The Lagos State Government has reiterated its commitment to the implementation of a flexible rent payment structure, which allows for monthly, quarterly, and yearly payments—capped at a maximum of one year. This initiative is designed to ease the financial burden on tenants and sanitize practices within the real estate sector.
This was disclosed in a joint statement signed by the Commissioner for Housing, Moruf Akinderu-Fatai, and the Special Adviser to the Governor on Housing, Barakat Odunuga-Bakare, following a strategic meeting with the leadership of the Estate, Rent and Commission Agents Association of Nigeria (ERCAN).
Akinderu-Fatai emphasized that the government is actively engaging stakeholders to ensure a smooth transition that will benefit tenants and landlords alike. He highlighted the growing concerns over unethical practices within the sector, such as arbitrary rent hikes and unauthorized fees—actions that violate the Lagos State Real Estate Transaction Law.
“Estate professionals and trade groups have a duty to address public concerns regarding persistent rent increases and unjustified charges,” the commissioner said. He stressed that practitioners must comply with the law, which allows no more than 10 percent in chargeable fees for real estate transactions.
He further urged agents to call out unqualified individuals who mislead property owners into inflating rents or introducing illegal fees. The state government, he assured, is ready to collaborate with all stakeholders to enforce a rent structure that makes housing more accessible and protects both tenants and landlords.
Responding on behalf of ERCAN, President Godwin Aleke pledged his association’s full support for the initiative. He expressed readiness to work closely with professional bodies and other stakeholders to reform and regulate the real estate industry in Lagos.
The initiative is a significant step in promoting transparency, affordability, and sustainability in the state’s housing market.
