•Governor Babajide Sanwo-Olu of Lagos State
The Lagos State Government has reiterated its commitment to enforcing a rent payment system that allows for monthly, quarterly, or yearly payments, with a cap of one-year advance payment.
The government has called for voluntary compliance from stakeholders to ensure the smooth implementation of the system, which is intended to benefit rent seekers, reports Vanguard.
In this regard, the government has been engaging with relevant stakeholders to ensure the successful rollout of the system.
The State Government has also urged professionals and trade groups in the real estate sector to be responsive to public concerns about frequent rent increases and excessive fees that are being charged in violation of the Lagos State Real Estate Law.
Lagos State Commissioner for Housing, Moruf Akinderu-Fatai, and the Special Adviser to the Governor on Housing, Barrister Barakat Odunuga-Bakare, made these points during a meeting with executives of the Estate, Rent, and Commission Agents Association of Nigeria (ERCAN).
Both officials expressed concern over unethical practices among estate agents, which have led to rising rent defaults.
They reminded practitioners of the Lagos State Real Estate Transaction Law, which specifies that agents are entitled to a maximum of 10% chargeable fees on real estate transactions.
Akinderu-Fatai also encouraged estate agents and related bodies to take action against quacks who encourage property owners to raise rent arbitrarily and impose fees not stipulated in the state’s real estate law.
Furthermore, he urged ERCAN members to promote the adoption of monthly, quarterly, and yearly rent systems among their members.
The Commissioner emphasised that the Lagos State Government is ready to collaborate with all stakeholders to promote the rent payment system, curb indiscriminate practices, make rent more affordable, and ensure the interests of property owners and tenants are protected.
The President of ERCAN, Mr. Godwin Aleke, affirmed the association’s commitment to rent affordability and pledged to assist the Lagos State Government in promoting the new rent payment system. Aleke also expressed the association’s readiness to work alongside other professional bodies and stakeholders to improve the real estate industry in Lagos.
The meeting was part of an ongoing strategic engagement with stakeholders to address issues related to rent and excessive fees charged by agents in Lagos State. The meeting was attended by the Permanent Secretary of the Ministry of Housing, Engr. Abdulhafis Toriola, and directors from the ministry.
