In a renewed effort to tackle the housing challenges facing residents, the Lagos State Government has called on major real estate stakeholders to support measures aimed at reducing the rent burden and eradicating illegal charges in property transactions.
At a strategic stakeholders’ meeting held at the Ministry of Housing in Alausa, Ikeja, key industry groups — including the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Real Estate Developers Association of Nigeria (REDAN), and the Association of Estate Agents in Nigeria (AEAN) — were charged to actively curb exploitative practices and restore professionalism within the sector.
In a statement issued by the Deputy Director of Public Affairs, Ganiu Lawal, the government expressed concern over the growing trend of agents imposing unapproved charges such as caution fees, inspection fees, and finder’s fees — all deemed unethical and burdensome for tenants.
The Commissioner for Housing, Moruf Akinderu-Fatai, and the Special Adviser to the Governor on Housing, Barakat Odunuga-Bakare, jointly chaired the session. They emphasized the government’s commitment to enforcing real estate laws and encouraging monthly or quarterly rent payment structures in line with the 2015 Tenancy Law and the Lagos State Real Estate Regulatory Authority Law.
“The goal is to build a stronger partnership between the government and real estate professionals to protect Lagosians from arbitrary rent hikes and unscrupulous charges,” Akinderu-Fatai said. “The Sanwo-Olu-led administration is focused on restoring sanity in the real estate sector.”
Odunuga-Bakare reinforced the need for compliance with existing laws, highlighting the legal limit of 10% for agent commissions on transactions. She also called for industry-wide cooperation to improve rental conditions and raise awareness about tenants’ rights.
Representatives from NIESV, REDAN, and AEAN, including Gbenga Ismail, Dr. Kolawole Tony, and Dr. Adeniyi Tinubu, pledged their support for the initiative. They committed to collaborating with the state in promoting advocacy, public education, and industry best practices.
The meeting concluded with plans to host a broader stakeholders’ forum involving all sectors of the real estate industry — including the Nigerian Bar Association — to ensure a unified approach to resolving housing challenges in Lagos.
