Obasa Vows To Punish Defaulters As Lagos Tenancy Bill Proposes 5% Agency Fee

During a public hearing on the Lagos Tenancy Bill, Speaker Obasa vowed to punish defaulters who collect a 5% agency fee. The bill, represented by lawmaker Stephen Ogundipe, proposes that agents collecting this fee will face a fine of up to two million naira or two years imprisonment.

Obasa highlighted the 15% increase in Lagos' housing deficit from 2016 to 2025, with 70% of residents being tenants. The bill aims to provide a framework for tenancy agreements, rent payments, property maintenance, and eviction procedures to protect tenants from arbitrary eviction.

However, concerns were raised during the public hearing about the 5% agency fee limit conflicting with established professional charges. The proposed law seeks to address the housing challenges faced by many Lagos residents.