The Real Estate (Regulation and Development) Bill presented before the Nigerian National Assembly has been lauded as ideal, as it aims at controlling some of the problems bedeviling the housing sector, which include addressing and putting an end to the troubles caused by sharp practices, and exposing fake developers within the FCT and across states in the country.
The Bill comes as a relief to those aiming for sanity in the real estate industry, therefore, came at no better time than now that the country has been experiencing rise in building collapses, claiming and destroying lives and properties.
Having seen the Senate already concluding its part to see that the REDAN Bill becomes a law, it still awaits the House of Representatives for concurrence. But, with the wrangling the Bill generated when it was brought to the House of Representatives, and still generating, it becomes unforeseeable to think the Bill will be passed and assented to, by President Muhammadu Buhari before he leaves office on May 29th, 2023.
The bill, which was drafted two years ago was passed by the Senate on November 17, 2021, and still awaiting the House of Representatives’ concurrence.
Also, bear in mind that the present 9th Assembly of the Nigerian Parliament is set to come to an end. So, when will the House of Representatives have the time to pass the Bill before the 9th Assembly vacates office?
Referencing the statements attributed to the President of the Real Estate Developers Association of Nigeria (REDAN), Alhaji Aliyu Wammako, published on the Nigerian Tribune, expressing confidence in President Muhammadu Buhari assenting to the Real Estate (Regulation and Development) Bill before 29 May 2023, it takes three stages of reading for the Bill to become a law.
“Happily enough, it has been passed by the Senate, Wamakko said.
“It is not a new bill and it is going for concurrence at the National Assembly, which we are looking at the small period that remains that the National Assembly is going to concur on that bill so that it can go to the president for assent.
Wamakko must bear in mind that the Bill will be first, brought to the House of Representatives for the maiden reading, which some Members are already kicking against. It is going to take a monumental effort for the Bill to scale first reading before being sent to the Committee level for addressing, after which it would be brought back for Second reading, before the Third. These are processes that is certain to take long before reaching it objectives.
It becomes thoughtful for the leadership of REDAN to relax its hope of seeing the REDAN Bill become a law before the transition to the next government.
Yes, Wamakko brilliantly observed that eventually the Bill fails to be passed by the House of Representatives and assented to, by President Buhari, it is hoped that the 10th Assembly would pass it into law when resubmitted.
“Definitely, we would represent it should the 9th assembly fail to pass the bill, the REDAN president stated.
“But again, there is no reason why members of the House of Representatives would not concur something that is meant for Nigerians who they are representing,” he added.
While REDAN hopefully awaits the Bill to scale first, second and third reading at the House of Representatives before assented to by the President, a hope one would describe as false, going by the minimal time frame available, the leadership of the Association should re-energize and put more anticipation on the 10th Assembly to make this Bill a reality.
Doing so, it should revisit the Bill, find out areas of disagreements it has with the thoughts and opinions of some stakeholders and professionals in the country’s built industry before resubmitting same to the 10th Assembly for the long awaited passage into law.