The Chairman, Lagos Assembly Committee on Information, Security and Strategy, Chief Stephen Ogundipe says the State Tenancy and Recovery of Premises Bill 2025 aims to protect tenants against exploitation by estate agents.
Chief Ogundipe, stated this in an interview with newsmen in Ikeja, on the heels of a public hearing on the bill, held within the assembly complex in Alausa-Ikeja.
While explaining that the bill was a direct response to public complaints regarding high fees charged by agents, Chief Ogundipe pointed out that a salient provision of the bill was the reduction of agency fees on annual rents from ten percent to five percent.
He stated further that the bill contains provisions, designed to reduce financial burden on accommodation seekers in the state.
The Spokesman for Lagos Assembly added that the proposed legislation would not only restore the confidence of real estate investors, but also open opportunities for new financiers to enter the market.
Writing by Wahre Bello