The Lagos State House of Assembly says its proposed Tenancy Bill is designed to shield tenants from exploitation by estate agents while fostering a more harmonious landlord-tenant relationship.
Speaking to the News Agency of Nigeria (NAN) on Thursday, the Chairman of the House Committee on Information, Mr. Stephen Ogundipe, said the bill was a direct response to public outcry over excessive charges, particularly agency fees.
A key provision in the draft law seeks to slash agency fees on annual rents from 10 percent to 5 percent, thereby easing the financial burden on accommodation seekers.
“The new bill is designed to protect the rights of both tenants and landlords. It will reduce disputes, restore investor confidence in real estate, and open up opportunities for new financiers to enter the market,” Ogundipe said.
He explained that the legislation also proposes clearer definitions of rights and obligations, provisions for landlord property inspections with prior notice, and a review of requirements for landlords to insure premises against loss or damage.
Ogundipe expressed confidence that the bill, once passed, would eliminate many recurring landlord-tenant disputes and promote peaceful co-existence.
The public hearing on Wednesday drew key stakeholders, including the Chairman of the House Committee on Housing, Mr. Olusegun Ege; House Majority Leader, Mr. Noheem Adams; Commissioner for Housing, Mr. Moruf Akinderu-Fatai; as well as representatives from the Nigerian Institution of Estate Surveyors and Valuers, the Nigerian Bar Association, and various real estate associations.
