REDAN Lauds Senate For Real Estate Regulatory Council Bill Passage

REDAN Lauds Senate For Real Estate Regulatory Council Bill Passage

By Mustapha Suleiman

The Real Estate Developers Association of Nigeria ( REDAN) President, Alhaji Aliyu Oroji Aliyu Wamakko has commended the  Senate for the passage of a bill to establish the Real Estate Regulatory Council of Nigeria.

According to him, the passed bill would help curb fraudulent practices in the sector and help ensure that the real estate business conforms with the National Building Code in Nigeria; create an innovative and sustainable environment to promote Nigeria as a real estate investment destination in Africa and the world.

The REDAN president, further said that the Council, when established would, among others, curb fraudulent practices in the sector.

 Wamakko said that the objectives of the Bill are to standardize the business of real estate development in Nigeria by regulating the conduct of transactions in the real estate sector as well as provide an enabling environment and transparency in the business of real estate development in Nigeria.

The REDAN president further said the bill as approved will make the business of real estate development in Nigeria conform to international best practices, safeguard the ultimate interest of all stakeholders in the business and curb fraudulent practices in the business of real estate development in Nigeria.

Wamakko noted that if the bill eventually gets the president`s assent and passed into law, it will compel all entrepreneurs in the real estate business to conform with the National Building Code in Nigeria and create an innovative and sustainable environment to promote Nigeria as a real estate investment destination in Africa and the world, and, ensure that the real estate business in Nigeria conforms with the Money Laundering Prohibition Act 2011 (as amended) and NFIU ACT 2018 in terms of anti-money laundering and counter terrorism financing due diligence compliance.

Wamakko said, “With this development and its eventual passage into law, all entrepreneurs in the business of Real Estate development are to be registered Members of REDAN and to be licenced by the Real Estate Regulation Council (RERCON).

‘’The Bill, it is hoped will receive the blessings of the President of the Federal Republic of Nigeria, Muhammadu Buhari, who we know to be an advocate of best practices and transparency. We commend the personnel of the Nigerian Financial Intelligence Unit and other stakeholders in the housing and Real Estate Sector for this onerous feat.

The time to ensure compliance with all extant laws, National Building Code and adherence to standards by Developers is now compulsory for all practitioners. Nigerians will greatly benefit from the passage of this Bill as it will ensure value for money by the home-seekers, quality of buildings and mitigation of collapsed building in our dear nation.’’

The REDAN president appreciated all Members of the Association that have given their all for the success.

 He further commended the Promoter of the Bill, Senator Aliyu Magatakarda Wamakko, the Senate President and all distinguished Senators, with full expectation that the Honourable Speaker of the House of Representatives and the entire Members of the House of Representatives will concur to the final passage.

It would be recalled that the bill first was read on April 28, and scaled second reading on June 22.

 Senator Tofowomo, who presented the report on behalf of the Committee Chairman, Ibrahim Shekarau, 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.

According to him, the Council would be responsible for prescribing minimum standards for the conduct of the businesses of real estate development across the country.


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Aliyu Oroji Aliyu WamakkoREDAN