By Maduka Nweke
SHARP practices in the activities of real estate operators in the country may have compelled the National Assembly to fasttrack the passage of a bill establishing a regulatory agency for the sector.
The Senate and House of Representatives, recentlly passed the bill to establish the Real Estate Regulatory Council of Nigeria.
According to the upper chamber of the National Assembly, the law will give the Council the required authority to regulate activities of the sector including curbing fraudulent practices and ensuring that the real estate business confirms with the National Building Code. According to Senator Aliyu Wamakko, the sponsor of the bill tagged: The Real Estate Regulatory Council of Nigeria (Establishment) Bill, 2021 has scaled third reading at plenary. The passage of the bill followed the consideration of a report by the Committee on Establishment and Public Service which was read during plenary by the Deputy Chief Whip, Senator Aliyu Sabi Abdullahi.
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 noted that 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, due to certain observations raised by stakeholders at the time.
According to him, “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 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 curb fraudulent practices to ensure that the real estate business confirms with the National Building Code in Nigeria; as well as create an innovative and sustainable environment to promote Nigeria as a real estate investment destination in Africa and the world.
Meanwhile, two bill seeking to establish the Federal Orthopedic Hospital, Patigi, Kwara State; and Federal University of Agriculture, Akure, Ondo State, have passed second reading in the Senate. The bills were sponsored by Senators Sadiq Suleiman Umar (Kwara North) and Patrick Ayo Akinyelure (Ondo Central).
The bills after scaling second reading were referred by the Deputy Senate President, Ovie Omo-Agege, who presided over plenary on Wednesday to the Committees on Health (Secondary and Tertiary); and Tertiary Institutions and TETFUND for further inputs. Both Committees were given four weeks to report back to the upper chamber.