General
Senate Addresses Issues in Bill to Regulate Real Estate Sector
By Adedapo Adesanya
The issues raised in a bill earlier passed by the Senate as regards regulations for the real estate sector in Nigeria have now been addressed.
On Wednesday, the upper chamber of the National Assembly passed a legislature to establish the Real Estate Regulatory Council of Nigeria.
When established, the agency would, amongst others, curb fraudulent practices to ensure that the real estate business confirms with the National Building Code in Nigeria.
The bill which scaled third reading during plenary is tagged: The Real Estate Regulatory Council of Nigeria (Establishment) Bill, 2021.
The bill sponsored by the senator representing Sokoto North, Mr Aliyu Wamakko was read for the first time on April 28, 2021, and a scaled second reading on June 22, 2021.
The passage of the bill on Wednesday followed the consideration of a report by the Committee on Establishment and Public Service.
The report was laid during the plenary by the Deputy Chief Whip, Mr Aliyu Sabi Abdullahi.
Mr Nicholas Tofowomo, who presented the report on behalf of the Committee Chairman, Ibrahim Shekarau, said the establishment of the Real Estate Council of Nigeria would provide efficient, effective and transparent administration of the business of real estate development in Nigeria.
According to the lawmaker, the council would be responsible for prescribing minimum standards for the conduct of the businesses of real estate development across the country.
He recalled that the bill seeking to establish the Real Estate Council of Nigeria was passed by both chambers of the eighth National Assembly, but was not assented to by President Muhammadu Buhari.
He said the President’s decision to withhold assent to the bill was a result of certain observations raised by stakeholders at the time.
“Those observations have been taken care of in this report by the Committee following the engagement with stakeholders to ensure that real estate business in Nigeria confirms with the Money Laundering Act 2011 (as amended) and the Nigeria Financial Intelligence Unit Act 2018 in terms of Anti-Money Laundering and Counter-Terrorism Financing due diligence compliance”, Mr Tofowomo said.
He explained that when established, the organisation would standardize the business of real estate by regulating the conduct of transactions; and provide enabling environment and transparency in the business of real estate development in Nigeria.
The lawmaker stated that it would also curb fraudulent practices to ensure that the real estate business confirms with the National Building Code in Nigeria; as well as create an innovative and sustainable environment to promote Nigeria as a real estate investment destination in Africa and the world.
Meanwhile, two bills seeking to establish the Federal Orthopedic Hospital, Patigi, Kwara State; and Federal University of Agriculture, Akure, Ondo State, have passed second reading in the Senate.
The bills were sponsored by Senators Sadiq Suleiman Umar and Patrick Ayo Akinyelure.
The bills after scaling the second reading were referred by the Deputy Senate President, Ovie Omo-Agege, who presided over the plenary on Wednesday to the Committees on Health (Secondary and Tertiary); and Tertiary Institutions and TETFUND for further inputs.
Both committees were given four weeks to report back to the upper chamber.
General
Anambra to Regain Economic Strength After End to Sit-at-Home—Soludo
By Adedapo Adesanya
The Governor of Anambra, Mr Chukwuma Soludo, says the years-long sit-at-home is now a thing of the past in the state as it will bring back lost economic viability to the South East state.
The governor spoke on Tuesday during his inauguration for a second term as the leader of the state, noting that security has improved in Anambra.
“The debilitating one-sit-at-home is over, and our schools, markets, businesses, and public servants are back to work. Reports say that ours is now the safest, or at least one of the safest states in Nigeria,” Mr Soludo said.
The second inauguration of the former governor of the Central Bank of Nigeria (CBN) witnessed eminent Nigerians, including ex-presidents Mr Goodluck Jonathan and Mr Olusegun Obasanjo, as well as the Vice President, Mr Kashim Shettima, among others.
“I’m sure many of you flew into Anambra yesterday, being Monday. Previously, it was not possible,” he said at the Alex Ekwueme Square in Awka, the state capital.
Primarily associated with the Indigenous People of Biafra (IPOB), a separatist group advocating for an independent Biafran state, the sit-at-home saw millions of South-East residents remain indoors, shut their businesses, and stay off the roads on Mondays. Initially, it was declared as a weekly protest (especially on Mondays) to demand the release of IPOB leader, Mr Nnamdi Kanu, in 2021 by the Federal Government and draw attention to the separatist cause.
The cause had significant socio-economic consequences in the South-East states like Abia, Anambra, Ebonyi, Enugu, and Imo.
However, Mr Soludo referenced several milestones, including the destruction of criminal camps and the “mass return” of Anambra indigenes during the Yuletide, as evidence of improving security in the state.
“Some 62 criminal camps have been dismantled, and 8 local governments previously under total siege have been liberated,” the governor said.
“Anambra had its best Christmas season in decades last December with a mass return and over 10,000 visitors per day to the Solution City every day until the 10th of January.”
Part of the measures to address insecurity in Anambra was the Homeland Security Law 2025, a measure the governor said contributed to the reduction in criminality.
The Independent National Electoral Commission (INEC) declared Mr Soludo as the winner of the November 8, 2025, governorship election in Anambra State. The APGA candidate polled a total of 422,664 votes, defeating his closest rival, the candidate of the All Progressives Congress, Mr Nicholas Ukachukwu, who scored 99,445 votes, while the candidate of the Young Progressives Party, Mr Paul Chukwuma, came third with 37,753 votes.
General
Don’t Pay Any Agent, Official for SCUML Registration—EFCC
By Aduragbemi Omiyale
The Economic and Financial Crimes Commission (EFCC) has cautioned members of the public against making any payment for Special Control Unit Against Money Laundering (SCUML) certificate registration, stressing that it is free.
During a live radio programme on Enugu State Broadcasting Service, the Head of SCUML Department in Enugu Zonal Directorate of the EFCC, Mr Promise Oluigbo, said obtaining the certificate is now seamless.
According to him, with the introduction of electronic certification, which has improved efficiency and eliminated the risk of fake certificates, over 480,000 entities have been registered nationwide.
He warned members of the public against engaging agents who charge fees for SCUML registration, stressing that the commission does not authorise third-party registrations.
“The EFCC frowns at any individual or group collecting money from businesses under the guise of facilitating SCUML registration. The process is seamless and free of charge,” Mr Oluigbo declared.
He charged operators of Designated Non-Financial Businesses and Professions (DNFBPs) in the South-East to comply with mandatory SCUML registration to combat money laundering, terrorism financing, proliferation of weapons of mass destruction, safeguard businesses and strengthen the integrity of Nigeria’s financial system.
“DNFBPs are categories of businesses identified under Section 30 of the Money Laundering Act and include sectors such as automobile dealerships, real estate businesses, construction firms, hospitality services, supermarkets, legal practitioners, consultants, and non-profit organisations.
“As a regulatory body responsible for overseeing the activities of these businesses to curb money laundering and financing of terrorism, it’s important I say it here that the registration process is completely free.
“Business owners do not need to engage any third party. All they need to do is visit the SCUML portal and complete the registration process,” he said.
While emphasizing on the need for businesses to register and collect the certificate, he urged them to ensue adherence to statutory requirements such as Know Your Customer (KYC) procedures, customer due diligence, record keeping and reporting of suspicious transactions, adding that failure to comply constitutes a violation of the law and may attract fines, imprisonment or other regulatory sanctions as stipulated under the Act.
“The objective of the SCUML framework is not to stifle businesses but to protect the financial system and ensure transparency in commercial activities. It is designed to safeguard businesses and strengthen the integrity of Nigeria’s financial system,” he said.
General
Nigeria Lands £746m UKEF Deal for Apapa, Tin Can Ports Overhaul
By Adedapo Adesanya
Nigeria has secured a £746 million financing agreement with the United Kingdom Export Finance (UKEF) that will deliver the most ambitious modernisation of Nigeria’s seaport infrastructure in nearly half a century, transforming the country’s principal maritime gateways and repositioning its port system for global competitiveness.
The fund was facilitated by the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, according to the minister’s Special Adviser, Mr Bolaji Akinola.
The historic financing arrangement, secured with the backing of UKEF, will fund the comprehensive modernisation and upgrade of the Lagos Port Complex Apapa, popularly known as Apapa Port, and the Tin Can Island Port Complex in Lagos.
The two ports handle more than 70 per cent of Nigeria’s imports and exports, and serve as the central arteries of the nation’s maritime trade.
He noted that the landmark financing agreement will be formally signed during the high-profile state visit of President Bola Tinubu to London on March 18 and 19, 2026, signalling a deepening of strategic economic cooperation between Nigeria and the United Kingdom while opening a new chapter in Nigeria’s maritime development.
According to Mr Akinola, the minister described the financing package as a transformative milestone for the country’s port system, noting that the scale and scope of the modernisation project mark the first comprehensive overhaul of the facilities since their establishment.
“The Lagos Port Complex Apapa, established in 1913, has for more than a century remained Nigeria’s oldest and busiest seaport, serving as the gateway for a vast proportion of the nation’s imports and exports.
“The Tin Can Island Port Complex was later developed to complement Apapa and was officially commissioned on 14 October 1977.
“Despite their strategic importance, neither facility has experienced a modernisation programme of this magnitude, making the initiative the most significant port upgrade undertaken by the Federal Government in almost fifty years.”
Mr Oyetola stressed that the project forms a central pillar of the Federal Government’s broader agenda to unlock the vast economic potential of Nigeria’s marine and blue economy while restoring efficiency and global competitiveness to the country’s maritime infrastructure.
“This financing agreement represents a defining moment for Nigeria’s maritime sector. For decades, Apapa Port and Tin Can Island Port have borne the weight of our national trade, yet their infrastructure has not kept pace with the scale and complexity of modern global shipping.
What we are set to do is not merely an upgrade, but a comprehensive transformation that will align our ports with international best practice.
“Through this historic collaboration with the United Kingdom, we are laying the groundwork for a new era in the management and operation of Nigerian ports. Modern infrastructure supported by digitalised and automated processes will significantly enhance efficiency, transparency and operational reliability. Our objective is clear: to create a port system that is modern, competitive and capable of serving as a strategic maritime hub for West and Central Africa.”
He said that the modernisation programme will introduce advanced cargo-handling infrastructure, expanded port capacity and integrated digital systems designed to eliminate many of the operational bottlenecks that have historically slowed cargo movement through Nigeria’s busiest ports.
Mr Oyetola also noted that once completed, the reforms will fundamentally reshape the operational landscape of Nigeria’s maritime gateways. Vessel turnaround times are expected to decline significantly, while cargo dwell times within the ports will be sharply reduced as automated systems replace paper-based procedures and outdated manual processes.
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