Bill Introduced to Safeguard Lagos Renters from Exploitation - Legislator Advocates
Lagos State House of Assembly Considers New Tenancy Bill
The Lagos State House of Assembly is currently considering a new Tenancy Bill, which had a public hearing on Wednesday at the Conference Hall of the Lagos State House of Assembly Secretariat in Ikeja. The bill, proposed by Hon. Nureni Ajayi, is designed to foster harmony in landlord-tenant relations and stimulate real estate investment in the state.
Wednesday's public hearing was attended by key figures, including the Chairman, House Committee on Housing, Mr Olusegun Ege; House Majority Leader, Mr Noheem Adams; Commissioner for Housing, Mr Moruf Akinderu-Fatai; Senior Special Assistant to the Governor on Housing, Mr Ayodeji Amodu; representatives of various real estate bodies, such as the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Nigerian Bar Association (NBA), Real Estate Developers Association of Nigeria (REDAN), Association of Realtors, and the Real Estate Agents Association of Nigeria; and many others.
The proposed law aims to address public complaints regarding high fees charged by agents, as it contains provisions to reduce financial burden on accommodation seekers in Lagos. A salient provision of the bill is the reduction of agency fees on annual rents from 10% to 5%. This reduction is expected to protect tenants against exploitation by estate agents.
The bill also aims to ensure peaceful co-existence between landlords and tenants. It gives landlords the right to inspect and maintain their property upon giving prior notice to tenants. The lawmaker, Mr Stephen Ogundipe, who is also the Chairman of the House Committee on Information, emphasized the need to review the existing legal requirements for landlords to insure their premises against loss or damage.
If passed, the new Tenancy Bill is expected to put an end to recurring controversies between landlords and tenants. It promotes mutual understanding and clearly defines rights and obligations. The bill is intended to restore the confidence of real estate investors and open opportunities for new financiers to enter the market.
Ogundipe, the Chairman of the House Committee on Information, appreciates all stakeholders for their participation in the public hearing. Their contributions are expected to help in shaping a progressive and balanced law. The bill, if passed, is expected to foster harmony, stimulate real estate investment, and protect the rights of both tenants and landlords in Lagos State.
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