Lagos: A member of the Lagos State House of Assembly, Mr Stephen Ogundipe, has announced that the new Tenancy Bill aims to protect tenants from exploitation by estate agents. Ogundipe, who serves as the Chairman of the House Committee on Information, shared these insights during an interview with the News Agency of Nigeria (NAN).
According to News Agency of Nigeria, the Lagos State House of Assembly recently held a public hearing on the bill, which is designed to lessen the financial burden on accommodation seekers. A notable feature of the bill is the reduction of agency fees on annual rents, decreasing them from 10 per cent to five per cent. This change is in direct response to public grievances over exorbitant fees levied by agents.
Ogundipe expressed confidence that the bill would not only cultivate harmony between landlords and tenants but also invigorate real estate investment in Lagos. He highlighted that the legislation is crafted to bolster the confidence of real estate investors while opening avenues for new financiers to enter the market.
The bill, under current consideration, aims to safeguard the rights of both tenants and landlords, thereby reducing disputes and eliminating obstacles to large-scale housing development by private investors. Ogundipe emphasized that passing the bill into law would resolve many ongoing disputes between landlords and tenants by fostering mutual understanding and clearly defining rights and obligations.
During the public hearing, Ogundipe commended the involvement of all stakeholders, noting that their input would contribute to shaping a fair and progressive law. He underscored the necessity of revisiting existing legal requirements for landlords to insure their properties against loss or damage.
Additionally, the proposed law will allow landlords to inspect and maintain their properties, provided they give prior notice to tenants. The hearing was attended by key figures, including Mr Olusegun Ege, Chairman of the House Committee on Housing; Mr Noheem Adams, House Majority Leader; and Mr Moruf Akinderu-Fatai, Commissioner for Housing. Other attendees included Mr Ayodeji Amodu, Senior Special Assistant to the Governor on Housing, and representatives from major real estate organizations 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, among others.