The Senate yesterday passed a bill to establish the Real Estate Regulatory Council of Nigeria.
The bill which scaled third reading during plenary is tagged: ‘The Real Estate Regulatory Council of Nigeria Bill, 2021.’ 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. 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 and the Nigeria Financial Intelligence Unit Act 2018 in terms of Anti-Money Laundering and Counter Terrorism Financing due diligence compliance”.
The issue is really the enforcement of this law and the existing laws like many other issues the regulators are not firm enough