Lawmaker Proposes Legislation to Safeguard Lagos Renters from Exploitation
Lagos State House of Assembly Considers New Tenancy Bill
The Lagos State House of Assembly is currently considering a new Tenancy Bill, aimed at fostering harmony in landlord-tenant relations and protecting tenants against exploitation.
The proposed law, which was the subject of a public hearing on Wednesday, contains provisions designed to reduce financial burden on accommodation seekers in Lagos. One of these provisions is the reduction of agency fees on annual rents from 10% to 5%.
The bill also promotes mutual understanding, clearly defines rights and obligations, and ensures peaceful co-existence. It gives landlords the right to inspect and maintain their property upon giving prior notice to tenants.
Wednesday's public hearing was attended by key stakeholders, including the Chairman, House Committee on Housing, Mr Olusegun Ege; House Majority Leader, Mr Noheem Adams; Commissioner for Housing, Mr Moruf Akinderu-Fatai; the Senior Special Assistant to the Governor on Housing, Mr Ayodeji Amodu; and representatives of key real estate bodies, including the Nigerian Institution of Estate Surveyors and Valuers (NIESV), the Nigerian Bar Association (NBA), Real Estate Developers Association of Nigeria (REDAN), Association of Realtors, and the Real Estate Agents Association of Nigeria, among others.
The bill is a response to public complaints regarding high fees charged by agents and is anticipated to put an end to many recurring controversies between landlords and tenants. If passed, it is expected to stimulate real estate investment in Lagos and restore the confidence of real estate investors, opening opportunities for new financiers to enter the market.
At the public hearing, Mr Stephen Ogundipe, a member of the Lagos State House of Assembly and the Chairman of the House Committee on Information, appreciated all stakeholders for their participation. He highlighted that their contributions would help in shaping a progressive and balanced law.
However, the search results do not contain information about the chairperson of the commission for housing construction within the Lagos State House of Assembly.
Mr Ogundipe, at the public hearing, also emphasised that the bill is expected to restore the confidence of real estate investors and open opportunities for new financiers to enter the market. The bill, if passed, is expected to foster harmony in landlord-tenant relations and promote a more transparent and fair real estate market in Lagos.
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