A Lagos State lawmaker, Stephen Ogundipe, says the proposed Tenancy Bill before the State House of Assembly seeks to shield tenants from exploitation by estate agents.
Ogundipe, who chairs the House Committee on Information, told the News Agency of Nigeria on Thursday that the bill aims to ease the financial pressure on accommodation seekers, following public complaints about high agency charges.
One key provision is the reduction of agents’ fees on annual rents from 10% to 5%. According to him, the legislation will promote cordial landlord-tenant relationships, restore investor confidence, and attract fresh funding into the real estate sector.
He explained that the bill also seeks to minimise disputes, protect the rights of both landlords and tenants, and remove barriers to large-scale private housing development. It also proposes clearer definitions of rights and obligations, provisions for property inspection with prior notice, and a review of legal requirements for landlords to insure their buildings.
Ogundipe thanked stakeholders for their input during the public hearing, noting their contributions would help shape a fair and progressive law.
Wednesday’s hearing was attended by top lawmakers, the Lagos Housing Commissioner, the Governor’s aide on housing, and representatives from professional bodies, including estate surveyors, real estate developers, realtors, and the Nigerian Bar Association.
NAN
Advertisement
