Senate Passes Bill For Establishment Of Real Estate Regulatory Council

The Senate, on Wednesday, passed a Bill to establish the Real Estate Regulatory Council of Nigeria.

The passage of the Bill followed the consideration of a report by the Senate Committee on Establishment and Public Service during plenary.

The report was presented by Sen. Nicholas Tofowomo (PDP-Ondo) on behalf of the Committee Chairman, Sen. Ibrahim Shekarau.

The Bill tagged, “Real Estate Regulatory Council of Nigeria (Establishment) Bill, 2021 was sponsored by Sen. Aliyu Wamakko.

It was read for the first time on April 28 and scaled second reading on June 22.

The senator said 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.

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“The Council when established, would among others, curb fraudulent practices to ensure that the real estate business conforms with the National Building Code in Nigeria.”

He said the Council will 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 lawmaker further noted that the President’s decision to withhold assent to the Bill was as a result of certain observations raised by stakeholders at the time.

“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 conforms with the Money Laundering Act 2011 (as amended).”

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

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

The bills after scaling second reading were referred by the Deputy Senate President, Ovie Omo-Agege, who presided over plenary to the Committees on Health (Secondary and Tertiary); and Tertiary Institutions and TetFund for further legislative actions.

Both Committees were given four weeks to report back to the upper chamber.

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