The Lagos State House of Assembly has announced that its proposed Tenancy Bill is designed to shield tenants from exploitation by estate agents and reduce the financial burden of securing accommodation in the state.
Speaking in Lagos on Thursday, the Chairman of the House Committee on Information, Mr. Stephen Ogundipe, said the bill was crafted in direct response to widespread public complaints over excessive fees charged by agents.
The legislation, currently under consideration, seeks to cut agency fees on annual rents from 10 percent to five percent — a move Ogundipe described as a “salient provision” aimed at promoting fairness in housing transactions.
Ogundipe expressed optimism that the bill, once passed, would foster harmonious relations between landlords and tenants while stimulating real estate investment in Lagos.
“The new bill is designed to protect the rights of both tenants and landlords, reduce disputes, and remove barriers to large-scale housing development by private investors,” he said. “If passed into law, it will end many recurring controversies between landlords and tenants by clearly defining rights and obligations.”
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He also commended stakeholders who participated in Wednesday’s public hearing on the bill, noting that their contributions would help shape a balanced and progressive law.
The lawmaker stressed the importance of reviewing existing requirements for landlords to insure their properties against loss or damage and noted that the bill grants landlords the right to inspect and maintain their property after giving prior notice to tenants.
The public hearing, held on Wednesday, was attended by the Chairman of the House Committee on Housing, Mr. Olusegun Ege; House Majority Leader, Mr. Noheem Adams; Lagos State Commissioner for Housing, Mr. Moruf Akinderu-Fatai; and the Senior Special Assistant to the Governor on Housing, Mr. Ayodeji Amodu.
Also present were representatives of key real estate bodies, including the Nigerian Institution of Estate Surveyors and Valuers, the Nigerian Bar Association, the Real Estate Developers Association of Nigeria, the Association of Realtors, and the Real Estate Agents Association of Nigeria.