Nigeria’s Parliament on Wednesday passed a bill to establish the Real Estate Regulatory Council of Nigeria.
The Council when established would, among others, curb fraudulent practices to ensure that the Real Estate business confirms with the National Building Code in Nigeria.
The bill is tagged, ‘The Real Estate Regulatory Council of Nigeria (Establishment) Bill, 2021.’
It was sponsored by Senator Aliyu Wamakko and was read for the first time on April 28, 2021, and a scaled second reading on June 22, 2021.
The Senate passed the bill after the consideration of a report by the Committee on Establishment and Public Service, after the report was laid during plenary by the Deputy Chief Whip, Senator Sabi Abdullahi.
Senator Nicholas Tofowomo presented the report on behalf of the Committee Chairman, Ibrahim Shekarau.
He 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 lawmaker said the Council would be responsible for prescribing minimum standards for the conduct of the businesses of real estate development across the country.
He explained that when established, 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.
The lawmaker stated that it would also create an innovative and sustainable environment to promote Nigeria as a Real Estate investment destination in Africa and the world.