By Maduka Nweke, [email protected]
Real estate sector stakeholders have have given reasons why enforcement of the new law on building and construction in the country may hit brickwall next year when the Lagos State Government begins its rollout. Those who spoke to Daily Sun opined that corruption and sacred cows syndrome associated with execution of lawas in the land may hinder its implementation.
Chief Sunday Obodoeze, a real estate agent based in Anambra State stated for instance that sharp practices inherent in the activities of real estate operators in the country which may have informed the decision of the National Assembly to fast forward the passage of the bill establishing a regulatory agency for the sector, will overwhelm the executioners.
He noted that the bill to regulate activities of real estate sector of the Nigerian economy is a step in the right direction.
He stated, “Government functionaries have become partisan in the execution of laws guiding most transactions in the country which explains why wrong doings by party members are swept under the carpet.
When a member of another party commits the same offense, you see government functionaries coming out with their claws to take a pound of flesh. This is extremely frustrating and unless such acts are remedied, it would be difficult for any law to work in Nigeria”.
Also speaking, Mr Muktar Mumuni, member of the Nigeria Bar Association, Abuja Branch described Nigeria as a country with the most intelligent people on earth. “They have fine lawyers who can fine-tune bills to suit the aim. The problem is always implementation. If you make law and cannot enforce it, then, it is as good as not having the law at all. Let’s hope that this law will be implemented to the letter because that is the only way we can benefit from it,” he said.
The Senate and House of Representatives recently passed the bill to establish the Real Estate Regulatory Council of Nigeria. According to the Upper Chamber of the National Assembly, the law will give the Council the required authority to regulate activities of the sector which include but not limited to, curbing fraudulent practices and ensuring that real estate business confirms with the National Building Code in Nigeria.
Going by the words of Senator Aliyu Wamakko, the sponsor, the bill tagged: The Real Estate Regulatory Council of Nigeria (Establishment) Bill, 2021 has scaled third reading during plenary. The passage of the bill followed the consideration of a report by the Committee on Establishment and Public Service which 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.
He noted that 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 due to certain observations raised by stakeholders at the time.
According to him, “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.
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By Maduka Nweke, [email protected] Real estate sector stakeholders have have given reasons why enforcement of the…
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© 2019 The Sun Nigeria – Managed by Netsera.
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