The Nigerian Senate passed a measure on Wednesday to establish the Real Estate Regulatory Council of Nigeria, which would, among other things, combat fraud and guarantee that the real estate industry adheres to the country's National Building Code.
Senator Aliyu Wamakko sponsored the bill, which was enacted after the Committee on Establishment and Public Service considered a report.
Senator Nicholas Tofowomo presented the report on behalf of committee chairman Ibrahim Shekarau.
During his presentation, he stated that the formation of the Nigerian Real Estate Council will enable efficient, effective, and transparent administration of the real estate industry Real estate development in Nigeria
The Real Estate Council of Nigeria, he said, would be in charge of prescribing minimum standards for the conduct of real estate development businesses across the country, recalling that the bill establishing the council was passed by both chambers of the 8th National Assembly but not signed by President Muhammadu Buhari.
"Those observations have been addressed in this report by the committee following engagement with stakeholders to ensure that the real estate industry in Nigeria complies 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.
According to him, the council would standardize the real estate industry by regulating transaction behavior and providing an enabling environment and transparency in the real estate development sector in Nigeria.
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