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Senate passes bill for establishing Real Estate Regulatory Council

Felix Oloyede

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Senate passes bill for establishing Real Estate Regulatory Council

The Senate has passed a bill establishing the Nigeria Real Estate Regulatory Council on Wednesday.

The adoption of the bill followed the examination of a report by the Senate Committee on Establishment and Civil Service in a plenary session.

The report was presented by Senator Nicholas Tofowomo (PDP-Ondo) on behalf of the committee chair, Ibrahim Shekarau.

The bill labeled “Nigeria’s Real Estate Regulatory Council (Establishment) Bill, 2021 was sponsored by Aliyu Wamakko.”

It was first read on April 28 and scaled to second reading on June 22.

The Senator said that the establishment of the Nigeria Real Estate Council would ensure efficient, efficient and transparent administration of real estate development activities in Nigeria.

“The Council, once established, would, among other things, tackle fraudulent practices to ensure that real estate activities comply with the National Building Code in Nigeria. “

He said the board will be responsible for prescribing minimum standards for the conduct of real estate development businesses across the country.

He recalled that the bill to establish the Nigeria Real Estate Council was passed by both chambers of the Eighth National Assembly, but was not sanctioned by President Muhammadu Buhari.

The legislator further noted that the president’s decision to withhold assent to the bill was the result of some comments raised by stakeholders at the time.

“These observations have been taken into account in this report by the committee as a result of engagement with stakeholders to ensure that real estate activities in Nigeria comply with the 2011 Money Laundering Act (as amended). “

Meanwhile, two bills to establish the Federal Orthopedic Hospital, Patigi, Kwara; and the Federal University of Agriculture, Akure, Ondo, passed the second reading in the Senate.

The bills were sponsored by Senator Sadiq Umar (APC-Kwara) and Senator Patrick Akinyelure (PDP-Ondo)

The bills after staggering at second reading were returned by the vice-president of the Senate, Ovie Omo-Agege, who chaired the plenary to the health committees (secondary and tertiary); and tertiary institutions and TetFund for other legislative actions.

Both committees had four weeks to report to the upper house.

Meanwhile, five bills have passed the first reading in the Senate, including the National Assembly (Establishment) Budget and Research Bill, 2021 sponsored by Senator Umar Sadiq (APC-Kwara).

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