Abuja – November 21, 2023 – Viewpoint Housing.
The real estate sector in Nigeria is one of the fastest-growing and most lucrative
sectors in the country, providing employment and income opportunities for millions of
Nigerians. However, the sector is also facing various challenges, such as lack of
standardization, transparency, accountability, and affordability, which affect the quality
and quantity of housing delivery and the confidence and satisfaction of the
stakeholders, especially the investors and the consumers.
To address these challenges, several bills, agencies and organizations have been
proposed or established to regulate and develop the real estate sector in Nigeria.
However, these bills, agencies and organizations have different origins, statuses,
scopes, and implications, which may create confusion and conflict among the
stakeholders and the public. Therefore, this opinion aims to review and compare the bills
and issues raised in the Premium Times story and the call for prosecution by HDAN.
And to recommend Next Steps for REDAN.
To put the issues in proper perspective the following pertinent and important questions
will be addressed:
- What is the title of the bill in question?
- Who are the authors, sponsors, proponents of the bill?
- How many bills are there in the national assembly in regards to the real estate regulation and development in Nigeria as at date?
- How many bills have passed both houses?
- How many bills are pending Mr presidents’ assent?
- Are there new bills pending or introduced at the national assembly?
- What went wrong? viii. What is the importance of highlighting allegations of the clerk in the write up? ix. What are next steps?
The bills that are in contention include;
- The Real Estate (Regulation & Development Bill) -November 2021
- The Real Estate Regulatory Council of Nigeria Bill – 2021
- The Real Estate Regulatory Council of Nigeria (Establishment) Bill -2021
- The Nigerian Real Estate Industry (Regulation & Development) Bill -2023.
The main objectective of the bill
This is a bill that seeks and aims to standardize the business of real estate development in Nigeria by regulating the conduct of transactions in the real estate sector and also establish the Real Estate Regulatory Council of Nigeria, a body that would regulate the business of real estate development in Nigeria and ensure transparency, accountability, and professionalism in the sector. The bill (SB540) was sponsored by Senator Aliyu Wamakko and was passed by the Senate on November 17, 2021.
Was the bill (HB1753) also concurred by the House of Representatives on any other day?
This is unclear as at date.
Is the bill now awaiting the final assent of the president?
This too is unclear as at date.
Are there other bills relating to the the Real Estate sector regulation and development?
- The Real Estate Regulatory Agency of the Federal Capital Territory.
- Who are the sponsors or authors and is it in existence?
- Its main objective is to regulate and monitor the activities of real estate developers and agents in the FCT.
- The Real Estate Regulatory Authority in Nigeria
- Who are the sponsors and is it in existence?
- Its main objective is to regulate and standardize the real estate sector in Nigeria.
- The above bills originate from the House of Representatives, while number one was passed by the House, it is unclear if it has gone to the Senate or passed by the Senate. the second one was thrown out by the House.
How many bills have been passed by both houses and awaiting Mr Presidents’ assent?
The Real Estate Regulatory Council of Nigeria (Establishment) Bill, 2021 (subject to what the correct title /name is) – had been passed by both chambers of the National Assembly and had been sent to Former President Muhammadu Buhari but was returned to the national assembly due to some issues observed by Former President Buhari.
- Corrections were said to have been made, but has the bill return to the president for his assent, this is unclear as at date.
- Is it the same bill in contention now or a different bill? this is also unclear
The Implications of the bill.
The Real Estate Regulatory Council of Nigeria (Establishment) Bill, 2021, if assented
to by the president, will have positive implications for the real estate sector and the
economy in general. It will bring order, transparency, and accountability to the
real estate sector, which will boost the confidence of investors, both local and foreign,
in the sector, and attract more capital and innovation to the sector. It will also create
more employment opportunities, enhance the quality and affordability of housing, and
contribute to the social welfare of citizens. the bill if assented to, will also provide financial support and incentives for real estate development in Nigeria, which will stimulate the growth and diversification of
the industry and its contribution to the economy.
Are there new bills pending or introduced at the National Assembly?
Premium Times highlight that there is a “The Nigerian Real Estate Industry
(Regulation & Development) Bill -2023” with Senate bill number SB-238 as at
November 2nd 2023 and a House of Reps bill number HB-613 as at October 11th 2023.
The existence, content, or sponsors and authors are unclear as at date. Additionally,
could the Senate or House of Representative have reached the milestone number of the
bills said to be reintroduced, given the National Assembly was convened about five
months back, it is doubtful.
What went wrong? What is the importance of highlighting allegations of the
clerk of the assembly in the write up? Is it a hatchet job? Was it intended to
throw a spanner in the wheel? Are, is there to be a criminal investigation? Is the
minister of works and housing to be dragged into the matter? Etc.
Your answers to the above questions are as good as mine!
The way forward for the Real Estate sector in Nigeria:
- REDAN to provide the correct and true title of the bill and its content for
stakeholders and members to have full and adequate knowledge of the bill. - REDAN BOT to urgently convene to take appropriate and stringent actions
including setting up a committee to unravel the mystery behind the bill and
purported presidential refusal to assent in order to stem the tide encroaching on
the credibility of REDAN. - REDAN to organize a town hall meeting to provide a firsthand information, for
members to decide whether to pursue same bill as is or withdraw, amend and
represent it. - Put up a committee that will ensure that the bills and sections such as the
tribunal. the council, the authority, the penalties, the sanctions, the rights and
obligations, the redress mechanism etc that are in contention are harmonized,
coordinated, and implemented wholesomely. - Finally, this incidence should be taken in good faith to facilitate the proper
regulation and development of the real estate sector as it has provided a platform
to harmonize other bills, acts and regulations etc with the 1999 Nigerian
constitution that have hindered the growth of the sector. example is:
The Land Use Act of 1978, The Nigerian Urban and Regional Planning Act, The Rent
Control and Recovery of Premises Act, The Stamp Duty Act, The Capital Gains Tax
Act, The Conveyancing Act, and The Property and Conveyancing Laws etc.
