The Nigerian Senate has passed a bill titled ‘The Real Estate Regulatory Council of Nigeria (Establishment) Bill, 2021’ to establish the Real Estate Regulatory Council of Nigeria.
The bill is geared toward the need to curb fraudulent practices and ensure that every real estate development in tandem with the National Building Code in Nigeria. The bill is expected promote Nigeria as a real estate investment destination in Africa.
The bill sponsored by Senator Aliyu Wamakko was read for the first time on April 28, 2021, and a scaled second reading on June 22, 2021.
The passage of the bill yesterday during plenary presided over by the Deputy President of the Senate, Senator Ovie Omo-Agege, All Progressives Congress, APC, Delta Central, was sequel to the consideration of a report by the Committee on Establishment and Public Service.
The Council would be responsible for prescribing minimum standards for the conduct of the businesses of real estate development across the country.
It would also 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.