The Lagos State Government has reiterated its commitment to enforcing a new rent payment system, which will offer tenants the option of paying monthly, quarterly, or annually, with a cap of one year for rental agreements.
This was disclosed by the Commissioner for Housing, Mr. Moruf Akinderu-Fatai, and the Special Adviser to the Governor on Housing, Mr. Barakat Odunuga-Bakare, in a joint statement on Wednesday.
“We are actively engaging with stakeholders to ensure a smooth transition for the benefit of those seeking accommodation,” Akinderu-Fatai said during a meeting with executives of the Estate, Rent, and Commission Agents Association of Nigeria (ERCAN).
The government is addressing concerns about escalating rents and the imposition of unlawful fees in violation of the Lagos State Real Estate Transaction Law.
The commissioner stressed the need for professionals in the real estate sector to adhere to the law, which limits agent fees to 10 percent of a transaction. “We urge estate agents to denounce unqualified individuals who inflate rents and introduce unauthorized fees,” Akinderu-Fatai added.
ERCAN President, Mr. Godwin Aleke, expressed his support for the initiative, pledging to work with stakeholders to promote the new rent payment structure and improve the real estate environment in Lagos. “We will collaborate to sanitise real estate practices,” Aleke said.
The Lagos State Government aims to curb unethical practices, ensure affordable housing, and stabilize rent payments for tenants while safeguarding property owners’ interests.