“The new bill currently under consideration… is designed to protect the rights of both tenants and landlords,” Ogundipe said.
A member of the Lagos State House of Assembly, Stephen Ogundipe, says the state’s new Tenancy Bill seeks to protect residents from exploitation by estate agents.
Ogundipe, chairman of the House Committee on Information, said on Thursday that the bill, which recently underwent a public hearing, aims to reduce the financial burden on accommodation seekers.
A key provision proposes cutting annual rent agency fees from 10% to 5%, responding to public complaints over excessive charges.
“The new bill currently under consideration by the House is designed to protect the rights of both tenants and landlords… and ensure peaceful co-existence,” he said.
Ogundipe added that the reform would also restore investor confidence in Lagos’ real estate sector.
Stakeholders from real estate, law, and government attended the hearing, contributing recommendations to shape the legislation.
The law also proposes granting landlords the right to inspect and maintain properties, provided they give prior notice to tenants.