Headline: Developers Seek Presidential Assent to Real Estate Regulatory Bill

President Bola Tinubu has been urged by the Real Estate Developers Association of Nigeria (REDAN) to approve the Real Estate (Regulation and Development) bill recently passed by the 9 national assembly. REDAN maintained that the bill if approved will curb fraudulent activities in the business of real estate development and ensure that the sector adheres to the National Building Code

Aliyu Wammako, the REDAN president while applauding the National Assembly for the passage of the bill, opined that the association is complimenting the efforts of the Federal Government in providing affordable housing to Nigerians.

He noted that while REDAN spearheaded the intent of the bill, they received input from notable institutions in drafting the bill that was presented to the 9 National Assembly – Senate and the House of Representatives in July 2020. Such institutions as he mentioned were: The Nigeria Financial Intelligence Unit (NFIU), Economic and Financial Crime Commission (EFCC), Special Control Unit Against Money Laundering (SCUML), Independent Corrupt Practices and Other Related Offenses Commission (ICPC), Professional bodies in the built industry, academics, and international bodies.

Wamakko further stated that the regulatory body will have representatives from the 36 states of the federation and FCT and also from professional bodies in the built industry.

PUNCH NEWSPAPER (June 12 2023)

Headline: Subsidy Removal Will Worsen Housing Deficits, Operators Warn

Real estate operators have expressed concern over the removal of fuel subsidies by President Bola Tinubu. According to the CEO of Hi-teck Construction Company Ltd, Adewunmi Okupe, the removal of fuel subsidy will trigger the prices of building materials which will consequently increase the housing gap in the country.

In another statement by the former president of the Association of Town Planning Consultants of Nigeria, Moses Ogunley, opined that many of the building machinery relies on fuel and if the price of fuel goes up, the cost of delivering these components will also go up. He also noted that the cost of transporting the equipment will also be affected which will in turn have a spiral effect on rents payable on homes.

Reiterating the views of Moses Ogunley on the effects of subsidy removal on logistics, the CEO of Trips Ltd, Sola Enitan affirmed that the raising transportation cost will limit mobility in certain areas which will have an impact on the value of properties in those areas.

Furthermore, the Executive Secretary of the Association of Housing Corporations of Nigeria, Toye Eniola in an exclusive interview with Punch newspaper opined that the fate of affordable housing is clouded. He noted that if the subsidy removal can stabilize the forex market and help to save money, the money can be drafted to the housing sector and help to bridge the housing gap.

GUARDIAN NEWSPAPER (JUNE 19 2023)

Headline: Experts flay Lagos government over proposed law on property ownership

Real estate experts have condemned the recent pronouncement of the Lagos House of Assembly to pass a new property acquisition and business ownership law that will favour the indigenes of the state. They described the pronouncement as an attempt to threaten economic development, especially in the real estate sector which has been driven by both the indigenes and non-indigenes.

This pronouncement was made by the Speaker of the Lagos State House of Assembly, Mudashiru Obasa during his acceptance speech as a third-term speaker of the Lagos parliament. According to Obasa “There would be laws…in the areas of economy and commerce, property and titles, and we will reverse all that is reversible to protect the interest of the indigenous people.”

Speaking about the pronouncement, a past president of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Mr. Joe Idudu, stated that passing and implementing such pronouncement into Law will hamper the growth and development in the property industry as well as the historical growth of Lagos. Idudu further stated that such a law is wrong-headed because it will fail to accommodate others which will further restrict the state’s growth and development. He noted that Lagos is what it is today because it was open-hearted and tolerated others.

Mr. Adedotun Bamigbola, the former NIESV Lagos branch Chairman said that proposing such a law is delicate and would have a negative effect on the real estate sector and affect the number of investors that can come into the sector.

More so, Mr. Emmanuel Omuojine, a lawyer and fellow of the institution said that such a law is anti-constitution to the Federal Republic of Nigeria and might not see the light of the day. He further expressed that if the legislators pass the law, a lot of properties will not be legally qualified to form a basis for negotiation in the market. Omuojine called on President Bola Tinubu to call the Lagos legislators to order on going ahead with the law.

Interesting Real Estate News Highlights of June 2023

Interesting Real Estate News Highlights of June 2023