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.
The senator said the President’s refusal to withhold assent to the bill was not unconnected with certain observations raised by stakeholders at the time.
He stressed that when established, the Council would standardize the business of real estate by regulating the conduct of transactions.
It will also provide an enabling environment and transparency in the business of real estate development in Nigeria.
Senator Tofowomo stated that the Council would also curb fraudulent practices to ensure that the real estate business conforms with the National Building Code in Nigeria.
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He further said that this would create an innovative and sustainable environment to promote Nigeria as a real estate investment destination in Africa and the world.
