• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Wednesday, July 16, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Lagos Advocates Rent Reduction, Declares Caution Fee, Inspection Fee Illegal

by Kingsley Okoh
3 months ago
in Business
Lagos Advocates Rent Reduction
Share on WhatsAppShare on FacebookShare on XTelegram

The Lagos State government has charged the leadership of the Nigerian Institution of Estate Surveyors and Valuers, Real Estate Developers Association of Nigeria, and Association of Estate Agents in Nigeria to support the drive to reduce the rent burden on Lagosians and shun the prevalent illegal fees in the real estate business.

Advertisement

In a statement by the deputy director, Public Affairs, Ganiu Lawal, the professional bodies were also urged to stem the rate at which agents across the real estate value chain engaged in competition of fees in real estate transactions.

It stated that, “the introduction of illegal fees such as caution fee, inspection fee, finder’s fee, and others represents a professionally harmful practice which affects tenants and puts the integrity of the practitioners and property owners at stake.

“The Nigerian Institution of Estate Surveyors and Valuers, Real Estate Developers Association of Nigeria, and Association of Estate Agents in Nigeria, were invited to a stakeholders meeting jointly chaired by the Commissioner for Housing, Moruf Akinderu-Fatai, and the Special Adviser to the Governor of Lagos State on Housing, Barakat Odunuga-Bakare.

“The session is a continuation of the strategic engagement to curb arbitrary rent charges, demand for high agent fees, and promotion of sanity in the real estate business in Lagos state.

RELATED

4th Digital Xperience Centre To Enhance Banking Services – First Bank

FirstBank Partners UNGC To Bridge SDG Financing Gap

15 hours ago
Stockbrokers To Launch First Book, Documentary On Nigerian Capital Market

Stockbrokers To Discuss Economic Growth Strategies

15 hours ago

The meeting was held at the Conference Room of the Ministry of Housing, Alausa – Ikeja.”

The state government, through the commissioner and the special adviser, challenged the association to protect the integrity of the real estate business with support for a joint effort of all stakeholders for full enforcement and compliance with the real estate transaction laws of Lagos State.

Akinderu-Fatai said, “the aim of engaging all stakeholders is to strengthen the working relationship between the State Government and the professional bodies for the benefit of Lagosians.

“Lagos State Government is concerned about the challenges faced by families in securing and retaining rental accommodation in the state, with unpleasant rent increments and illegal estate transaction charges.”

The commissioner reiterated the plan of the Lagos State government to encourage and promote monthly and quarterly rent payments in the state in line with the tenancy law.

He said, “the state government is aware of the increase in demand as greater than supply, but the government would no longer tolerate and allow the extortion of accommodation seekers with unwholesome practices.

“I want to assure you that the state government under the leadership of Mr Babajide Sanwo-Olu is compassionate and will leave no stone unturned to ensure sanity in the real estate business in the state.”

The special adviser to the Governor on Housing, Barakat Odunuga-Bakare, stated that there “were existing state laws, such as the 2015 Tenancy Law and the Lagos State Real Estate Regulatory Authority Law, which specify a percentage of chargeable fees of not more than 10 per cent on real estate transactions.’’

Odunuga-Bakare also urged the stakeholders to cooperate with the state government to ease the conditions under which Lagosians secure accommodation.

Speaking at the meeting, the representative of the Nigerian Institution of Estate Surveyors and Valuers, Lagos Branch, Gbenga Ismail; a member of the Real Estate Developers Association of Nigeria, Dr. Kolawole Tony; and a member of the Association of Estate Agent in Nigeria, Dr. Adeniyi Tinubu, jointly expressed their readiness to forge a workable alliance with the state government to solve high rent cost and excessive charges.

They added that , “the professional bodies will also join the state government in promoting advocacy, public enlightenment as well as sensitisation programmes on the best practices in real estate transactions.”

The meeting further resolved to convene another stakeholders’ forum to be attended by representatives of all practitioners in the real estate business, including the Nigerian Bar Association, for a holistic buy-in of every sector for the benefit of Lagosian.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel



Tags: Lagos
SendShareTweetShare
Previous Post

‘70% Shipment From Nigeria To US Returned Over Trump Tariff Policy’

Next Post

UK Firm To Execute $500m Energy Infrastructure Projects In Katsina

Kingsley Okoh

Kingsley Okoh

You May Like

4th Digital Xperience Centre To Enhance Banking Services – First Bank
Business

FirstBank Partners UNGC To Bridge SDG Financing Gap

2025/07/15
Stockbrokers To Launch First Book, Documentary On Nigerian Capital Market
Business

Stockbrokers To Discuss Economic Growth Strategies

2025/07/15
Customs CG Approves Promotion Of 357 Junior Officers
Business

Infractions: Customs Ban Pharmaceutical Goods Clearance From Bonded Terminals

2025/07/15
Improved Licensing Process Attracts $1.2bn Investment To Modular Refineries
Business

Improved Licensing Process Attracts $1.2bn Investment To Modular Refineries

2025/07/15
Court Restrains Reps From Investigating Sterling Bank
Business

Sterling Bank Seeks To Boost Non-oil Export With Academy

2025/07/15
PTDF Boosts Oil & Gas Manpower, As 5,000 Screens For Overseas Scholarship
Business

Scholarships: PTDF Strengthens Oil & Gas Sector With Strategic Partnerships, Screens 5,723 Applicants

2025/07/15
Leadership Conference advertisement

LATEST

How AI Is Transforming PR Landscape In Nigeria, Across Global Markets — Expert

Man Discovers ‘Bomb’ On Farmland In Kaduna

World PR Day: Newmark, PRGN Move To Tackle Polarisation, Misinformation

London Mayor Sadiq Khan Makes First Visit To Nigeria

Lagos Police Arrest Suspect With Firearms, Launch Anti-cult Squads

EU, Turkiye, Others Mourn Buhari

JUST–IN: Ex-President Buhari Buried After State Funeral

Buhari Told Me He Felt Better Out Of Office — Gov Radda

FIBA U19 WWC: Junior D’Tigress Suffer Second Defeat, Avoid US In Round Of 16

40,678 Kogi Children Affected By Malaria In 2024

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.