President of the Council of the Real Estate Developers Association of Nigeria (REDAN), Alhaji Aliyu Oroji Wamakko has asked President Bola Tinubu to sign it urgently the Real Estate Regulation and Development (RECON)Bill.

RECON bill was passed a few days ago by the National Assembly, according to reports.

At a press briefing on Wednesday in Abuja, Wamakko expressed his gratitude to the National Assembly for passing the Bill.

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He explained that REDAN was complementing the Federal Government’s efforts in providing affordable housing to Nigerians.

The objectives of the Real Estate (Regulation and Development) Bill were understood to be numerous.

The Bill (RECON) has representation from Professional Bodies in the Built Industry and representatives from the 36 States of the Federation including the FCT.

He said:

“REDAN spearheaded the intent of the Bill, we received tremendous inputs from well-meaning institutions like Nigeria Financial Intelligence Unit (NFIU), the 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, Scholars from Universities of learning, International bodies just to mention a few in drafting the RECON Bill that was presented to the 9th National Assembly – Senate and the House of Representative in July 2020.”

He said the Bill will standardize the business of real estate development in Nigeria by regulating the conduct of transactions in the real estate sector.

He said:

“The bill will provide an enabling environment and transparency in the business of real estate development in Nigeria in conformity with global best practices; and Curb fraudulent practices in the business of real estate development in Nigeria.”