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Senate passes bill to establish Real Estate Regulatory Council

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

The Council when established 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 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 on Wednesday followed the consideration of a report by the Committee on Establishment and Public Service.

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

Senator 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 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 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”, Tofowomo said. 

He explained that when established, the Council 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 bill 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 (Kwara North) and Patrick Ayo Akinyelure (Ondo Central).

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

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President Tinubu To Address Joint Sitting Of National Assembly Tomorrow

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As part the event to commemorate 25 years of unbroken democracy and Legislature in Nigeria, there will be joint sitting of both the Senate and the House of Representatives on Wednesday 29 May, 2024.

This is contained in a statement by clerk to the national Assembly Sani Magaji Tambuwal and made available to newsmen in Abuja.

The statement indicates that President Bola Ahmed Tinubu, will address the joint sitting on state of the nation and also flag off the National Assembly Library.

Senators and Honourable Members are expected to be seated by 9am.

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Sanusi Reinstated As Emir Of Kano

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Four years after Muhammadu Sanusi II was deposed as the Emir of Kano, Governor Abba Yusuf of Kano State has reinstated him to the throne.

“With the full support of the kingmakers, I have approved the reappointment of Malam Sanusi Lamido,” the governor said to cheers at the Art Chamber of the Kano State Government House around 5:16 pm on Thursday.

He announced the decision right after signing the Kano State Emirate Council (Repeal) Bill 2024 into law.

The new law replaces the Kano State Emirates Council Law, 2019, and dissolves the emirate councils created by Governor Yusuf’s predecessor Abdullahi Ganduje.

It was based on the law that Ganduje split the Kano Emirate into five in December 2019 and deposed the 14th Emir of Kano, Muhammadu Sanusi II on March 9, 2020. The emirates created by the Ganduje administration were Karaye, Bichi, Rano, and Gaya, in addition to Kano.

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FG Offers 2-Month Free Ride On Abuja Light Rail

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Nyesom Wike
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The federal government has offered 2-month free ride services to passengers on the Abuja Light rail after its inauguration on Monday.

Nyesom Wike, The FCT Minister, disclosed this in Abuja on Thursday at a ministerial press briefing on the one year in office of President Bola Tinubu.

He said President Tinubu would inaugurate the rail project on Monday, while it would start commercial services on Tuesday.

“For those who are saying that the rail system had already been commissioned, don’t make a mistake. What was earlier commissioned was the building. What we want to commission on Monday is commercial operations.

“If you are going to the airport, from here to airport is 20 minutes. Seeing is believing. Go on Tuesday. We are going to allow for free rides for two months.

“You know, Mr. President, he can even say extend it to six months just to reduce the pain of our people. That is renewed hope agenda. When you say something, you do it,” Wike said.

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