Senate passes bill to regulate real estate in Nigeria

The Senate has passed a Bill to establish the Real Estate Regulatory Council of Nigeria.

The Bill was passed into law during plenary session on Wednesday, in Abuja.

Senator Nicholas Tofowomo, who presented the report, said the establishment of the Council would curb fraudulent practices, and ensure that the real estate business conforms to the National Building Code in Nigeria.

The lawmaker added that the Council would be responsible for prescribing minimum standards to conduct ofreal estate businesses across the country.