Connect with us

Business News

Senate Addresses Issues in Bill to Regulate Real Estate Sector

Published

on

By Adedapo Adesanya

The issues raised in a bill earlier passed by the Senate as regards regulations for the real estate sector in Nigeria have now been addressed.

On Wednesday, the upper chamber of the National Assembly passed a legislature to establish the Real Estate Regulatory Council of Nigeria.

When established, the agency would, amongst others, curb fraudulent practices to ensure that the real estate business confirms with the National Building Code in Nigeria.

The bill which scaled third reading during plenary is tagged: The Real Estate Regulatory Council of Nigeria (Establishment) Bill, 2021.

The bill sponsored by the senator representing Sokoto North, Mr 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 on Wednesday followed the consideration of a report by the Committee on Establishment and Public Service.

The report was laid during the plenary by the Deputy Chief Whip, Mr Aliyu Sabi Abdullahi.

Mr 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.

According to the lawmaker, 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.

He said the President’s decision to withhold assent to the bill was 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 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”, Mr Tofowomo said.

He explained that when established, the organisation 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 bills 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 and Patrick Ayo Akinyelure.

The bills after scaling the second reading were referred by the Deputy Senate President, Ovie Omo-Agege, who presided over the 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.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Viral25 seconds ago

“I Have A Time Table For Each One Of Them” Woman Who Married 7 Husbands Speaks

Sports6 mins ago

Jurgen Klopp Was Thrilled After Liverpool Became The First English Side To Win All Six Champions League Group Matches

News10 mins ago

UNILORIN mourns as crash claims man, wife, children, student

Technology14 mins ago

I was a Crypto Millionaire for 5 Min with $1.3M – Then I Lost Everything

News32 mins ago

Dickson condemns politicisation of Bayelsa oil spill, advocates compensation

News54 mins ago

APC: Court to hear suit seeking dissolution of Buni-led caretaker c’ttee Dec 17

News1 hour ago

Three kidnapped Ogun church members rescued, suspected rapist arrested

News2 hours ago

N’Assembly, NGF fault UK travel ban, demand reversal

News2 hours ago

Qatar Airways, Hamad airport unveil ‘fly and win’ campaign

World2 hours ago

Video: Robert Spencer’s post-debate review on Reason and Theology

News2 hours ago

Ikoyi building: Sanwo-Olu vows to deal with saboteurs in govt, awaits panel report

News3 hours ago

Four Ekiti men remanded for stealing laptop, phones

News3 hours ago

COVID-19 force majeure over vaccines

News4 hours ago

ICPC probes 52 teaching hospitals over N49.4bn intervention fund spending

News4 hours ago

Niger PDP removes ex-gov Aliyu as party leader, picks senator

News4 hours ago

Kwara gov signs law reserving 35% of appointments for women

News4 hours ago

Edo students strip policeman, set school ablaze, principal flees

News4 hours ago

S’West govs working on arms for Amotekun operatives – Makinde

News4 hours ago

Oil well: Senate threatens arrest, firm sues lawmakers, demands N10bn

News4 hours ago

Ebonyi elders’ council backs Umahi’s presidential bid, says gov detribalised

News18 hours ago

Red List: NANS threatens shutdown of British, Canadian missions, issues 72hrs ultimatum for reversal

Entertainment23 hours ago

“There is a nasty bug going around. Everyone I know is sick”- Toke Makinwa cries out

Politics17 hours ago

Alleged money laundering: Court fixes March 7 for trial-within-trial for ex-minister Adoke, one other

Entertainment17 hours ago

“A well-to do young man has no business praying for a wife, there are things men don’t do” – Nigerian man sparks debate

News17 hours ago

Tonto Dikeh urges Halima Abubakar to name bullies in Nollywood

Local17 hours ago

‘I’m not for sale’, Buhari’s aide tells airport operators

Politics17 hours ago

Ex-PMAN President, Bolaji Rosiji, is dead

News17 hours ago

Omicron: Student, work visa applications will be processed despite travel restrictions — UK

Relationship12 hours ago

The Type Of Guy You Deserve, Based On Your Love Language

News13 hours ago

Anambra airport receives first commercial flight, begins operations

Entertainment17 hours ago

#JusticeForSylvester: “My son is innocent, he’s not a boarder” – Mother of accused student, Edward Brown speaks

Politics21 hours ago

Students risk losing $17trn in lifetime earnings to COVID-19, says report

Business News22 hours ago

NGX Index Sheds 0.38% as HNIs, Institutional Investors Dominate Market

Sports17 hours ago

Steven Gerrard Admits He Is Surprised By How Quickly His Players Have Taken On Board His Philosophy

Business News19 hours ago

Nigeria ‘Burns’ N289.7bn Via Gas Flaring in 10 Months

Entertainment16 hours ago

“Name names, let us know” – Tonto Dikeh tells Halima Abubakar after she revealed there are bullies in Nollywood

Politics7 hours ago

PCC handling 543 cases of human rights abuses in Ekiti ― Commissioner

Local17 hours ago

FG begs Gombe parents to register births of children

Politics19 hours ago

My late father, justice Bolarinwa Babalakin rejects a job of $250,000 to dedicate life to charity ― Son claims

Politics17 hours ago

We have arrested 21 of the inmates who escaped from Jos prisons, says official

Trending