Saturday, July 26, 2025
  • Homepage
  • Entertainment
  • Health & Lifestyle
  • News & Politics
  • Religion
VON Digest
  • HOME
  • NEWS
    • Education
    • News
  • Crime & Security
  • Politics
  • Sports
  • Health & Lifestyle
  • Religion
  • BUSINESS
  • EVENTS
No Result
View All Result
VON Digest
  • HOME
  • NEWS
    • Education
    • News
  • Crime & Security
  • Politics
  • Sports
  • Health & Lifestyle
  • Religion
  • BUSINESS
  • EVENTS
No Result
View All Result
VON Digest
No Result
View All Result
Home Business

Lagos Landlords Shun Tenancy Law, Insist on Annual Rent Payments

Vanessa by Vanessa
July 1, 2025
in Business
0
Lagos Landlords Shun Tenancy Law, Insist on Annual Rent Payments
7
SHARES
41
VIEWS
FacebookSTwitterLinkedinWhatsAppTelegram

Despite the Lagos State Tenancy Law mandating monthly or quarterly rent payments, landlords, agents, and many tenants continue to operate on an annual or 18-month rent payment structure, LEADERSHIP reports.

The law aims to ease the financial burden on tenants by promoting flexible payment systems to improve housing affordability and accessibility. However, investigations reveal that both landlords and facility managers prefer lump sum annual payments, ensuring quick returns on investments and guaranteeing stable cash flow.

You might also like

Fidelity Bank Drives SME Growth with Digital Business Solutions

Sterling One Foundation and UN Drive Africa’s Development Agenda at ASIS 4.0

Court Clears Former FirstBank GMD Olabisi Onasanya of EFCC Charges

While the Lagos State government is pushing for the implementation of monthly and quarterly rent policies to make housing more affordable, some tenants also favour annual payments for budget planning and long-term peace of mind.

Commissioner for Housing, Moruf Akinderu-Fatai, reiterated that monthly or quarterly rent options would ease the pressure of raising huge upfront sums. He said the government is currently consulting landlords, developers, and other stakeholders to address challenges surrounding enforcement and payment systems.

Akinderu-Fatai added that this policy forms part of broader efforts to sanitise the sector, protect residents from unregistered agents and developers, and enforce mandatory registration of real estate practitioners with LASRERA.

President of the Estate Rent and Commission Agents Association of Nigeria (ERCAN), Godwin Aleke, pledged the association’s support for the government’s initiatives to promote flexible rent payments while sanitising the real estate sector.

However, opinions remain divided. Real estate developer, Olawale Babatunde, warned that monthly rent payments could reduce landlords’ returns on investments and weaken the traditional rental structure. Similarly, Gbenga Ismail, principal partner at Ismail & Partners, argued that monthly or quarterly payment systems might affect property supply and the overall growth of the rental market in Lagos.

Under the Lagos Tenancy Law, landlords and agents are prohibited from demanding rent payments exceeding three months from sitting tenants. Offenders risk a fine of N100,000 or up to three months imprisonment.

Stakeholders believe robust government policies on affordable land and building materials are essential to balance rental market reforms with sustainable property development in Lagos State.

Related

Tags: Tenancy Law
Vanessa

Vanessa

I'm a journalist and relationship columnist. Nigeria Media Merit (NMMA) 1st Runner Up Award Recipient. I'm passionate about arts, entertainment,marriage, religion and politics. I love giving back to society.

Related Posts

Fidelity Bank Drives SME Growth with Digital Business Solutions
Business

Fidelity Bank Drives SME Growth with Digital Business Solutions

by Vanessa
July 24, 2025
Sterling One Foundation and UN Drive Africa’s Development Agenda at ASIS 4.0
Business

Sterling One Foundation and UN Drive Africa’s Development Agenda at ASIS 4.0

by Vanessa
July 24, 2025
Court Clears Former FirstBank GMD Olabisi Onasanya of EFCC Charges
Business

Court Clears Former FirstBank GMD Olabisi Onasanya of EFCC Charges

by Vanessa
July 23, 2025
Polaris Bank Empowers Over 3,000 Youths at 2025 Maracana Children’s Fest in Ajegunle Lagos, Nigeria – July 21, 2025 – Polaris Bank, a leading digital commercial bank in Nigeria, has reaffirmed its commitment to youth development and social inclusion by supporting the 2025 Maracana Children’s Fest. The grassroots event, organised by the Nathaniel Idowu Foundation, took place at the iconic Maracana Stadium in Ajegunle, Lagos. The festival brought together over 3,000 primary and secondary school pupils, students, their families, and community leaders. It celebrated youth empowerment through sports, creativity, and community engagement. Polaris Bank’s sponsorship included the provision of meals, palliative food packages, and various functional souvenirs distributed to participants and their families, underscoring the bank’s dedication to social responsibility and community impact. Kayode Lawal, Managing Director of Polaris Bank, represented by the Head of Brand Management & Corporate Communication, Rasheed Bolarinwa, stated: > “We are proud to support the Maracana Children’s Fest and contribute to such a meaningful initiative. This event enabled us to connect with the next generation and their families, promoting youth development and financial inclusion. Our support reflects Polaris Bank’s commitment to empowering young people and uplifting communities through impactful programmes.” The event also featured the presence of seven former Super Eagles players, whose participation inspired attendees and fostered a greater sense of community pride. Through its support of the Maracana Children’s Fest, Polaris Bank has reinforced its role as a socially responsible institution dedicated to enhancing the well-being of Nigerian communities. The bank continues to prioritise youth empowerment, education, and financial inclusion as integral pillars of its corporate social investment and sustainability agenda.
Business

Polaris Bank Empowers Over 3,000 Youths at 2025 Maracana Children’s Fest in Ajegunle

by Vanessa
July 22, 2025
Fidelity Bank to Equip 100 SMEs Nationwide with Advanced Digital Solutions
Business

Fidelity Bank to Equip 100 SMEs Nationwide with Advanced Digital Solutions

by Vanessa
July 21, 2025
Next Post
Nutrition Experts Warn Against Unhealthy Cooking Oils

Nutrition Experts Warn Against Unhealthy Cooking Oils

Read News in:

  • Agriculture
  • Business
  • Crime & Security
  • Education
  • Entertainment
  • Events
  • Health & Lifestyle
  • Lifestyle
  • News
  • Politics
  • Religion
  • Science & Technology
  • Society
  • Sports

Follow Us

Tweets by vondigest
Von Digest

Categories

  • Agriculture
  • Business
  • Crime & Security
  • Education
  • Entertainment
  • Events
  • Health & Lifestyle
  • Lifestyle
  • News
  • Politics
  • Religion
  • Science & Technology
  • Society
  • Sports

About This Site

  • About Us
  • Contact Us
  • Privacy Policy
  • Terms of Use

© 2020 VON Digest - All Rights Reserved. Designed & Developed by IgniteWeb.

No Result
View All Result
  • Homepage
  • Entertainment
  • Health & Lifestyle
  • News & Politics
  • Religion

© 2020 VON Digest - All Rights Reserved. Designed & Developed by IgniteWeb.